Solana Price Rises 6% Amid Foundation’s Quantum Initiative and Investment

The Solana price recently increased by 6%, reaching approximately $126, after a dip below $120 raised concerns of a possible decline toward $100.

Factors Driving Solana's Recovery

A proactive initiative by the Solana Foundation to evaluate its network's resilience against quantum computing threats has boosted confidence. This involves collaboration with Project Eleven on a quantum-resistant testnet.
Mangoceuticals announced plans to invest $100 million in acquiring and holding SOL, contributing to the positive sentiment.

Technical Analysis Insights

The 50-day Simple Moving Average (SMA) is at $143, and the 200-day SMA is around $170, indicating a downtrend.
The 20-day Exponential Moving Average near $133 has resisted previous recovery attempts.
Immediate support levels are at $125, $121–$120, and around $110.
A significant downturn could push prices to the high $90s or possibly $80 if liquidations increase.

The market hit an eight-month low at $116.9. A drop below this level may lead to further declines toward $100. Conversely, resistance is expected between $133–$138 and stronger between $144–$147. Overcoming these barriers could pave the way for further recovery up to $160–$165.

Solana price