according to the website - By CryptoTale

Crypto market analyst Ali_charts has particularly highlighted Solana (SOL), predicting that the token could rise to $222 if it manages to overcome the $211 resistance. On the X chart, the analyst marked this level as a magnet capable of attracting momentum once the $211 barrier is broken.

Recent trading shows why this level is important. Solana has tested the $211 zone multiple times but has pulled back each time, making it a critical point of confrontation between bulls and bears. The token is currently fluctuating in a narrow range, holding support near $201 and resistance at $211, and the pressure on it is steadily increasing in anticipation of the next significant rise.

Nevertheless, the overall structure indicates growing optimism despite pullbacks. Solana continues to strengthen its status as one of the leading altcoins by market capitalization, keeping investor attention in an already turbulent market cycle. A breakthrough in this area could potentially signal the beginning of a strong upward trend characterized by higher market dynamics.

However, traders and investors are still wondering: will Solana finally overcome the $211 resistance and reach the next level at $222, or will it face another bounce?

August has been a defining month for Solana (SOL), marked by high institutional interest and regulatory successes. During this month, the token has risen by more than 8%, and on the weekly chart, it showed a more impressive growth of 13%. These results confirm the significance of institutional investors' actions in determining Solana's market trajectory.
The month began with OSL Hong Kong giving the green light for Solana retail trading on August 11. This news expanded SOL's coverage in Asia and triggered a jump of more than 20%, raising the token price from a low of $173 to a high of around $209.

Shortly after, on August 14, the momentum was tested when the U.S. Securities and Exchange Commission delayed its decision on Solana ETF proposals. This led to a loss of 11% in gains, but the pullback was short-lived.

New institutional demand quickly changed sentiments. On August 15, DeFi Development Corp purchased 110,000 SOL for $21 million. A few days later, on August 19, Sol Treasury Corp increased its position to 14,905 SOL for $2.5 million.

These steps restored optimism to the market and pushed SOL to a peak of $213, marking another 20% increase. However, this rise should be treated with caution. Solana formed a rising wedge—a pattern often associated with potential reversals.

After the token reached the upper boundary of the wedge, it lost more than 6%, dropping from $213 to $200. The resistance zone between $205 and $213 became a wall that bulls must overcome to continue the momentum.

Nevertheless, optimism remains. The 50% Fibonacci retracement level around $195 acts as a short-term support line. If it indeed provides support, analysts believe SOL may attempt a new breakthrough. Broader market indicators support this view: the altcoin season index stands at 57, indicating a stable level of strength for alternative cryptocurrencies.

Blockchain data also reflects impressive resilience, as the funding rate weighted by OI has been consistently positive since early August. The rate of 0.0092% demonstrates a period of confidence in market growth over the past month, and traders are willing to pay a premium to maintain their long positions.

This conviction is also reflected in the open interest for Solana, which today reached a new record of $12.90 billion. The gradual increase signifies high investor confidence and a clear preference to hold positions rather than sell, indicating they believe in the token's further growth potential.

With rising optimism and increasing leverage, Solana's chart indicates the inevitability of a critical movement. The real test for Solana is not whether it can surpass the $222 level, but whether it will become resistance or a launching pad for a new stage of growth.


$BTC, $ETH, $SOL

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