SOL news update: Solana treasury building activates rally toward $240

Key point:

• SOL faces profit-booking adjacent $209, but the inclination favors the bulls arsenic agelong arsenic the terms remains supra $185.

Nasdaq-listed institution DeFi Development Corp said connected Monday that it had acquired 141,383 Solana (SOL) betwixt July 14 and July 20, boosting its treasury to 999,999 SOL. The institution said it had $5 cardinal astatine its disposal for aboriginal SOL purchases.

Another affirmative motion for SOL is that SSK, the SOL staking exchange-traded money (ETF) from REX-Osprey, crossed $100 cardinal successful assets nether management successful conscionable 12 trading days aft its motorboat connected July 2.

Could treasury and ETF buying boost SOL further? Let’s analyse the charts to find out.

SOL terms prediction

SOL reached the $209 absorption connected Tuesday, wherever the bears are mounting a beardown defense.

SOL/USDT regular chart. Source: Cointelegraph/TradingView

The archetypal enactment connected the downside is astatine $185. A coagulated rebound disconnected $185 suggests the bulls are trying to flip the level into support. That improves the prospects of a interruption supra $209. If that happens, the SOL/USDT brace could surge toward $240. There is absorption astatine $220, but it is apt to beryllium crossed.

This affirmative presumption volition beryllium invalidated successful the adjacent word if the terms continues little and breaks beneath the 20-day exponential moving mean ($172).

Related: How precocious tin XRP terms spell from its $3.66 multimonth high?

SOL/USDT 4-hour chart. Source: Cointelegraph/TradingView

The brace has started a pullback, which has dipped beneath the 20-EMA connected the 4-hour chart. That suggests the short-term buyers are booking profits. The adjacent enactment is astatine $185, which is simply a important level to ticker retired for. If the terms turns up from $185, the brace could retest the $209 level. A interruption supra $209 could resume the uptrend.

On the different hand, a interruption beneath the 50-simple moving mean signals the commencement of a deeper correction to $170. 

This nonfiction does not incorporate concern proposal oregon recommendations. Every concern and trading determination involves risk, and readers should behaviour their ain probe erstwhile making a decision.