#MarketRebound
$SOL is trading at approximately $178.27 USD, reflecting a modest gain of 0.04% over the previous close.
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đ Technical Overview
Moving Averages: SOL is trading above its 20-day and 50-day exponential moving averages (EMAs), indicating a bullish trend.
MACD: The Moving Average Convergence Divergence (MACD) indicator is positive at 7.58, suggesting upward momentum.
RSI: The Relative Strength Index (RSI) is at 59.83, which is in the neutral zone, indicating that SOL is neither overbought nor oversold.
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â ď¸ Key Considerations
Token Unlock: An $80 million token unlock began on May 25, releasing approximately $11.82 million worth of SOL daily through June 1. This gradual increase in supply could exert downward pressure on the price if demand doesn't keep pace.
Institutional Activity: A recent 5% price dip was attributed to institutional investors selling off SOL during high-volume trading hours, pushing the price below the critical $172 support level.
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đŽ Outlook
While technical indicators currently suggest a bullish trend, the ongoing token unlock and recent institutional sell-offs introduce potential volatility. Traders should monitor support levels around $170 and resistance near $186. A sustained move above $186 could signal a continuation of the upward trend, while a drop below $170 might indicate further downside risk.
