Solana (SOL) shows signs of stability at the support level of $170, which could lead to a potential rise to price targets of $195 and $205.
Current Analysis of Solana
Solana has rebounded from $160 to around $176, maintaining an ascending triangle on the 4-hour chart. The $170 mark, referred to by analysts as a 'liquidity fortress,' has become a solid support where buyers are actively stepping in.
Trading Data and Volumes
Trading volume remains high, nearing $6 billion daily. On-chain data from Lookonchain shows over $40 million in SOL being transferred to exchanges in recent hours, including large transactions from wallets such as CMJiHu and 5PjMxa.
Regulatory Changes in Hong Kong
OSL HK, Hong Kong's licensed digital asset exchange, has received approval from the Securities and Futures Commission to allow retail trading of Solana. This will position SOL alongside Bitcoin, Ethereum, Avalanche, and Chainlink on a licensed platform.
Current trend analysis indicates that Solana is well-positioned for a potential price breakout, but it is essential to monitor support levels for successful upward movement.
