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Solana (SOL) has recently shown a complex market situation around the 200 USD mark. Although the MACD indicator shows positive signals, the significant decline in Trading Volume has raised concerns among market participants.
In terms of ecosystem development, the presale volume of Solana phones exceeded expectations, reaching 500,000 units, which is undoubtedly a positive signal. However, the mass production plan has been delayed until the fourth quarter, which may affect market sentiment in the short term.
On-chain data shows that a large address has increased its holdings by 820,000 SOL, worth approximately $160 million. Meanwhile, the selling pressure on exchanges has increased by 45%, and this divergence is worth noting. The growth in Jito staking volume contrasts interestingly with the reduction in stakes from certain large stakeholder pools, reflecting the strategic differences among various investor groups.
From a technical perspective, SOL faces multiple challenges. Although the MACD indicator remains positive, momentum seems to be weakening. The price encounters resistance around $200.44, while the significant contraction in Trading Volume (down to 16.263 million, a decrease of 68.5% from the previous period) may indicate a decline in buying power.
It is worth noting that the actual Trading Volume is only 34.1% of the estimated value, which further confirms the decline in market participation. In terms of moving averages, MA5 has fallen below MA10, forming a death cross, which is typically seen as a bearish signal.
At the daily support level of $198.38, SOL has tested it multiple times but has failed to break through effectively. $200.44 represents an important psychological level and potential resistance, where a large number of chips waiting to cash out may be gathered.
Overall, despite the positive developments in the Solana ecosystem, SOL faces considerable challenges at its current price level from a technical indicators and market structure perspective. Investors should closely monitor Trading Volume and price behavior to assess potential future trends.