The Solana blockchain has recently signed a Memorandum of Understanding (MoU) with Kazakhstan to establish Central Asia's first SOL-based economic zone. This partnership aims to tap into a market that accounts for nearly 20% of global cryptocurrency trading volume, positioning Solana to enhance its infrastructure in a rapidly growing region. Following this announcement, trading volume for SOL surged nearly 20%, reflecting heightened interest among traders and investors.
Currently, Solana's price is at $134.49, experiencing a slight decline of 0.67%. Nevertheless, increasing trading volume indicates a potential rise in buying pressure. Key resistance levels ahead include $148, $152, and $156. Meanwhile, $129 remains a critical support level. On-chain metrics highlight Solana's strength, with over 1 million daily active users and 100 to 120 million daily transactions, surpassing competitors like Ethereum and Avalanche. This robust activity is likely a factor in Kazakhstan's decision to partner with Solana for its blockchain initiatives.
As traders analyze these developments, the immediate concern is whether SOL can manage to build sufficient momentum to recover from its recent lows. The Relative Strength Index (RSI) has recently climbed from a low of 33.01 to 40.73, suggesting a possible trend reversal. If Solana can break through the resistance levels mentioned, it may pave the way for further price increases. Conversely, failing to maintain support at $129 could result in downward momentum.
Currently, Solana's price is at $134.49, experiencing a slight decline of 0.67%. Nevertheless, increasing trading volume indicates a potential rise in buying pressure. Key resistance levels ahead include $148, $152, and $156. Meanwhile, $129 remains a critical support level. On-chain metrics highlight Solana's strength, with over 1 million daily active users and 100 to 120 million daily transactions, surpassing competitors like Ethereum and Avalanche. This robust activity is likely a factor in Kazakhstan's decision to partner with Solana for its blockchain initiatives.
As traders analyze these developments, the immediate concern is whether SOL can manage to build sufficient momentum to recover from its recent lows. The Relative Strength Index (RSI) has recently climbed from a low of 33.01 to 40.73, suggesting a possible trend reversal. If Solana can break through the resistance levels mentioned, it may pave the way for further price increases. Conversely, failing to maintain support at $129 could result in downward momentum.
