FxWirePro-Solana Daily Outlook

Solana is the fastest permissionless blockchain in the world and is called an Ethereum killer within crypto communities. It supports NFT, Defi, Web3, and more.

Solana attracted market participants and got large inflows from the ETH chain. The total value locked of Solana hits a yearly high due to an increase in new DeFi projects on the chain and airdrops in the Solana ecosystem. Solana NFT sales have reached $14.8 million in the past 24 hours, compared to $13.9 million on Ethereum, according to Cryptoslam.

Technical analysis-

Ichimoku Analysis (4 hour chart)

Tenken-Sen- $68.45

Kijun-Sen- $64.53

SOLUSD prices hit a 19-month high at $77.77 and currently trading around $68.65. the pair is holding well above the short-term (21 and 55-day EMA) and long-term moving average (200-day EMA).

The near-term resistance is around $80, any indicative breach above will take the pair to $92/$100.On the lower side, immediate support is $62.50, and any violation below targets $54.50/$48.

Indicators ( Daily chart)

CCI(50)- Bullish

Directional movement index - Neutral

It is good to buy on dips around $58-$59 with SL around $47 for TP of $100.