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Solana Price Puzzle: $165 Breakout or $131 Plummet?Solana is trading in the middle of the daily range zone between $131 and $165, where (1) it can move from in either direction and (2) the price action is expected to be slow and choppy. A bullish break-out of $165 will push SOL towards $205 and, possibly, higher. It is yet to make a higher high relative for the most recent swing and until then there is a a risk of bearish move towards $131 and, if broken to the downside, lower to $113.
by Trade-Lean
1
Solana Slides on FTX Liquidation, Open Interest DropsSolana ( CRYPTOCAP:SOL ) has experienced a drop in price due to renewed concerns over FTX liquidation, leading to a decrease in trading activity and a significant drop in open interest. The token, known for its high speed and low fees, has shown resilience amid the ongoing FTX bankruptcy. However, the price has dropped due to renewed concerns over FTX liquidation, resulting in a decrease in derivatives trading volume and a 5.53% drop in open interest. In the last 24 hours, Solana ( CRYPTOCAP:SOL ) witnessed $7.61 million in total liquidations, with long positions accounting for $4.7 million and short positions for $2.91 million. Long-short ratios on Binance and OKX indicate traders' optimism about a potential rebound, while technical analysis shows bullish signals. Solana's technical indicators show a predominantly bullish sentiment, with both the 10-day Exponential Moving Average (EMA) and the Simple Moving Average (SMA) signaling buy. However, longer-term moving averages, including the 30-day EMA and SMA, indicate potential resistance at higher levels. Oscillators are generally neutral, with the Relative Strength Index (RSI) at 48.35 indicating neither overbought nor oversold conditions. Technical indicators reflect current market sentiment rather than predicting future movements. Solana ( CRYPTOCAP:SOL ) has been battling ongoing congestion issues, largely caused by increased DEX volumes. Understanding Solana's technicals provides insight into the market's reactions to SOL's FTX sales, which is crucial for both traders and investors in the SOL ecosystem.
COINBASE:SOLUSD
by DEXWireNews
Solana Price surged 5% Despite Whale Activities Solana ( CRYPTOCAP:SOL ), a cryptocurrency, has experienced a 5% increase in value today, driven by significant on-chain activity and ecosystem growth. The market cap is down by 1%, but Solana's price has risen by 5.5% to $153, with a $69 billion market cap and a $3.2 billion 24-hour trading volume. The central driver behind Solana's recent success is its overtaken Ethereum in 24-hour on-chain trading volume, indicating growing interest in Solana's ecosystem. Solana consistently outperformed Ethereum in on-chain volume as it advanced toward its local highs in Q1 2024, but activity dropped in recent weeks. However, new data suggests momentum is returning, enabling today's strong performance. SOL has been displaying strength against Ethereum, with PaikCapital speculating that it could continue to outperform the second-largest cryptocurrency. Since then, SOL's value has increased over 3x compared to ETH's. Santiago R Santos, a renowned commentator, believes that Solana is the most retail-friendly chain, making memes should do well. As the SOL price increases, holders will take profits and rotate into smaller on-chain projects, vying to compound their gains. One of the hottest new Solana tokens is Sealana, a seal-themed meme coin that has raised over $250K so far. High-profile industry figures are also bullish, with Jacob Bury speculating that Sealana holds 10x potential and could be the "best crypto to buy now." Sealana is inspired by the foul-mouthed cartoon show South Park, reflecting a bright future for the new token. However, the Sealana presale has no predetermined hard cap, so potential investors must act quickly or risk missing out. Whale Alert, a platform tracking large crypto transactions, reported four significant transfers of Solana (SOL), igniting speculations in the crypto sphere. In the latest transaction, an unidentified whale transferred 298,000 SOL, valued at approximately $46.24 million, to Coinbase. Following that, another anonymous whale moved a staggering 1.56 million SOL, equivalent to around $242.26 million, to the same exchange. Speculations over the impact on Solana's price have ignited speculations regarding the motives behind these transactions and their implications for the broader market. Despite the massive transfers, the Solana price has maintained upward momentum today, with the Solana price up 4.55% and trading volume soared 79.72% to $3.14 billion.
COINBASE:SOLUSDLong
by DEXWireNews
1
Solana (SOL) Finds Support, Eyes Return to $203 The cryptocurrency market has seen its share of volatility recently, and Solana (SOL) has been no exception. However, when we zoom out and take a look at the weekly timeframe, a clearer picture emerges. This article dives into SOL's recent price action and explores the potential for its next move. Solid Support at $149 A crucial observation from the weekly chart is the strong support level established at $149. Despite price fluctuations, SOL has managed to hold above this key area, even during periods where the price dipped momentarily below. This indicates significant buying pressure at this level, suggesting that many market participants view $149 as an attractive entry point. Range Bound The consistent bounce off the $149 support has led to the formation of a range between this level and $203. This price range reflects a period of consolidation, where buyers and sellers are temporarily reaching an equilibrium. The price action within this range suggests some indecision in the market, with neither bulls nor bears able to exert dominance. Looking Ahead: Potential Move to the Upside Given the presence of the established support level at $149, and the recent price holding within the defined range, there's a possibility that SOL might attempt a move back towards the upper range boundary of $203 in the coming days or weeks. This potential upswing could be fueled by several factors: • Increased Buying Pressure: If more buyers are attracted to SOL, particularly at current levels, it could push the price higher. This buying pressure could stem from renewed confidence in the Solana project, positive news developments, or simply technical factors related to the range itself. • Short Squeeze: If a significant number of traders are currently shorting SOL (i.e., betting on the price to decrease), a sudden shift in sentiment could lead to a short squeeze. This occurs when shorts are forced to buy back SOL to cover their positions, which can drive the price up rapidly. • Overall Market Sentiment: The broader cryptocurrency market sentiment also plays a role in SOL's price movement. If the overall market sentiment turns bullish, it could lift all cryptocurrencies, including SOL. Important Caveats While the potential for a move towards $203 exists, it's important to consider some factors that could prevent this from happening: • Failure to Hold Support: If the price breaks decisively below the $149 support level, it could signal a bearish trend and lead to further price decline. • Negative News or Events: Any negative news surrounding the Solana project or the cryptocurrency market as a whole could dampen investor sentiment and hinder a price increase. • Resistance at $203: Even if SOL reaches $203, it might face resistance at this level. Overcoming this resistance would require sufficient buying pressure to push the price through. Conclusion Solana (SOL) has found support at $149 and is currently trading within a range between $149 and $203. The coming days and weeks could see SOL attempt to move back towards the upper end of this range, potentially reaching $203. However, several factors could influence this possibility, and close attention should be paid to market sentiment, news developments, and price action around the support and resistance levels. Disclaimer: This article is for informational purposes only and should not be considered financial advice. It's crucial to conduct your own research before making any investment decisions.
COINBASE:SOLUSDLong
by bryandowningqln
Solana Price Pumps 7% as Solana-Based Token POPCAT Hits New ATHSolana ( CRYPTOCAP:SOL ) has become the top performer among the top 10 crypto tokens, with Popcat (POPCAT) hitting a new all-time high of $0.6100 and market capitalization upwards of $577.58 million. This surge is attributed to the growing popularity of projects launched on the CRYPTOCAP:SOL blockchain, which have consistently posted remarkable success. Meme coins on Solana, including Dogwifhat ( CRYPTOCAP:WIF ) and Bonk Inu ( SEED_DONKEYDAN_MARKET_CAP:BONK ), have also seen significant growth, with CRYPTOCAP:WIF dethroning Pepe coin ( CRYPTOCAP:PEPE ) before reclaiming its position as the third meme coin on market capitalization metrics. A new meme coin class is emerging: cat-themed tokens. Popcat ($POPCAT) is the biggest gainer on Thursday with almost 30% in gains, hauling the altcoin to a new all-time high of $0.6100 and market capitalization upwards of $577.58 million. Jito ( CRYPTOCAP:JTO ) has become the largest Solana protocol on TVL metrics at $1.43 billion, representing a TVL growth of over 12% in 24 hours. A rise in TVL generally indicates that more assets are being deposited and locked into the DeFi protocol, indicating growing user participation and confidence in the platform. This may also indicate increased liquidity and trading volume within the protocol, potentially leading to higher returns for users and a stronger ecosystem overall. Technically, Solana's daily price chart depicts a start of a "Rising Wedge" Pattern but for the pattern to be accentuated, Solana has to break the ceiling of the rising wedge to spark investors' confidence.
COINBASE:SOLUSDLong
by DEXWireNews
SOLANA - $600 on the Cards?👀📉Hi Traders, Investors and Speculators of Charts📈 Solana has made some great increases, and it's retraced back to support levels. I've been bullish on Solana since the beginning of 2024, when SOL was still sub $100. Take a look here at other altcoins that we've been watching: By looking at the Drop-and-Pop fractal we've been watching, we can conclude that for the short term, the support zones should hold at $140, with wicks as low as $120. When incorporating this into Elliot Wave Theory, our next impulse up (wave 4-5) should take us to roughly $290. But it doesn't end there. When we zoom out, and view the chart from a macro perspective, we see a different structure of Elliot waves... We're possibly still in wave 0-1! And if we use the same Elliot wave ratios to calculate wave 5, (% of wave 1 OR 161.8 x wave 1 length) then wave 4-5 takes us even beyond $600. It's important to note though, that this is a multi-month and potentially multi-year target. Although SOL has previously increased 500% in a few weeks, the markets are more mature than they were in early days with many more adopters and institutional investors joining the game. 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 COINBASE:SOLUSDT BINANCE:SOLUSDT
Long
by CryptoCheck-
1
At what price you are ready buy SOLANA in your invest portfolio?Probable wave analysis on the #SOLUSDT chart The bottom of wave 4 has either already been formed or is yet to come. Therefore, we have marked three points where you need to be as careful as possible when deciding whether to buy CRYPTOCAP:SOL or whether it is too early. 1️⃣ $120 - if the price does not go lower, further growth will be quite rapid, as buyers will show their strength. 2️⃣ $90 - a stop of the falling in a strong liquid zone, which can be "considered a prudent buy zone". 3️⃣ $70 - this is where the price can reach on panic sales, liquidations, and stop losses. Interestingly, the calculations show that wherever the #SOLUSD price falls, t he chance of growth to $650-670 is the same from the three points, it's just a matter of time. So, what price will you choose to buy #SOLANA?
by P_S_trade
12
Solana - SOL Fractal NO ONE talks about📉Hi Traders, Investors and Speculators of Charts📈 SOLANA is on the list of my top 20 altcoins to watch in 2024. From a macro chart perspective, I'd like to point out a large-scale fractal that I'm labelling as the "drop-and-pop". What we observe here is 1)accumulation phase followed by 2)first impulse up after which we se a 3)correction and then finally the 4)second impulse wave . From a technical indicator view we know that the price is bullish because we see a "Overbought" flash on the weekly, which usually indicates strong bullish momentum : Note that this, again, confirms the need for a pullback/drop before considering the start of impulse wave 2 /pop. 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:SOLUSDT
Long
by CryptoCheck-
2
SOL - Solana follows THIS FRACTAL📉Hi Traders, Investors and Speculators of Charts📈 Solana has made some great increases, and it's retraced back to support levels. By looking at the Drop-and-Pop fractal we've been watching, we can conclude tat for the short term, the support zones should hold at $140, with wicks as low as $120. We can also take a look at moving averages to get an idea of possible wick zones. We should continue to trade above the 50d moving averages (green) for the price to remain bullish. Losing the 50d will be a bearish indicator: "Overbought" flash in the weekly usually takes us into a short term correction phase, with prices trading closer to the green trendline: 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:SOLUSDT
by CryptoCheck-
Solana (SOL) Breaks $150 Resistance Level: Time for the SurgeThe Solana cryptocurrency has recently experienced a significant breakthrough by surpassing the $150 resistance level, paving the way for a possible continuation of its upward trend. This is a critical milestone, as the $150 resistance level is considered a significant barrier between the bullish and bearish markets. However, despite this breakthrough, there has been a noticeable decline in trading volume, which may suggest a lack of conviction behind the move and raise questions about the sustainability of the price above this level. If the volume does not pick up, it might suggest that the break above $150 may not hold, leading to a potential price correction. The Solana ( CRYPTOCAP:SOL ) cryptocurrency faced significant resistance levels, such as the 50-day MA, which must be conquered to maintain its upward momentum. If these levels are not surpassed with confidence and accompanying volume, they could act as catalysts for a bearish reversal. Solana ( CRYPTOCAP:SOL ) must establish a new support level above the recently breached $150 mark for a growth scenario to unfold. If CRYPTOCAP:SOL manages to maintain its position above this line, the next challenge will be imminent. A convincing break above the 50-day MA could clear the path toward higher price points, with $170 serving as the next psychological resistance. The future of Solana's rise depends on the market sentiment post-halving, project developments, and the ability of buyers to drive and sustain higher prices. However, the possibility of a reversal remains uncertain. In addition, Solana meme coins have been the subject of numerous scams, leading to significant losses for investors. According to crypto detective ZachXBT, over $26 million worth of Solana ( CRYPTOCAP:SOL ) has been lost in rugged presales of Solana meme coins. Many of these projects have failed to deliver on their promises after raising significant amounts of SOL. This has raised concerns within the crypto community about the lack of accountability and transparency in meme coin presales on the Solana blockchain. Solana co-founders Raj Gokal and Anatoly Yakovenko have issued repeated warnings to investors against considering such random Solana meme coin presales on X. It is advisable for investors to exercise caution and due diligence before participating in such meme coin projects, as the risk of rug pulls remains high.
COINBASE:SOLUSDLong
by DEXWireNews
2