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Blockonomi

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Solana Flashes Five-Year Bullish Signal as Price Eyes Key Breakout Level

  • Solana (SOL) is trading near a key resistance level at $155, with indicators suggesting a potential breakout.
  • On-chain activity on the Solana network has reached record highs with over 70 million transactions, indicating growing demand.
  • The Spent Output Profit Ratio (SOPR) for SOL has dropped below 1, signaling a potential market stabilization as weaker hands may have exited.
  • The MACD indicator has turned positive, lining up with a falling wedge pattern, hinting at bullish momentum and a potential rally towards $169 if SOL breaks above $155.

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