Solana Price Breaks Key Resistance Level Amid Strong ETF Inflows
Solana's price has been on an upward trend, breaking above the key resistance level of $99.80 and reaching $100.30. This is partly due to strong ETF inflows, with Solana ETFs recording $925K in daily inflows as the new month opened.
According to technical analysis, Solana's price is currently trading above its Simple Moving Average (14 & 21 periods) levels of $91.80 & $87.89, indicating support for the price. The Relative Strength Index (RSI) has cooled down from the previous level of 85, suggesting that the earlier bullish momentum has moderated.
Despite this, the Stochastic Oscillator is in the oversold zone, indicating selling pressure may have become stretched. This could lead to a period of consolidation or a potential short-term recovery before the next directional move.