Key point:
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SOL faces profit-booking near $209, but the trend favors the bulls as long as the price remains above $185.
Nasdaq-listed company DeFi Development Corp announced on Monday that it acquired 141,383 Solana (SOL) between July 14 and July 24, significantly boosting its treasury to 999,999 SOL. The company stated it has $5 million available for future SOL purchases.
Another positive development for SOL is that REX-Osprey’s SOL staking ETF (SSK) crossed $100 million in assets under management within just 12 trading days since launching on July 2.
The company’s treasury accumulation and the ETF’s rapid growth signal strong institutional interest. But could these developments boost SOL further? A detailed chart analysis offers further insights.
SOL price prediction
SOL has encountered resistance near $209, with bears providing strong defense against upward momentum.
The immediate downside support holds at $185. A decisive rebound from this level would signal strengthening bullish sentiment and potentially pave the way for a test of the $209 resistance, and possibly even higher targets around $240.
This optimistic scenario could be invalidated in the near term if the price sustains a break below the crucial 20-day EMA, currently at approximately $172.
The current pullback has breached the 20-day EMA on the four-hour timeframe, suggesting profit-taking pressure from shorter-term holders. The next critical support level at $185 needs close monitoring. A recovery from here could reignite the bullish trend and aim for a retest of $209. However, failure to maintain levels above $209 poses a risk of deeper selling towards the 50-day SMA around $170.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
