Solana prices rise as US SEC rules it's not a security
In its action against Binance, the SEC abandoned its proposal to categorize crypto tokens like Solana and Cardano as securities.
The rise in SOL's daily active addresses indicates more blockchain use.
A daily candlestick close below $133.92 would disprove bullishness.
Solana (SOL) price pulls back past weekly resistance and trades 0.88% higher at $181.13 on Wednesday. The rise in SOL's daily active addresses indicates more blockchain use.
The US Securities and Exchange Commission's decision to withdraw its request to classify crypto tokens like Solana and Cardano as securities in its lawsuit against Binance could lead to the approval of Solana Spot ETFs, improving investment opportunities and SOL's price.
On July 25, solana price retested the trendline breakout level at $165.42 and climbed 7.5% in three days. It fell 3% on Tuesday after hitting weekly resistance at $184.74 on Monday. Wednesday's trading is up 0.88% at $181.13.
The $155.22 support level is a good purchasing opportunity if SOL retraces. Trendline support, daily support, and the 50% price retracement level from the swing low of $121 on July 5 to the swing high of $193.71 on July 29 are all at this level. Thus, $155.22 is a key price reversal level.
SOL might climb 11% to retest its April 1 daily high of $204.46 if it closes above weekly resistance at $184.74.
On the daily chart, the RSI and AO are far above their mean values of 50 and 0. These momentum indicators strongly favor bulls.
Artemis's Daily Active Addresses index, which tracks network activity, supports the technical bullishness. Blockchain use increases as the measure rises, whereas dropping addresses indicate lesser demand.
Solana's Daily Active Addresses rose from 1.8 million on Sunday to 2.3 million on Monday. Since early July, this trend has been climbing, indicating greater demand for SOL's blockchain, which might boost Solana's price.
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