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Nasdaq-listed firm DeFi Growth Corp mentioned on Monday that it had acquired 141,383 Solana (SOL) between July 14 and July 20, boosting its treasury to 999,999 SOL. The corporate mentioned it had $5 million at its disposal for future SOL purchases.
One other optimistic signal for SOL is that SSK, the SOL staking exchange-traded fund (ETF) from REX-Osprey, crossed $100 million in belongings beneath administration in simply 12 buying and selling days after its launch on July 2.
Might treasury and ETF shopping for increase SOL additional? Let’s analyze the charts to seek out out.
SOL worth prediction
SOL reached the $209 resistance on Tuesday, the place the bears are mounting a robust protection.
The primary help on the draw back is at $185. A strong rebound off $185 suggests the bulls try to flip the extent into help. That improves the prospects of a break above $209. If that occurs, the SOL/USDT pair may surge towards $240. There may be resistance at $220, however it’s more likely to be crossed.
This optimistic view might be invalidated within the close to time period if the value continues decrease and breaks under the 20-day exponential transferring common ($172).
Associated: How excessive can XRP worth go from its $3.66 multimonth excessive?
The pair has began a pullback, which has dipped under the 20-EMA on the 4-hour chart. That means the short-term patrons are reserving earnings. The following help is at $185, which is a vital degree to be careful for. If the value turns up from $185, the pair may retest the $209 degree. A break above $209 may resume the uptrend.
However, a break under the 50-simple transferring common indicators the beginning of a deeper correction to $170.
This text doesn’t comprise funding recommendation or suggestions. Each funding and buying and selling transfer entails threat, and readers ought to conduct their very own analysis when making a call.
