Can Solana Bulls Defend This Support and Propel Above $160?

• Solana’s Trading volume dropped 26.21%, standing at $2.39B.
• Key support at $154.50, with resistance at $158.

Solana (SOL) is currently trading at $157.21, reflecting a 0.22% increase in price. Its circulating supply is 468.83 million SOL, with a total supply of 585.38 million SOL. The market cap has decreased by 1.82%, bringing it to $72.89 billion. Trading volume, which dropped by a significant 26.21% to $2.39 billion, indicates a sharp decline in market activity. 

However, the Market Cap ratio of 3.34% still suggests moderate trading activity despite the overall volume decrease. Solana’s price has been relatively stable, with minimal fluctuations between $155.46 and $155.52 during this period. One whale sold 21M $MOODENG for just 2.19 SOL ($297) after panic selling, though it’s currently valued at $6.3 million. Another whale bought 6M $MOODENG for 10,156 SOL ($1.59 million) in the past 8 hours, suggesting that large-scale buying is still ongoing despite fluctuations in the market.

Technical Indicators Showing Mixed Signals for Solana (SOL)

Solana’s 9-period moving average sits at $155.71, and the 21-period moving average at $155.76. This minor difference between the two averages points to a neutral to slightly bearish trend. Solana’s key support level lies at $154.50. 

Should the price break this level, it could test the $152.80 mark, with a possible further drop toward $150.00 if selling pressure intensifies. On the upside, the resistance level is at $156.30. A breakout above this could push Solana toward $158.50 and potentially even $160.00. The Relative Strength Index (RSI) is currently at 51.86, indicating a neutral market sentiment, with Solana neither overbought nor oversold.

The RSI average (14-day) stands at 56.18, slightly higher than the current RSI, reflecting some recent bullish momentum. However, the slight drop suggests the market could be cooling off. If the RSI falls below 50, a bearish trend may emerge, aligning with a potential price drop below support levels. Conversely, a rise in the RSI above 55 could signal renewed buying interest, possibly pushing Solana above resistance.

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