Key Insights
Short-Term Outlook: Technical indicators like the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) suggest a bearish or neutral-to-bearish short-term bias, with price breaking key support levels around $137-$138.
Support & Resistance: Immediate support levels are identified around $130 and then the $118-$120 range. Key resistance levels are near $145-$149. A clear break above the resistance could signal a strong recovery.
Fundamentals are Strong: Despite short-term price volatility, Solana's underlying network activity remains robust. The total value locked (TVL) in its ecosystem is rising, and tokenized real-world assets (RWA) on the network have surpassed $1 billion, signaling growing institutional adoption.
