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Solana Stumbles at $190: Can the Rally Hold?Solana (SOL), a prominent blockchain platform known for its fast transaction speeds, faces a hurdle in its current price uptrend. Despite a 5% rally on , on-chain data suggests challenges that could hinder SOL from decisively surpassing the $190 resistance level. Let's delve into the factors contributing to this hesitation. Resistance at $190: A Psychological Barrier The $190 price point represents a significant psychological barrier for SOL. It previously acted as a support level in early 2024, but after a period of decline, it now presents resistance for the bulls trying to push the price higher. Breaking through resistance levels often requires significant buying pressure. If buyers are hesitant or lack conviction, the price can struggle to overcome this hurdle and may even fall back. On-Chain Data Paints a Mixed Picture While the price action shows a short-term upswing, on-chain data, which analyzes activity on the Solana blockchain, paints a less clear picture. Here's a breakdown of two key metrics: • Network Activity: Recent data suggests a stagnation in Solana's network activity compared to its competitors. While SOL's price rose, the number of transactions and active users haven't seen a proportional increase. This could indicate a lack of organic growth and user adoption, which are crucial factors for sustained price appreciation. • Impact of Inflationary Proposal: A proposed change to Solana's tokenomics, SIMD-0096, has sparked debate. While some argue it will increase network security, others believe it could lead to higher inflation for SOL. This uncertainty might be discouraging some investors from entering the market. External Factors Affecting SOL The broader market sentiment also plays a role in SOL's price movement. The recent approval of an Ether (ETH) exchange-traded fund (ETF) in the US may have drawn some investment away from alternative blockchains like Solana. Investors may be shifting their focus towards established players like Ethereum, potentially impacting SOL's short-term momentum. What to Watch Out For For SOL to overcome the $190 resistance and maintain an uptrend, several factors need to be monitored: • Network Activity: A significant increase in transactions and active users on the Solana network would be a positive sign, indicating organic growth and potential for further price appreciation. • Clarity on Inflationary Proposal: If the community reaches a consensus on the SIMD-0096 proposal, and its impact on inflation is well-understood, investor confidence in SOL could improve. • Overall Market Sentiment: A positive performance by the broader cryptocurrency market would create a tailwind for SOL, potentially aiding its breakout above $190. Conclusion Solana's recent price rally is encouraging, but the resistance at $190 and mixed on-chain data pose challenges. Network activity, the outcome of the inflationary proposal, and overall market sentiment will be crucial factors to watch in the coming days and weeks. If SOL can overcome these hurdles, it could pave the way for a more sustained uptrend. However, if the price falls back from $190, it may indicate a need for more fundamental developments to drive long-term growth for the Solana ecosystem.
COINBASE:SOLUSDLong
by bryandowningqln
SOL vs BTC : Where Have I Seen this FRACTAL 🤔📉Hi Traders, Investors and Speculators of Charts📈 Looking at the Solana chart today, something struck me as familiar - but I couldn't place my finger on it. A pattern... where did I see this before? If you stare at charts about as much as I do, sometimes you start to see trends and correlations between charts. We call these - FRACTALS. These are a great tool to use when scouting for patterns. You can use a fractal in many ways, but I mainly gauge it against what happens next after the fractal on the origin chart. We're doing the same thing today between SOL and BTC - using an old Bitcoin fractal to predict the potential next move for Solana. If you found this content helpful, please remember to hit like and subscribe and never miss a moment in the markets. _______________________ 📢Follow us here on TradingView for daily updates📢 👍Hit like & Follow 👍 CryptoCheck BINANCE:BTCUSDT BINANCE:SOLUSDT
Short
by CryptoCheck-
2
SOLUSDT is Bullish now| BUY opportunity !Hello Traders, here is the full analysis. SOL can very easily see some strong growth from this point. GOOD LUCK! Great BUY opportunity SOLUSDT. I still did my best and this is the most likely count for me at the moment. Support the idea with like and follow my profile TO SEE MORE. Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 🤝 Patience is the If You Have Any Question, Feel Free To Ask 🤗 Just follow chart with idea and analysis and when you are ready come in THE GROVE | VIP GROUP, earn more and safe, wait for the signal at the right moment and make money with us💰
Long
by TheGrove
5
#SOLBTC - Swing Down to Support (Big Short!)#SOLANA has had a couple of week right at the top of it's current trending channel, it's been testing this level of resistance but can't seem to break through! We've now received a Short signal on #Crypto #Tipster v2 so we can see the price heading down after this rejection at the top, the next layer of real support would only be after a huge 30% drop in price down to .0007 From here you can create a new small upward trend and see the price ranging this pinch point of the newly formed symmetrical triangle ~ until further notice.. If you enjoyed or agree with this idea - drop us a comment, like & follow! :)
Short
by theCrypster
24
Is SOL worth it?Looking at the chart, you can immediately see that the Solana looks weaker than many top altcoins, it falls faster, but we see large volumes in this accumulation, which means there is a buyer’s interest. I see an update of the previous low at $25 and from there I would consider buying from the $18-24 zone, I don't think we will fall much lower. It will accumulate for some more time until the next bull cycle, despite all the negativity associated with Solana, it is in my top 20 coins for long-term investment.
by razumcapital
1
SOLANA LONGS ACTIVE 📉📉📉📉 Expecting bullish price action on SOLANA as price rejected an important area of institutional figure somewhere around 80.00 zone, a risk long entry should be from there. But a more conservative entry would be if price will go above the last highs that will shift the strucutre from bearish into bullish. BITCOIN is very bullish meaning altcoins could go higher because of that, fear/greed index and market seasonality tells us its the best time of the year to enter TRADES. We also have a lot of bearish imbalances aka price inefficicency somewhere around 133 / 166 and price should be magnetized there What do you think ? Comment below..
Long
by AnonimFXRO
Solana (SOL) to $310 in Q3-2023Hello everyone, I've been studying the market for a long time, about 15 years now. Cryptocurrencies have been in my portfolio since 2015. In my time of analysis I've noticed multiple trends in long term, they seem to be reoccurring through all cryptocurrency. They're either different styles of bear/bull wedges or flags . Lately I've been thinking about the possibility of another bull wedge or bull flag in the long term, the shape is merely beginning, hence the possibility of this idea. The idea is that we'll see another long triangle stretch of a variation of a bullish falling wedge , that is if we break through the current bear pattern. I've calculated that we by Q3-Q4 of 2023 we'll see a new ATH of Solana, around $310 . As everyone knows, the war between Ukraine and Russia is bringing a lot of tension on the markets. These are uncertain times, and with uncertainty comes indecisiveness. We're still in the phase of resistance , the very first step into the journey of acceptance . Google it, it's worth a read and applies to many new concepts like crypto. Believing that the cryptocurrency will grow in the future like it is doing now, people will keep on holding their cryptocurrencies with staking. Banks and governments will ultimately have to bend and shape into the new way of digital economy, you see this happening everywhere. Let me know what you think, thanks for reading. ~ Murkemur
BINANCE:SOLUSDLong
by Murkemur
3