Analysts are discussing the potential recovery of Solana, which could lead to a price rise to $164. This article examines the technical and fundamental factors contributing to this.
Technical Analysis of Solana
According to analyst Ali, Solana has formed a symmetrical triangle on the 4-hour chart, indicating a potential price breakout. The breakout point is near the resistance level of $153. If the price surpasses this level, it could trigger a bullish market with an immediate target of $164.
Supporting Fundamental Factors
Recently, Solana was included in the proposed 'blue-chip' ETF by Trump Media and Technology Group, indicating interest from institutional investors. Additionally, reports suggest that the SEC has requested amendments to spot Solana ETF applications, which might expedite the approval process, viewed by traders as a positive signal.
Network Status and User Activity
Data from Dune Analytics shows that tokenized real-world assets (RWAs) on Solana reached a record $418 million. Daily network activity surged 345%, with stablecoin supply steadily increasing over the past week, indicating a growth in network utilization for transactions.
The analysis indicates that Solana has the potential for growth due to technical indicators and positive market dynamics. This could attract further interest from investors and users.
