FxWirePro- SOLUSD Daily Outlook

FxWirePro- SOLUSD inches higher on positive fundamentals, good to buy on dips

Solana is a blockchain built for mass adoption. It's a high performance network that is utilized for a range of use cases, including finance, payments, and gaming.

Features-

Transactions per second- 65000

Block time- 0.40 seconds

Fees- 0.00064 SOL per transaction

News-

The number of unique addresses across declined sharply to 18.09 million compared to monthly active users 54.33 million and 16% decline from YTD.

Any daily close above $210 confirms further bullishness.

SOLUSD has been trading in a narrow range for the past week. The pair holds above the short-term (21 and 55 EMA) and long-term moving average in the 4-hour chart. It hit a high of $136 the previous week and is currently trading around $146.07.

The bullish invalidation can happen if the pair closes below $110. On the lower side, the near-term support is $135. Any close below target $120/$110.

 The pair's near-term resistance is around $150. Any breach above confirms minor bullishness. A jump to $163/$175/$200 is possible. A surge past $210 will take it to $260.

It is good to buy on dips around $110 with SL around $85 for TP of $150/$163/$200.