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SOL After a long downturn, Solana shows signs of recovery
After months of sluggish performance, Solana's market performance is attracting more and more attention, and its technical form is beginning to show signs of strength. SOL prices recently fell slightly by 0.18% to US$103.47. However, a positive monthly line for the first time in nearly ten months suggests selling pressures may be weakening, although this is not enough to confirm a fundamental reversal of trend.
Doesindicator indicate a recovery?
Ash Crypto pointed out that the monthly MACD (Smooth Similarities and Differences Moving Average) indicator is approaching a bullish crossing, while the monthly RSI (Relative Strength Index) has broken through a two-year downward trend line. These elements suggest that broader downward momentum may be weakening.
"As the monthly MACD approaches a bullish crossing, the RSI indicator has exceeded the two-year downtrend line."
If SOL can remain above $100, the significance of these technological developments may be further amplified. Currently, the market is closely watching the resistance range of $120 to $146.56.
Key role of $97.70
This price is crucial and is the first important barrier on the daily chart to be overcome. A price consolidation between $103 and $105 has transformed previously resistant areas into key support areas. In addition, Ucan Coin pointed to the next major resistance level at $120.23.
"Stabilizing at $120.23 could confirm a higher peak structure and push the $146.56 level into the spotlight."
Maintaining levels above $97.70 is critical to verifying the current breakthrough structure. If this price cannot be held, short-term momentum may weaken, causing US$81.35 to become the focus of support again.
What else is above $120?
As prices establish a foundation above $100, a more positive technical view is emerging. There is strong lateral resistance at around $120 on the daily chart; a break through this point could open the way to the $130 - 140 range, with $146.56 then becoming a key target.
In a market where rapid fluctuations are triggered by external events, it is crucial to pay close attention to such breakthrough levels and indicators such as RSI. Traders are increasingly using comprehensive tools to aggregate charts, price alerts, personalized news and macroeconomic data on a single screen.
Tokenization dynamics on the Solana network
Solana's share of tokenized real-world assets (RWA) space is a significant highlight in its ecosystem. In the past year, approximately US$14.7 billion in tokenized asset transactions occurred on its network, accounting for approximately 32% of the US$46 billion RWA total reported in the report.
Solana data shows that Backpack facilitated approximately $1.5 billion in stock transactions in two months, while entities such as BlackRock and Securitize executed $993 million in fixed-income offerings. While these activities do not directly affect SOL prices, they highlight the potential for network growth.
Looking at the broader chart pattern, there is a significant flag-forming pattern after the rebound from 2023 lows. Despite forecasts of more than $1,000, such goals are seen as long-term scenarios full of high uncertainty rather than immediate goals.
