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New Opportunities Emerge as Solana Activates Buy Zone
In a surprising turn of events, Solana (SOL) has activated its long-term buy zone, signaling potential growth as corrections open opportunities for strategic investments. This news comes on the heels of institutional interest growing in Europe and an increase in short-term gains.
According to popular TradingView analyst Alan Santana, Solana’s four-week bearish activity has come to a close, prompting the activation of the buy zone. While there is still a possibility that the EMA55 could act as support before a potential bullish wave resumes, Santana believes the chart looks promising. As of writing, SOL can be traded at approximately $180.53, representing a 9.3% fall over the last 24 hours and a staggering 17.96% correction over the past week.
Solana’s ongoing decline has been characterized by a continuous downward trend, which has now culminated in a correction. This correction presents an opportunity for fair pricing of new purchases, as Santana emphasizes. The analyst believes that these corrections create a long-term buy zone, offering investors a chance to get back into the market at a lower price.
Santana’s own analysis suggests that he is taking a bullish stance on Solana, having gone long on the SOLUSDT pair with considerable leverage. Based on his projections, the coin will continue its upward trend, characterized by periods of growth followed by retracements. This trend has been in place since December 2022.
It is not all sunshine for Solana, however, as institutional interest grows and regulatory hurdles hold back similar initiatives in the US. According to a recent report, Bitwise has launched a Solana Staking ETP (Exchange-Traded Product) in Europe, providing investors with an opportunity to profit from staking their SOL.
This news is likely to be met with excitement by market participants as it opens the door for more mainstream adoption and trading opportunities. With these developments in place, the stage seems set for Solana to experience a significant rebound, fueled by institutional investments.
As always, readers are encouraged to form their own opinions on this information and consult professional advice before making any investment decisions.
Source: www.crypto-news-flash.com
