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During the writing of the article, a sharp correction occurred. Read everything carefully ❗️
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Solana (SOL) has risen 21% over the week, returning above $200. This significant recovery shows a resurgence of investor confidence.
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New buyers are fueling the Solana rally
The Relative Strength Index (RSI) for SOL on the daily chart confirms the potential for further growth. At the time of publication, it stands at 67.97, indicating additional potential for growth.
The gradually rising RSI signals that buyers are confident and may push the price of SOL higher before exhaustion occurs.
Over the past two weeks, demand for SOL has noticeably increased. According to data, the number of new addresses participating in SOL transactions for the first time has increased by 51% since August 3.
Such an increase in demand indicates an influx of fresh capital into the market, reflecting growing interest and confidence from investors. New participants may support SOL's price dynamics and contribute to further growth.
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SOL forecast: a rise to $219 is possible:
Growing demand may strengthen this key level, helping SOL reach the next resistance at $219.21.
However, profit-taking threatens to change the positive outlook. If selling pressure increases, SOL may retest the support level of $195.55, and if it fails to hold, the price risks pulling back to $171.88.
