SOL eyes $200 ahead of the Accelerate APAC event

Key takeaways

SOL is up 2.5% within the final 24 hours and is now buying and selling above $190.
The coin may rally in the direction of $220 forward of the Speed up APAC occasion.

SOL tops $190 as market momentum switches bullish

SOL, the native coin of the Solana blockchain, has adopted the broader market’s development and is buying and selling within the inexperienced. The coin is up 2.5% within the final 24 hours and is now buying and selling above $190 per coin.

The restoration is supported by growing buying and selling volumes, which has surged to ranges final seen in January. The rise in buying and selling quantity comes forward of the upcoming Speed up Asia Pacific Accreditation Cooperation (APAC) occasion on Friday. The occasion may spotlight key ecosystem developments for the Solana blockchain. 

The Speed up Asia Pacific Accreditation Cooperation occasion, beginning Friday in China, will spotlight Solana’s rising position within the area’s Decentralized Bodily Infrastructure Networks (DePIN) ecosystem. 

Merchants and traders at the moment are optimistic that the occasion may push SOL’s worth larger. The SOL buying and selling quantity generated by all trade purposes on-chain hit $220 million on Saturday, the best stage recorded since mid-January. The surge in quantity signifies that extra merchants are excited about SOL as they’re optimistic its worth may surge larger within the close to time period. 

SOL targets $220 as bullish momentum returns

The SOL/USD 4-hour chart is bearish and environment friendly, however the momentum indicators are slowly turning bullish. SOL added over 2.5% to its worth within the final 24 hours after dropping 13% final week following the rejection of the value confronted across the 50-day Exponential Transferring Common (EMA) at $206.09.

At press time, SOL is buying and selling at $193 and will retest the 50-day EMA once more within the close to time period. The RSI on the 4-hour chart reads 56, pointing upward towards the overbought situation and indicating early indicators of bullish momentum.

The RSI should keep above the impartial stage for SOL to embark on a sustainable restoration. An prolonged rally would push SOL’s worth in the direction of the $220 TLQ stage over the approaching days. 

Nonetheless, if SOL fails to construct on this momentum and faces a correction, it may prolong the decline towards the strongest assist stage at $186.