Solana's potential for maintaining the $170 price point assessed.
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Solana (SOL) has been exhibiting strong bullish momentum in recent days, with no significant signs of a sharp reversal due to increased selling pressure or an imminent break of the $170 support level.
Currently trading near $204, Solana has seen an 11% surge in 24 hours, and its technical indicators suggest strength rather than weakness. The Relative Strength Index (RSI) is around 67, indicating strong demand without being overbought, while the Moving Average Convergence Divergence (MACD) shows a bullish crossover with expanding histogram bars, reinforcing the upside potential.
The critical resistance zone for Solana is between $206–$210, with support considered near $185, well above the $170 mark. No current analysis highlights $170 as an immediate threat or a crucial support under pressure.
Recent trends indicate increased institutional interest, whale accumulation, and protocol buybacks, all signs of bullish investor confidence. While some price corrections have occurred in the past weeks, overall sentiment and technical setups are targeting higher price points such as $218–$228 short-term, and $250–$300 medium-term.
However, the market still watches for catalysts like ETF approvals or network upgrades, which could influence longer-term price moves. Despite this, no immediate risk signals from selling pressure or support breaks are evident at the $170 level.
Despite the positive outlook, Solana is currently facing increased selling pressure at the psychological support level of $170. A major player has sold $17.2 million worth of SOL in a few days, indicating high selling pressure. If the support at $170 breaks, increased downside risk is expected for Solana (SOL).
It is essential for crypto market investors and observers to stay vigilant about Solana's current situation to anticipate short-term market evolutions. The author of the article, Hugo Le follézou, is an expert in SEO and web writing, transforming news and technical analyses into digestible and impactful content about the crypto market.
The question remains whether this massive distribution of SOL signals a waning bullish momentum. Solana (SOL) is an asset to watch closely for short-term momentum changes.
[1] CoinMarketCap (2022). Solana (SOL) Price Chart. Retrieved from https://coinmarketcap.com/currencies/solana/ [2] TradingView (2022). SOLUSD Technical Analysis. Retrieved from https://www.tradingview.com/symbols/SOLUSD/ [3] Messari (2022). Solana (SOL) Market Data. Retrieved from https://messari.io/asset/solana/usd [4] Glassnode (2022). Solana (SOL) On-chain Analysis. Retrieved from https://glassnode.com/charts/SOL [5] Santiment (2022). Solana (SOL) Social & Development Activity. Retrieved from https://santiment.net/?p=coin/SOL
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