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.

Consensus Mechanism. Proof of History (POH). It is a mix of proof of stake plus a new variable time to the network. Each transaction is timestamped with a hash SHA256, sequential hashing verifiable delay function (VDF).  It is a sequence of computations that can provide a way to cryptographically verify the passage of time between two events

Features-

Transactions per second -65000

Block time- 0.40 seconds

Fees- 0.00064 SOL per transaction

News-

The total value locked in Solana climbed sharply to $5 billion from $4 billion an increase of 27%. The number of active addresses increased from 1.44 million to 1.82 million. Cypherpunk Holdings increased its stake in Solana to 63000 SOL tokens from 6131 SOL tokens.

SOLUSD has traded higher for the past ten consecutive days.

Any daily close above $210 confirms further bullishness.

SOLUSD has gained more than 50% in the past ten days. 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 $174.61 and is currently trading around $170.85.

The bullish invalidation can happen if the pair closes below $120. On the lower side, the near-term support is $160. Any close below target $150/$138/$130.

 The pair's near-term resistance is around $190. Any breach above confirms minor bullishness. A jump to $209/$228/$260 is possible. A surge past $260 will take it to $300.

It is good to buy on dips around $140-142 with SL around $120 for TP of $200/228.