- Solana’s price fell 13.13% in early September but has since bounced back by nearly 15% recently.
- Technical indicators show increased buying volume and an RSI approaching 50, suggesting possible upward momentum for SOL.
Solana (SOL) recently experienced a shift in its market structure, breaking through previous price levels. This change followed Bitcoin’s (BTC) recent rise, which had initially suggested a positive trend for SOL. However, technical indicators have not fully supported this view.
In the first week of September, SOL’s price fell by 13.13%, dropping from $138.13 to $120 on September 6. Since then, the price has increased by about 15%, recovering the losses from the previous week.
Currently, SOL’s price is fluctuating between $122 and $187, with a key resistance level at $154.33. This is the fourth time since June that the price has tested the lower end of this range.
Recent trading activity shows higher buying volume, as indicated by the On-Balance Volume (OBV) surpassing previous highs. Additionally, the Relative Strength Index (RSI) is approaching a level above 50, which may signal further upward movement.
The $154 level is now a crucial target, though reaching it might be difficult if Bitcoin faces resistance near $61,000-$62,000. A rejection of Bitcoin at these levels could pull down the broader altcoin market, including SOL.
Investors should be prepared for potential price dips
The liquidity zone between $138 and $140 was cleared during the recent price increase. The next liquidity targets are $142 and $150, but SOL may not reach these levels directly.
A short-term decline is likely because the liquidation levels are skewed towards long positions. This often leads to a price squeeze as liquidity is collected from the opposite direction.
According to ETHNews, short-term targets are around $133 and $135. A retest of these levels could present a buying opportunity, but investors should wait for signs of a bounce on lower timeframes before making any decisions.
Worldcoin Launches World ID on Solana; WLD Price Increases by 7%
Worldcoin’s price has increased by over 7% following the launch of World ID on the Solana blockchain. This new development allows developers on Solana to build applications that focus on verifying human identities.
The launch was supported by Wormhole, a protocol that connects different blockchain networks.
Wormhole facilitates the transfer of data and assets between blockchains, which is essential for the Worldcoin project.
In June, the Worldcoin Foundation awarded a grant to Wormhole to advance the Worldcoin initiative. This project involves issuing World IDs to users who verify their identity through an iris scan. The aim is to provide broad access to the digital economy.
The new integration improves Worldcoin’s ability to offer secure and accessible identity verification. It also prepares the platform for future updates to World ID’s verification methods. This may boost user confidence in Worldcoin and help prevent fraud.
The current price of Solana (SOL) is $136.98 USD, as of the latest update. Solana has seen a price drop of 1.55% today.
The market shows some positive sentiment, with a recent 9.62% increase over the past week, though it has experienced a 32.06% decline in the past six months. Year-to-date, the price has risen by 34.75%.
