Solana eyes $185, boosted by Seeker mobile device shipments
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The cryptocurrency market is experiencing mixed performances today as some coins are in the red while others are performing excellently.
Bitcoin, XRP, BNB, DOGE, and ADA are all underperforming while Solana’s SOL and Ether are in the green.
SOL is the second-best performer among the top 10 cryptocurrencies by market cap, behind Ether.
The coin’s price has steadied above $160 and could rally towards the $185 mark soon, as market conditions are turning bullish.
Seeker mobile device shipments commence
SOL is up nearly 2% in the last 24 hours and currently trades above $165 per coin.
The positive performance comes thanks to Solana’s Seekers mobile announcing the shipment of the devices.
While announcing this on Monday, Seekers revealed that it has commenced shipment of the mobile devices to users in over 50 countries.
The devices could help expand the Solana ecosystem.
The mobile devices amassed over 150,000 pre-orders and are set to feature upgraded technology, a mobile-native crypto wallet, and a decentralised application store.
SOL targets $185 as traders’ sentiment turns bullish
SOL could rally higher as traders’ sentiment shifts from bearish to bullish.
Data obtained from CoinGlass revealed that the number of traders betting that the price of Solana will dip is lower than bullish traders.
In addition to that, Solana’s derivatives data shows that the volume has increased to $19.73 billion over the last 24 hours, up 39%.
In the last 24 hours, over $8.7 million worth of short positions were liquidated, compared to $5.39 million for long positions.
These metrics point to a bullish switch by Solana traders and could result in the coin rallying higher soon.
The SOL/USD 4-hour chart is bearish and efficient, but the technical indicators are switching bullish.
The MACD lines have crossed into the positive region, while the RSI of 50 shows that the bearish momentum is fading.
For the recovery rally, the RSI must move above its neutral level.
The positive performance comes after SOL found support around its 200-day Exponential Moving Average (EMA) at $162.75 on Sunday.
This 200-day EMA aligns with the 61.8% Fibonacci retracement level at $163.40, making this a key support zone.
If the $162 support holds, SOL could extend its rally and target the TLQ at $185, which is also its daily resistance level.
However, it would need the support of the broader market to reach July’s high of $205.
On the flip side, the broader market could undergo a correction soon, and this could negatively affect SOL’s price.
If that happens, SOL could decline towards its 50% price retracement level at $150.39. Failure to hold this support zone would see SOL retest June’s low of $124.
The SOL/USD pair is turning bullish, and this could see SOL record excellent gains over the coming hours and days.
The post Solana eyes $185, boosted by Seeker mobile device shipments appeared first on Invezz
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