Sol, the original cryptocurrency of Solana, recorded a slight decrease of 1.62 % during the US market session on Tuesday. The decline price shows the formation of a famous pattern with a breakdown just a specialized place. However, the renewed recovery in the network activity shows an opportunity to face the declining direction. Will Solana Price recover $ 300?
The most prominent major events:
- Solana’s price is 10 % away from a major collapse of the double pattern.
- Sol daily plan analysis shows the main support levels at 175 % and 150 dollars.
- The price of the coin, which exceeds 50 % of the Fibonacci and the average SIA movement for 200 days indicates that the broader market morale is a vocal range.
The demand pressure depends on Solana as active addresses and financing rates
according to Theblock Data, the number of active addresses on the Solana network increased from 4.11 million to 4.39 million, recording a weekly increase by 6.8 %. More active addresses indicate that more users deal on Solana, which leads to the use of a higher network.
Historical data shows that this development drives the pressure on assets and enhances a continuous recovery in prices.
Moreover, Sol OI’s weighted financing has recovered to $ 0.0062, according to COINGLASS data. The positive value indicates that the market buyer is ready for a distinguished value of the sellers, with their confidence in a higher gathering.
Solana Price: Double Part Hints in deeper Correction
Over the past three weeks, Solana’s price has shown a correction from $ 295 to 196 dollars, with a loss of 33.5 %. This decrease in the daily scheme shows the formation of the main reflection patterns called top to the top.
This style features two main reductions of a fixed resistance area, and displays a “m” form.
If the uncertainty continues on the market, the Sol price may drown by 10.6 % to challenge the support of the neckline at $ 175. The potential collapse will accelerate the pressure pressure and pay the price correction to $ 120.
On the contrary, the floor of $ 175 coincides with the FIB level by 38.2 %, creating a strong support area for buyers. If the price of Solana shows the demand for demand for this support, the current trend of monotheism will increase to rebuild the upscale momentum.
However, it is unlikely that SOL $ 300 in the remaining two weeks of February will be regained.
Also read: New York’s Senate members propose a bitcoin reserves bill
