Solana (soil) saw a net withdrawal after reaching a summit of $ 163.65, losing almost 6% before recovering to negotiate above $ 157 Tuesday morning. Price action reflects increased volatility on the market, because bulls and bear compete for control near key psychological levels.
Despite the correction, the institutional interest in soil does not seem discouraged. The recent Canary Capital deposit for an ETF Solana Spot and the launch of the WalletConnect token on the network highlight the growing adoption of the ecosystem. Channel data also supports this story, with an increase in daily active addresses and a 26% increase in transactions volumes.
Analysts remain carefully optimistic, some pointing to $ 165 as the next level of resistance to watch. Long -term projections remain optimistic, reinforced by the base of Solana expansion developers and ecosystem traction as a main Ethereum alternative.
Strengths of technical analysis
- Sol has exchanged a wide range of $ 9.23 (5.64%), culminating at $ 163.65 before falling at $ 154.42.
- The heavy sale of approximately $ 163.50 resulted in a sharp drop of 4% during the window of 20: 00-21: 00.
- The key support formed at $ 154.50, causing a recovery at $ 157.
- Immediate resistance amounts to $ 157.70, the price currently consolidating a little more than $ 157.30 rebounded at a hollow of $ 156.18 with notable volume peaks almost 07:51, confirming a local background.
- A short -term trendy channel developed between $ 156.40 and $ 156.70, now transitioning to a wider consolidation of more than $ 156.50.
- The volume and the price structure indicate control of buyers at current levels, with a bullish feeling stabilizing the correction
