$SOL Trading strategy for today:
As of February 23, 2025, the price of Solana (SOL) is $169.22. The recent price trend has been downward, forming gradually lower highs and lows. However, the price is currently approaching a key support level of $169.01, which has been strong in recent trading.
In terms of technical indicators, SOL's RSI values are 33.30 (6 periods), 34.36 (12 periods), and 35.51 (14 periods), all below 50, indicating oversold conditions; StochRSI (14 periods) is 32.84, which is also at a low level, suggesting that there may be buying opportunities in the market. The MACD indicator is -11.93, and the histogram shows -1.54. Although it currently shows bearish momentum, there are signs of potential reversal. Fibonacci retracement levels show that the pivot point is at $181.625, resistance is at $198.609, and support is at $164.641. The price is currently testing the lower end of the Fibonacci retracement range. Once it rebounds from the current support, the target can be set at $181.625.
In recent news, Solana has been affected by the scandal surrounding meme coins, including the 90% plunge of the $LIBRA token supported by the Argentine president. This incident caused the price of SOL to fall by 36% in the past month. On the other hand, Coinbase has submitted an application to launch SOL futures contracts, and there are rumors of an upcoming SOL ETF. These developments are expected to attract institutional investors and drive prices up. At the same time, the Solana ecosystem continues to attract developers in the fields of AI infrastructure and meme coins, driving transaction volume and ecological growth.
On-chain data shows that Solana's total locked volume (TVL) has reached a record high, and on-chain revenue has reached $5.9 million, indicating strong network application utility. In terms of market sentiment, although institutional investors continue to increase their holdings of SOL, retail investors' holdings are showing a decreasing trend; in addition, the Trump administration's positive attitude towards cryptocurrencies may also provide additional support for SOL.
Based on the above analysis, the recommended trading strategies are as follows:
Long strategy:
- Entry: You can enter the market at the current price of $169.22, and set the stop loss at the Fibonacci support level of $164.641.
- Target: The first target is the Fibonacci pivot level of $181.625, and the second target is the resistance level of $198.609.
- Reason: Indicators such as RSI show oversold, prices are close to key support, and futures and ETF news are expected to become catalysts.