“North American Institutional Interest Grows As Sol Reclaims Dex Dominance Over Ethereum with 16% Weekly Gain.”, – WRITE: www.coindesk.com
Solana Token’s Price Rose More than 4% on Thursday, While The Broader Market Gauge, Coindesk 20, Rose About 3%.
The $ 125- $ 127 Range for Sol Has Emerged As A Critical Support Zone that Successful Rejected Multiple Downside Attempts, While The $ 133.50- $ 133.60 Area Represents Coindesk Research’s Technical Analysis Model.
Blockchain Data Shows Over 32 Million Sol (More than 5% of the Total Supple) Acccumulated at the $ 129.79 Level, Establishing It as A CCCial Pivot Point for Future Price Action.
Technical Analysis Highlights
- SOL Established A Well-Defined Support Zone Between $ 125-127, WHICH SUCCESSFULLY REJECTED MULTIPLE DOWNSIDE ATTEMPTS.
- The Price Demonstrates Strong Resiliency, Recovering 4.5% from Its April 16th Low of $ 123.64 to $ 135.57, Establishing A Clear Uptrend.
- Canada Launched The FIRST SPOT SOLANA ETFS IN NORTH AMERICA ON April 16, Issued by Asset Managers Including 3iq, Purpos, Evolve, and CI, Boosting Institute Interest.
- Solana have reclAimed the Top Spot in Dex Activity, Surpassing Ethereum After A 16% Gain Over Seven Days, with Total Value Locked (TVL) IncreASING by 12% to $ 7.08 Billion.
- Volume Analysis Shows Particularly Strong Accuumulation Durying the April 16th Afternoon Surge, with Over 3 Million Units Traded As the Price Broke Through the $ 130 Resistance Level.
- The Fibonacci Retracement from the April 14th High ($ 136.01) to the April 16 Low Suggests the Recent Rally Reclaced the Critical 61.8% Level.
- In the Final 100 Minutes of Trading, Sol ExperienCed A Significant Downward Correction, Plummeting from $ 134.11 to $ 130.81, Representing A 2.5% Decline.
- The Sell-Off Intensified AROUND 14: 03-14: 07, WHEN VOLUME SPIKED DRAMATICALLY TO Over 92,000 Units During a single-minute Candle.
- A Strong Resistance Zone AT $ 133.50- $ 133.60 Rejeted Multiple Recovery Attempts.
- A Notable Breakdown Occurred at the $ 132.00 Support Level, Triggering Cascading Liquidations.
- PRICES HAVE NOW Retraced Beyond the 78.6% Fibonacci Level, Suggesting Potential Contincial Toward The $ 125-127 Support Zone if Bearish Momentum Persities.
Disclaimer: This Article Was Generated with Ai Tools and Review by Our Editorial Team to Ensure Accucy and Adhesion to Our Standards. For more information, See Coindesk’s Full Ai Policy. This Article May Include Information from External Sources, Which Are Listed Below Who Applicable.
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