Why Has Solana Dropped to $250 ?
Despite an average daily selling pressure of one billion dollars, Solana experienced significant profit-taking as it approached the $250 mark. Glassnode data shows that high unrealized profits have increased the risk of short-term liquidation.
Although selling pressure remains high, bullish factors are emerging. Corporate treasury holders now own 15 million SOL, which could fuel the positive trend through the fourth quarter. Additionally, the imminent approval of Solana-linked ETFs could provide fresh momentum.
Consolidation Before a New Breakout ?
The $230 support level plays a crucial role in Solana’s ability to sustainably break through the $250 barrier. This level has proven its strength despite the wave of profit-taking, and maintaining it will be critical for bulls in the medium term.
Indeed, the 2H chart and Volume Profile indicate essential support at $230, with a loss of this level potentially triggering a drop between $227 and $222. This latter support will be crucial for maintaining the bullish structure in the short/medium term.
For now, SOL appears to be consolidating between $230 and $243. A breakout above $243 would pave the way for new highs.
How Far Can SOL Go : Is It Still Time to Buy ?
Although Solana has experienced significant profit-taking around $250, optimistic investors still see upside potential. With support from unrealized profits, ETF expectations, and crypto treasury holdings, the $230 level could represent a springboard to new heights in the fourth quarter.
The weekly chart and MRC indicate a potential target between $350 and $480 for SOL if it breaks above the $258 resistance.
Additionally, the two-week chart shows a massive resistance zone to overcome at $260. In other words, breaking through $260 will be crucial and could trigger an explosive upward wave for Solana.
How to Buy Solana ?
At $250, Solana is consolidating after selling pressure, but exchange outflows (252 trillion SOL) and the accumulation of 15 million SOL by companies signal a potential rebound. Here’s how to buy Solana on Zoomex before its seemingly imminent breakout :
- Sign up : Create an account on Zoomex with an email address. KYC verification is optional for withdrawals up to 100 BTC per day.
- Deposit funds : Fund your account via credit card, SEPA transfer, or cryptocurrencies like USDT or ETH, starting from $5.
- Find SOL/USDT : Access the Spot section, select the SOL/USDT pair, and analyze the charts to identify key levels.
- Place your order : Choose a market order for instant purchase or a limit order to target a specific price, depending on your strategy.
