Solana News: Price Movement and Key Support Levels Analyzed

A recent analysis of Solana’s price movement has revealed significant resistance and support levels that could impact its future trajectory. Here’s a summary of the key findings:

Solana’s Price Movement Based on Support Levels

Solana faced significant resistance at $135 and $144, where nearly 5% of its total supply is concentrated. Key support levels at $112 and $126 could stabilize price declines, but a break below $94 might trigger a sharp drop. Traders and investors are closely monitoring on-chain data, particularly the UTXO Realized Price Distribution (URPD), which highlights significant supply concentrations at various price points. Understanding these levels is crucial for predicting Solana’s next move.

Trezor Suite Now Supports Solana Staking

Trezor, the original hardware wallet company, has introduced Solana (SOL) staking to its cryptocurrency management application, Trezor Suite. The new feature allows Solana holders to stake their SOL securely while maintaining full self-custody. SOL staking in Trezor Suite is made possible through integration with Everstake, a staking-as-a-service provider. Users can access the feature with the latest release of Trezor Suite, where they can select staking in their SOL account and delegate their tokens to a validator. By delegating their tokens, SOL holders contribute to the security and decentralization of the Solana network.

PENGU Surges 10% After Canary Capital Files for ETF

PENGU, once the biggest Solana meme coin, has seen a sharp rally of 10% following Canary Capital’s filing for a PENGU ETF. Indicators suggest there may still be room for further upside, with the price moving above key Ichimoku levels such as the Tenkan-sen and Kijun-sen lines, and breaking through the cloud. The strong breakout candle reflects increased buying momentum driven by the ETF announcement. Investors are closely watching whether this momentum can carry PENGU above critical resistance zones in the coming days.

Solana Struggles for Breakout, But Strong Holders Prevent Major Crashes

Solana (SOL) is currently in a neutral position as it struggles for a breakout. Strong investor support is preventing the cryptocurrency from experiencing a sudden or sharp decline. However, the NVT Ratio, a key metric, suggests that Solana may be overvalued. If transaction volumes fail to catch up with the network’s rising value, SOL could struggle to maintain its current price and may experience stagnation or mild corrections.