Ethereum

United

Resistance

<ul> 
 <li aria-level="1">Leads Decentralized PIN Sector With 78 Projects, Potentially Surpassing Ethereum As Preferred Blockchain For Development.</li> 
 <li aria-level="1">Current Price Above Mid-Range Resistance At $154, With 50-Day Moving Average Also Breached, Indicating Bullish Trends.</li> 
</ul> 
Solana’s current market trajectory presents a fascinating scenario for both investors and traders. Over the past month, Solana’s price has been marked by considerable volatility, with significant fluctuations within a broad trading range. This pattern has provided numerous opportunities for swing traders to capitalize on the rapid price changes. 
Recently, Solana achieved a noteworthy milestone with the approval of its first spot Exchange Traded Fund (ETF) in Brazil, slated for launch within the next three months. 
This development not only enhances <a href="https://www.ethnews.com/solana-plummets-10-centralization-concerns-dapp-decline-and-technical-hurdles-drive-price-down/">Solana’s visibility</a> and accessibility in the financial markets but also sets a precedent that could lead to similar approvals in major markets such as the United States and the United Kingdom. 
Additionally, Solana has emerged as a leader in the decentralized PIN (DePIN) sector, hosting 78 projects—more than any other blockchain network to date. This dominance is a testament to its growing preference as a development platform, potentially positioning it to <a href="https://www.ethnews.com/is-solana-to-blame-for-ethereums-massive-price-drop/">surpass Ethereum</a> in terms of blockchain utility and developer engagement. 
<figure id="attachment_86158" aria-describedby="caption-attachment-86158" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class="size-full wp-image-86158" src="https://www.ethnews.com/wp-content/uploads/2024/08/PP-2-SOL-price-e1723233229329.png" alt="" width="1940" height="979">
 <figcaption id="caption-attachment-86158" class="wp-caption-text">
 Source: Tradingview
 </figcaption>
</figure> 
As for the technical analysis, Solana’s price recently surpassed the mid-range resistance of its current trading range, which spans from $122 to $186, with a midpoint at $154. The price movement beyond $160 is particularly significant as it also coincides with the breach of the 50-day moving average—a bullish indicator for many analysts. 
The <a href="https://www.ethnews.com/solanas-rsi-hints-at-major-breakout-heres-why-you-shouldnt-miss-out/">Relative Strength Index (RSI)</a> is nearing the neutral 50 mark, indicating a potential momentum shift in the market. This suggests that a move toward the upper $190 resistance zone could be imminent. However, the On-Balance Volume (OBV) indicates that buyer activity has not been overwhelmingly dominant, reflecting the ongoing consolidation within the defined range. 
<figure id="attachment_86154" aria-describedby="caption-attachment-86154" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class="size-full wp-image-86154" src="https://www.ethnews.com/wp-content/uploads/2024/08/PP-2-SOL-hyblock.png" alt="" width="1866" height="1050">
 <figcaption id="caption-attachment-86154" class="wp-caption-text">
 Source: Hyblock
 </figcaption>
</figure> 
Looking ahead, liquidity data suggests that $164 is an immediate target, with subsequent zones around $171-$174 and $185-$189 acting as significant levels where reversals could occur. For swing traders, a retest of the $154 level could represent an attractive entry point with an upward target near the $185-$189 range. 
The post <a href="https://www.ethnews.com/breakthrough-in-brazil-how-solanas-newest-etf-is-redefining-crypto-investments/">Breakthrough in Brazil: How Solana’s Newest ETF Is Redefining Crypto Investments!</a> appeared first on <a href="https://www.ethnews.com">ETHNews</a>.

Breakthrough in Brazil: How Solana’s Newest ETF Is Redefining Crypto Investments!

ETHNews

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