Solana Next Target: Can SOL Reach $280

Solana has corrected from recent high levels and is looking good for a buy. A pullback in Uptrend. Price remains in an Uptrend but has pulled back, which could present a ‘buying dip’ opportunity. Traders should look for the nearest support level where price could stabilize and resume its Uptrend.

This support level could be a level where price bounced off of in the past, or a level that was previously resistance.

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• Price: $194.58
• Market Capitalization: $99.71 billion
• 24-Hour Trading Volume: $19.74 billion
• Circulating Supply: 486.49 million SOL
• Total Supply: 593.79 million SOL

Price has pulled back near $184 support, which lines up with 200-day Moving Average (200 SMA) and could be a swing trade entry in Uptrend with +20% to +40% potential upside back to $220 (PT1) or even $260 (PT2). Stop Loss at $165.

• 50-Week Simple Moving Average (SMA): The 50-week SMA is trending upward.
• 14-Week Relative Strength Index (RSI): The RSI is approaching 70.
• Trend: Short-term trend is Down, Medium-term trend is Down, Long-term trend is Strong Up.
• Momentum is Bearish but inflecting. MACD Line is still below MACD Signal Line but momentum may have bottomed since MACD Histogram bars are rising, which suggests that momentum could be nearing an upswing. Price is neither overbought nor oversold currently.
• Support and Resistance: Nearest Support Zone is $184.00, then $155.00. Nearest Resistance Zone is $220.00, then $260.00.

• Franklin Templeton Launches Mutual Fund on Solana Blockchain: In September 2024, Franklin Templeton, managing $1.3 trillion in assets, announced plans to launch a mutual fund on the Solana blockchain.
• First Spot Solana ETF Filed: In November 2024, Canary Capital filed with the U.S. SEC to launch the first-ever spot Solana ETF.

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