Solana Reclaims $200: Surge in New Buyers Signals More Upside After 21% Jump
Solana surges 21%, reclaiming $200. With rising demand, SOL could target $219, but a drop below $195.55 risks a reversal.
Solana has surged 21% over the past seven days, pushing its price back above the $200 mark. This marks a significant recovery for the token, as it signals renewed investor confidence.
As bullish momentum builds across the market, technical indicators on the daily chart suggest that SOL is likely to maintain its position above this key price level.
New Buyers Fuel Solana Rally
Readings from SOL’s Relative Strength Index (RSI) on the daily chart confirm the likelihood of further price rallies. At press time, this stands at 67.97, pointing to additional room for growth.
For token TA and market updates: Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter .
SOL RSI. Source:
TradingView
The RSI indicator measures an asset’s overbought and oversold market conditions. It ranges between 0 and 100. Values above 70 suggest that the asset is overbought and due for a price decline, while values under 30 indicate that the asset is oversold and may witness a rebound.
At 67.97, SOL’s RSI suggests the token still has room to grow, indicating that bullish momentum remains intact. The steadily rising RSI signals that buyers are increasingly confident, and can push SOL’s price higher before buyer exhaustion sets in.
Meanwhile, new demand for SOL has seen a notable uptick over the past 14 days. According to Glassnode, the number of new addresses participating in SOL transactions for the first time has surged by 51% since August 3.
SOL Number of New Addresses. Source:
Glassnode
An increase in new demand like this suggests that fresh capital is entering this market, reflecting growing investor interest and confidence. This inflow of new participants can help sustain SOL price momentum and support further upward movement.
SOL Eyes $219 as Demand Strengthens Support Above $195
As of this writing, SOL trades at $207.17, comfortably above the support floor at $195.55. Rising demand may strengthen this key support level, which could help propel SOL toward the next resistance at $219.21.
SOL Price Analysis. Source:
TradingView
However, an uptick in profit-taking could invalidate the bullish outlook. Should selling pressure intensify, SOL may retest the $195.55 support level, and a failure to hold it could see the coin retreat to $171.88.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Ahead of Earnings Report, Bank of America Raises Target Price for TSMC: 2nm Capacity Ramp-Up Boosts Sales Expectations and Profit Margins
Ahead of TSMC’s Q3 earnings report, Bank of America Merrill Lynch raised its US stock target price to $620 and maintained a Buy rating. Q3 revenue is expected to exceed the upper end of guidance, with the proportion of 2nm process rising from 3% to 11% in a single quarter, becoming the biggest highlight. Q4 sales are expected to increase by another 11% quarter-on-quarter, targeting a full-year growth rate of 40%. The current stock price corresponds to a forward P/E ratio of 16, which is still at the historical median. Bank of America believes the valuation is “not demanding,” implying approximately 37% upside to the target price.
AI trading cools down and storage chip competition intensifies, Korean stocks plunge over 5%, marking a second consecutive day of sharp decline; SK Hynix drops nearly 8%
On Tuesday, the Korea Composite Stock Index (KOSPI) dropped by as much as 5.1%, triggering the Sidecar circuit breaker mechanism on the exchange and suspending programmatic sell orders for five minutes. Both Samsung Electronics and SK Hynix fell more than 6%, marking five consecutive days of decline. Japan's SoftBank Group plunged over 8%, while AI industry-related stocks such as Tokyo Electron and Advantest also dropped by more than 5%.
Wall Street giants' financial reports tonight: With stock prices trapped in technical correction, even a 20% profit increase can hardly ease triple anxiety
Shares of major US banks hovered in a technical correction zone on Tuesday as the earnings season kicked off, with long-term borrowing costs rising to their highest levels in decades. This has heightened market attention on bank executives’ assessments of US consumer health and credit prospects.
UBS Earnings Season Preview: Strong Momentum from AI Spending, Favoring Lam Research (LRCX.US) and Texas Instruments (TXN.US), Remaining Cautious on Western Digital (WDC.US)
Lam Research (LRCX.US), Texas Instruments (TXN.US), and Western Digital (WDC.US) are set to release their quarterly earnings reports in the coming days. UBS believes that, with continued high spending on artificial intelligence, all three companies are likely to benefit from this trend.
Crypto prices
More
