Solana (Sol) saw a sharp withdrawal after affecting a high of $ 163.65, and threw almost 6%before he got over $ 157 by Tuesday morning. Price action reflects increased market volatility as bulls and carries fight for control near key psychological levels.
Despite the correction, the institutional interest in sun seems effortless. Canary Capital’s recent filing for a spot of Solana Etf and the launch of WalletConnect’s token on the network emphasizes the growing adoption of the ecosystem. Data on the chain also supports this tale with increasing daily active addresses and a 26% increase in transaction volumes.
Analysts remain carefully optimistic, with some pointing at $ 165 as the next level of resistance to look at. Long-term projections remain bullish, strengthened by Solana’s expanding developer base and the traction of the ecosystem as a leading Ethereum alternative.
Technical analysis highlights
- Sun traded in a wide range of $ 9.23 (5.64%) and topped by $ 163.65 before falling to $ 154.42.
- Heavy sales around $ 163.50 led to a sharp fall of 4% over the course of 20: 00-21: 00 window.
- Key support formed at $ 154.50, triggering a recovery to the $ 157 level.
- Instant resistance amounts to $ 157.70, with the price currently being consolidated just over $ 157.30SOL, which has jumped from a low low level of $ 156.18 with remarkable volume tips near 07:51, confirming a local bottom.
- A short-term uphill channel evolved between $ 156.40- $ 156.70, now switching to wider consolidation over $ 156.50.
- Volume and Price Structure indicates Buyer Control at current levels where Bullish mood stabilizes the correction
