The Solana coin is currently trading at $198.57, with a strong increase of around 12% over the last 24 hours, supported by a trading volume exceeding $11 billion and a market capitalization estimated at about $106 billion. The coin has benefited from positive news, such as Blue Origin, owned by Jeff Bezos, accepting Solana as a payment method for space bookings, in addition to strong speculation about the launch of the first ETF on Solana, which boosted institutional demand.
The Solana network is characterized by high transaction processing speeds reaching thousands of operations per second with very low fees, making it attractive to developers of decentralized applications and NFT markets. However, it faces challenges such as previous network outages and regulatory controversy over its classification as a security.
Technical analysis shows that Solana is moving in a clear upward trend, supported by the price remaining above the 50-day moving average, with the Relative Strength Index (RSI) at 62, reflecting positive momentum without reaching overbought territory. Additionally, the MACD indicator continues to give a positive signal thanks to the fast line crossing above the slow line and stabilizing in the positive area.
In the near term, the $185 level is considered a key support in the event of any profit-taking, while the $205 to $210 area is a pivotal resistance. If breached, we could see a targeting of the $225 level in the coming weeks.
Short-term forecasts suggest that the upward movement may continue towards $205 and then $215 if the coin holds the $185 support, with limited profit-taking potential.
Medium-term expectations suggest that Solana will maintain its upward trajectory, targeting levels between $240 and $260 over the next three months if institutional inflows and positive news continue.
Recommendations:
Short-term traders can take advantage of any dip towards $190 or $185 as buying opportunities, setting a stop loss below $180.
Meanwhile, medium-term investors can hold positions and monitor the breach of the $210 level to confirm targeting higher levels.
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