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Solana is a blockchain designed for mass adoption, supporting various uses like finance, payments, and gaming. A recent development, ZK Compression technology, can reduce storage and transaction costs by up to 1000 times, making it easier for developers to build and use applications efficiently.
In the market, a notable whale purchased 34,807 SOL tokens for about $4.52 million, causing a 4.26% increase in SOL's price and a 41% spike in trading volume in just 24 hours. Another whale bought over 170,000 SOL tokens for around $23 million, boosting confidence in SOL's future.
Currently, SOL has broken past the significant resistance of $165 and is trading around $173.48, with a key resistance level at $180. If it stays above this level, it could rise further to $200 and beyond.
The bullish invalidation can happen if the pair closes below $110. On the lower side, the near-term support is $160. Any violation below target $140/$127/$120/$110.
The pair's near-term resistance is around $180. Any breach above confirms minor bullishness. A surge past $180 will take the pair to $200/$229.
It is good to buy on dips around $160 with SL around $140 for TP of $200.
