FxWirePro- SOLUSD trades weak despite 10.7% development jump in the Solana ecosystem, good to buy on dips

Solana is a blockchain built for mass adoption. It's a high-performance network that is utilized for a range of use cases, including finance, payments, and gaming.

Features-

Transactions per second 65000

Block time- 0.40 seconds

Fees- 0.00064 SOL per transaction

Re-test level- $140

Any daily close above $165 confirms further bullishness.

Recent update-

As of the first week of October, Solana has continued to emerge with a +10.7% rise in notable GitHub events.

SOLUSD showed a minor pullback on upbeat market sentiment. The pair holds below the short-term (34 and 55 EMA) and long-term moving average (200- EMA) in the 4-hour chart. It hit a low of $142 and is currently trading around $143.91.

The bullish invalidation can happen if the pair closes below $110. On the lower side, the near-term support is $140. Any violation below target $127/$120/$110.

The pair's near-term resistance is around $153. Any breach above confirms minor bullishness. A jump to $165 is possible. A surge past $165 will take the pair to $175/$200.

It is good to buy on dips around $140 with SL around $127 for TP of $200.

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