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Market Update - March 22, 2024 BTC drops below $61K for the first time since the start of March: Investor confidence dwindled as the market saw the first consecutive negative outflow days for the Bitcoin ETFs this month, with Grayscale Bitcoin Trust (GBTC) experiencing its biggest outflow since launch of $642.5M on Monday, followed by another sizeable $443.5M outflow on Tuesday. Fed keeps interest rates unchanged: The US Federal Reserve held interest rates at the May FOMC meeting, but is still anticipating three cuts by the end of the year. This was widely celebrated by markets as the S&P 500 and Nasdaq set a new all-time high and bitcoin reclaimed $67K. Hope for ETH ETF approval by the Securities and Exchange Commission (SEC) dwindling: The price of Ether (ETH) experienced a fairly dramatic fall this week from $3.64K to as low as $3.06K on Wednesday morning. The fall was in response to a recent sentiment shift around the possible ETH ETF approval in the coming months. Recent SEC delays to proposals from VanEck, Ark, Hashdex and Grayscale, along with comments from prominent ETF analyst James Seyffart suggesting the SEC will decline these approvals, have lowered confidence among investors. SOL defies market downward trend and breaks above $200: For the first time in two years, Solana (SOL) broke above $200 this week, with analysts suggesting this could be linked to the large surge in activity on the Solana network, which has been driven by a frenzy for newly launched Solana-based memecoins. AI fascination continues as NVIDIA AI conference kicks off this week: The conference caused a short-lived rally in AI tokens, despite the overall downward market trend in the market this week, with Render (RNDR), Akash (AKT), Fetch.AI (FET) and Bittensor (TAO) all posted double-digit gains. 🌸 Topic of the Week: The Solana Blockchain 👉 Read more here
GEMINI:BTCUSD
by Gemini
Solana - IMPORTANT Support Zone will be TESTEDHi Traders, Investors and Speculators of Charts Solana is frequently trending due to steep fees of ETH. Even after a large increase, there is still great upside potential for the future. However, for the short term, a retets of a prominent support zone is likely after a near parabolic increase on SOL. SOLUSDT is one of the altcoins I was watching for 2024 Altseason, as per previous posts in early January. ✅ 👉 Technical Indicator SHORT TERM is overbought indicating a correction is overdue 👉 Support zone at $153 is critical to hold 👉 Daily candles need to keep closing ABOVE this zone to avoid a potential H&S pattern. Overbought indicates a correction is overdue: 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 👍 KUCOIN:SOLUSDT
Short
by CryptoCheck-
1
$SOL Market Cap Long to $500B - '21 $ETH vs '24 $SOL2021 CRYPTOCAP:ETH VS 2024 CRYPTOCAP:SOL from: 10B Market Cap to: 500B Market Cap enjoy the ride, the cycle is young ✨ #SOLANA ⚡️ --- this is a study on fractals and market cycles. I have studied this '20-'21 ETH fractal in comparison with the '23-'24 CRYPTOCAP:SOL chart in great depth going back 2 years to when SOL was $8. ---REFERENCE my prior publishings to learn more. links to some of them are BELOW! GL HF NFA <3 TLDR - CRYPTOCAP:SOL is going to give CRYPTOCAP:ETH a run for its money. Enjoy the show. Been in since $8 and still just as bullish as before. -@CryptoCurb
CRYPTOCAP:SOLLong
by CryptoCurb
2
Cryptolean Solana SOL Update In the daily chart, Solana found a support at $167. A daily candle closure above $186 will push Solana price towards the key Cryptolean resistance zone of $202-$209 and, possibly, higher. An inability to sustain the price action above $167 will result in price declining towards $144-$151 the key daily support. Intraday Chart The intraday chart of #SOLUSDT is neutral. A bullish rejection of $168 will push #Solana price towards $194, however to become bullish again, SOL has to break it to the upside and sustain price action above this level. An inability to hold price above $168 could result in a bearish move to $154 support and, possibly, lower to $126-$138.
by Trade-Lean
When will bullish trend of Solana end ?(Price and time analysis)Hello everyone, I hope you're all doing well. It seems that SOL has completed five waves and is now likely to undergo a corrective wave of three. Negative divergence between waves 4 and 5 in RSI or MACD is often a sign of the end of wave 5. Keep in mind that both FVGs have filled out the weekly important points. I don't recommend taking positions, but if you intend to, remember to manage your capital and risk properly without forgetting about rewards. (Because Solana is very Savage.) Time analysis: In the Solana dominance chart, two days are significant: - Today, which we witnessed the decline, and the next day, Thursday, March 28th, where there's a possibility of significant media news within this time frame, such as the sale of assets by the FTX exchange. - The last day is April 13th. In summary, be cautious with your positions over these 25 days. P.S : The SOL.D chart is for yesterday. I suggest you thoroughly read the analyses linked below: USDT.D BTC.D BTCUSDT I'd be happy to share your opinion with me. Your likes, follows, and comments give me energy. The RSI indicator also suggests a complete cycle. After starting from a small uptrend channel, it's currently completing an Elliott Wave cycle. ....
Short
by Sadegh_Sh
12
SOL Solana Trade IdeaSOL Solana is clearly trending bullish as we can see on the 4 hour time frame with consecutive higher highs and higher lows. We look for an entry on the Fibonacci retrace down into the 50 to the 61.8% level. We can see support on a previous high to the left of the current price swing which could provide support for an entry point. Target one is the current price swing high take partial profits and move stop loss to break even, target two would be a measured move above the current price swing. This analysis is for educational purposes only and not financial advice. Always trade with a solid risk management plan.
Long
by fxtraderanthony
1
SOLUSDT.1DIn this SOL/USDT daily chart, the recent price action has taken Solana above the Ichimoku Cloud, a bullish sign. There’s a marked upward trend with resistance (R1) at a higher price point indicating a potential future target. Ichimoku Cloud: Being above the cloud is bullish, suggesting that the uptrend may continue. The cloud will now act as support. Moving Averages (Ichimoku Lines): The conversion line (blue) is above the baseline (red), which further supports the bullish sentiment. Resistance (R1): There's a resistance line drawn above the current price, signaling a level that could potentially halt or reverse the upward trend. RSI: The RSI is high, hovering just under overbought conditions. This could indicate that the price might see some consolidation or pullback soon. MACD: The MACD is positive and above the signal line, which is typically a bullish signal. However, the histogram is showing signs of decreasing momentum, so it's crucial to watch for any potential crossover that could signal a reversal. Considering these indicators, the momentum for SOL appears bullish, but the high RSI suggests caution, as there could be a pullback. If you're trading, it might be wise to look for confirmation of continued bullish momentum before entering a position and setting a stop-loss to manage potential downside. The resistance level could be seen as a target for taking profits should the price continue to rise. It's essential to consider the broader market sentiment and news that can impact price movements.
by MarsSignals
SasanSeifi 💁‍♂SOL/4DAY Long-Term 🧐 Hey there,✌ Solana's price oscillated between $10 and $27 for an extended period. After breaking the long-term downtrend line, the demand for SOL increased, resulting in an upward trend for approximately 6 months. the price has ranged and accumulated volume around $100 before surging to $207. Current Movement: The price is heading towards its previous all-time high (ATH) of $259. Scenarios: 1. If the momentum weakens around $250 and is confirmed, the price may experience a correction. After a pullback, we can expect further growth in the long term. 2. If the price faces demand and breaks above the previous ATH, the first target would be the $350 price range. The chart above illustrates the possible trends and long-term targets for Solana. Long-Term Support Levels: $130 $100 (The chart is logarithmic.) Remember, this is just a technical analysis and not financial advice. Always do your research before making any investment decisions.❗❌ I hope this analysis was helpful! If you have any questions, feel free to ask.✌
Long
by SasanSeifi
SOL Breaks $200, How High Can It Go in the Short Term?In the last 48 hours, the Solana price has showcased a noteworthy progression on the 4-hour chart, capturing the attention of investors and traders alike. A meticulous analysis of the closing prices reveals a gradual ascent, before a slight retracement. This movement suggests a bullish momentum building up in the market, supported further by technical indicators. The 9 Exponential Moving Average (EMA) and the 20 EMA both indicate a bullish trend, with the 9 EMA figures moving from $187.672 to $195.821 and the 20 EMA from $181.282 to $187.849. The gap between the 9 EMA and the 20 EMA has been widening, a classic sign of a strengthening bullish momentum. The Moving Average Convergence Divergence (MACD) values have also presented interesting insights. Initially, the MACD and signal lines were almost in convergence, suggesting a potential shift in momentum. However, subsequent values showed the MACD line pulling away from the signal line, with the histogram moving from a slight negative to a more robust positive territory. This indicates increasing buying pressure and reinforces the bullish sentiment observed from the EMAs. The Relative Strength Index (RSI) has remained above the 65 mark throughout the recent sessions, peaking at 70.35 before slightly decreasing to 68.18. An RSI level above 70 typically indicates overbought conditions, but the slight decrease suggests that there is still room for upward movement before the market becomes overheated. Considering these indicators, the potential for further upward movement seems plausible, especially if the bullish momentum continues. Should SOL break above the immediate resistance at $207.05, it may have a clear path to rise to $259.67 in the short term. Additionally, traders might also consider entry points for long positions if there's a retracement towards the support levels of $180.08, $162.42, or even $149.28, using these as potential springboards for the price to bounce back and continue its upward trajectory. On the flip side, should there be a reversal in the trend, these support levels could also serve as key markers for setting up short positions, particularly if the price breaks below these thresholds, indicating a shift towards bearish momentum. In terms of exit strategies, traders should monitor the mentioned technical indicators for signs of reversal. A closing price below the 9 EMA or the 20 EMA, a crossover of the MACD line below the signal line, or an RSI falling below 65 could serve as indicators to consider exiting positions to protect gains or minimize losses.
by StevenWalgenbach
Solana UP 87% - ALTSEASON upon us!📉Hi Traders, Investors and Speculators of Charts📈 Solana is up 87% in the past few weeks, and it's one of the altcoins that have seen the best gains in a 24h time frame. This is usually a good time to secure some profits. I've been bullish on Solana and other altcoins for 2024, find the other alts I am watching here: From here, I expect micro cap coins to start making their rallies. ARE YOU PREPARED FOR ALTSEASON 2024? 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 KUCOIN:SOLUSDT
Long
by CryptoCheck-
1
Cryptolean Solana SOL UpdateSolana dipped to below the key daily resistance zone of $144-$151 however it is back into the narrow daily range, where it has been consolidating for the last 4 days. A daily candle closure above $151 will push Solana price towards $167 and higher. An inability to sustain the price action above $144 will result in price declining towards $126, the key daily support. Intraday Chart After a quick dip earlier today, the SOLUSD intraday (4-Hour) chart is back into the bullish territory. A bullish breakout of $152.6 resistance and a sustained price action above it in the 4-Hour chart will push #Solana price towards $164-$173. An inability to sustain the price action above $143 could result in a slow bearish move to $134 and, possibly, lower to the key intraday support of $124,56 A dip to either $143 and a strong bullish rejection of this level will push price to $164-$173. I will be closely watching price action with this level, as a bullish rejection could offer a long opportunity. The SOLUSD chart is holding strong and consolidating in a narrow range which is totally normal after last days bullish extension. Once Satoshi price in BNBBTC chart will find a support and reverse, the Dollar price in BNBUSD chart will extend higher. Like once read! Thank you.
by Trade-Lean
6
Solana Surges to 25-Month High: A Beacon in the Crypto RealmSolana ( CRYPTOCAP:SOL ) has emerged as a shining star, reaching a 25-month high and captivating the attention of institutional investors and traders alike. This surge in Solana's price has ignited discussions about potential market rallies and reaffirmed its position as a frontrunner in the digital asset space. Amidst a backdrop of market turbulence, Solana ( CRYPTOCAP:SOL ) has demonstrated remarkable resilience, posting a 7% rally while other cryptocurrencies falter. This resilience not only underscores Solana's ( CRYPTOCAP:SOL ) growing dominance but also reflects investor confidence in its underlying technology and long-term potential. A significant catalyst behind Solana's recent surge is its integration with Binance's Web3 Wallet, facilitating seamless interaction with decentralized applications (dApps) and simplifying token management within its ecosystem. With easier access to Solana-based dApps like Drift and Dual Finance, Binance's integration is poised to drive adoption and enhance usability, further bolstering Solana's appeal to investors. Presently, Solana ( CRYPTOCAP:SOL ) boasts impressive metrics, with nearly $4 billion in Total Value Locked (TVL) and a stablecoins market cap of $2.6 billion. These metrics underscore the mainstream adoption of web3 projects and digital assets, solidifying Solana's position as a prominent player in the crypto landscape. The introduction of BILS, an Israeli Shekel-backed stablecoin, on the Solana blockchain has attracted investor interest, showcasing the platform's ability to pioneer innovative financial solutions within a regulatory framework. This initiative highlights Solana's attractiveness to projects and partnerships that contribute to its ecosystem's growth and development. Despite reaching new highs, caution is advised as Solana's Relative Strength Index (RSI) stands at 85.50, indicating potential overbought conditions and the possibility of a reversal. Traders are urged to exercise prudence and implement risk management strategies to navigate market volatility effectively. Nevertheless, Solana's ( CRYPTOCAP:SOL ) recent surge to $181, accompanied by a surge in trade volume to $11.57 billion, reflects growing investor confidence in the cryptocurrency. As Solana ( CRYPTOCAP:SOL ) continues to strengthen its ecosystem and attract investment, it remains well-positioned for sustained growth and long-term success in the ever-evolving crypto landscape.
COINBASE:SOLUSDLong
by DEXWireNews
1
Solana Surges to 25-Month High: A Beacon in the Crypto RealmSolana ( CRYPTOCAP:SOL ) has emerged as a shining star, reaching a 25-month high and captivating the attention of institutional investors and traders alike. This surge in Solana's price has ignited discussions about potential market rallies and reaffirmed its position as a frontrunner in the digital asset space. Amidst a backdrop of market turbulence, Solana ( CRYPTOCAP:SOL ) has demonstrated remarkable resilience, posting a 7% rally while other cryptocurrencies falter. This resilience not only underscores Solana's ( CRYPTOCAP:SOL ) growing dominance but also reflects investor confidence in its underlying technology and long-term potential. A significant catalyst behind Solana's recent surge is its integration with Binance's Web3 Wallet, facilitating seamless interaction with decentralized applications (dApps) and simplifying token management within its ecosystem. With easier access to Solana-based dApps like Drift and Dual Finance, Binance's integration is poised to drive adoption and enhance usability, further bolstering Solana's appeal to investors. Presently, Solana ( CRYPTOCAP:SOL ) boasts impressive metrics, with nearly $4 billion in Total Value Locked (TVL) and a stablecoins market cap of $2.6 billion. These metrics underscore the mainstream adoption of web3 projects and digital assets, solidifying Solana's position as a prominent player in the crypto landscape. The introduction of BILS, an Israeli Shekel-backed stablecoin, on the Solana blockchain has attracted investor interest, showcasing the platform's ability to pioneer innovative financial solutions within a regulatory framework. This initiative highlights Solana's attractiveness to projects and partnerships that contribute to its ecosystem's growth and development. Despite reaching new highs, caution is advised as Solana's Relative Strength Index (RSI) stands at 85.50, indicating potential overbought conditions and the possibility of a reversal. Traders are urged to exercise prudence and implement risk management strategies to navigate market volatility effectively. Nevertheless, Solana's ( CRYPTOCAP:SOL ) recent surge to $181, accompanied by a surge in trade volume to $11.57 billion, reflects growing investor confidence in the cryptocurrency. As Solana ( CRYPTOCAP:SOL ) continues to strengthen its ecosystem and attract investment, it remains well-positioned for sustained growth and long-term success in the ever-evolving crypto landscape.
COINBASE:SOLUSDLong
by DEXWireNews
Solana +59% price rise confirmed! All set to reclaim ATHPopular layer-1 digital asset, Solana COINBASE:SOLUSD , looks ready to revisit its all time high, around $259. My thesis is that Solana will continue to lead the charge this Crypto Bull Cycle, coming second only to BITSTAMP:BTCUSD . Recall that in the last quarter of 2023 we saw the coin rally over 463% from mid-October to the end of the year. Over that same period Bitcoin only moved by just over 73%, whilst Ethereum BINANCE:ETHUSDT did about 57%. At present, Ethereum is now only 22% from its all time high whilst Bitcoin has already created a new all time high. Meanwhile, Solana which is already proving to be a favourite for most retail traders and investors due to its cheaper transaction fees and faster speed is still a good 60% away from the ATH. Going into the technicals, the price chart of the 4th highest ranked digital asset by Market Cap (when excluding stables) is showing a clear cup and handle on the higher timeframes as pictured below. The handle is formed from another cup which itself seems to have another cup, a cup within a cup, within a cup…. the Cup n Handle Matrix lol Overall, I think this setup creates a great opportunity for those wanting to shift their positions to capitalize on the potential for larger spot gain in a “blue-chip” Crypto and for those looking to trade it on Margin, Futures or Options too. (If you found this valuable I’d appreciate it if you would consider following and boosting this trade idea, I’d also love to hear where you thinking Solana is headed and what coins I can look at next) Happy Trading!
COINBASE:SOLUSDLong
by theblueinvestor
Technicals Flag Bearish as SOL Gets Rejected by ResistanceIn the latest trading activity, the Solana price made a noteworthy attempt to breach the $155 resistance level. However, it encountered firm resistance, resulting in two distinct rejections from this critical threshold. Such a pattern, known as a double-tap rejection at resistance, often signals bearish sentiment, hinting at a potential downturn. Following these unsuccessful attempts to rally, SOL has retraced to find support at $148.98. This level now serves as a pivotal point for the asset; a breach below could precipitate a decline towards the $136.10 support level within the ensuing 48 hours. If the selling pressure persists beyond this point, SOL could see its value diminish further, possibly reaching down to $124.21. This scenario hinges on the ability of the bulls to mount a defense and prevent further losses. Conversely, should Solana manage to secure a 4-hour candle close above the $155 resistance within the next day, it could invalidate the bearish outlook. Such a development would not only signal strength but also potentially lay the groundwork for continued upward momentum in the days that follow. Technical Analysis and Market Sentiment The bearish sentiment is further corroborated by technical indicators on the 4-hour chart, notably the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI). The MACD is teetering on the edge of a bearish crossover, with the MACD line poised to move below the signal line. This event could indicate the beginning of a short-term bearish phase for Solana. Additionally, the RSI showcases a diminishing strength of buyers relative to sellers, as it veers towards its Simple Moving Average (SMA) line. A crossover here is often interpreted as a bearish signal, suggesting that sellers are gaining the upper hand. Trading Strategies: Short and Long Entries and Exits Given this analysis, traders might consider the following strategies: Short Entry: Should SOL break below the current support level of $148.98, it could serve as an entry point for a short position, with an initial target at the next support level of $136.10. Extending the target to $124.21 may be viable if the downward momentum continues. Short Exit: To manage risk, consider setting a stop-loss slightly above the $148.98 level or the entry point to minimize potential losses should the market direction reverse unexpectedly. Long Entry: A bullish scenario would be confirmed by a 4-hour candle closing above the $155 resistance level. Entering a long position following such a breakout could capitalize on the momentum, aiming for an initial profit target at higher resistance levels, potentially around the $165 mark, reflecting recent highs or significant psychological levels. Long Exit: For long positions, setting a stop-loss below the entry point, possibly just under the $155 breakout level, would help protect against sudden downturns. Profit targets should be set according to individual risk tolerance and market analysis, possibly taking partial profits at predetermined levels while letting the remainder of the position ride with a trailing stop to maximize gains. Traders should continuously monitor market conditions, as cryptocurrency markets are highly volatile and can shift rapidly. Adjusting strategies in response to fresh technical or fundamental signals is crucial for successful trading.
Short
by StevenWalgenbach
2
DOGWIFHAT $WIF - Potential for a massive 10x move!Dear Traders, I was away for a while, this mainly due to holidays, but i have also started to investigate the haul around these trashtokens in the solana ecosystem. I was shocked and surprised that how much the history repeats itself. Do you guys remember the ERC-20 trash token months back in 2021 ? Yes, the similar happening nowadays. People are getting rich and more people poor by purchasing and trading these coins. But however there is a road here also which can be followed fairly safe. DOG WIF HAT! , this is what i am just showing to you guys. I don't want to give to much for the TA this time, morely want you to focus on the market and the power of communities here and there. Currently WIF are traded in 0,2$. Twitter page have more than 20k followerts in just a few weeks. Crypto.com already announced the listing of it. Others are waiting now, but there is a massive chance that this will be the newest memecoin whihc will gain massive popularity. It is still very early now to buy in. I am expecting the price will reach 1$ very fast, and then probably its peak will be at 2$. It highly depends on will it be listed on binance and other major exchange or not. Why would be good for exchanges to list WIF to their platform? VOLUME! Exactly, trade volume, they earn money by hjaving more and more people trading there. and if there is something which gained this much popularity, it is only patience what we need, because almost 100% that it will be listed. Lastly, the problem here that there is no clear and valuable meaning behind this token, that is true. But please ask yourself, how much cryptocurrency literally have no meaningful existence by the term of technology nowadays, but we still trade it ? :) We trade what is tradeable where there is volume. Imagine dogecoin, shib, bonk, BITCOIN is also useless with its't technology nowadays, the only thing that keep its price up is it's prestige.. Let's talk, discuss what you think about this solana trashcoin haul and especially this cutie, the Dog Wif Hat . :) Best of luck and don't forget, this is not a financial advise and i will never share any kind of such thing.
Long
by Arokthomasso
6
SOL Solana Technical Analysis and Trade IdeaSolana (SOL) demonstrates a robust bullish trend, recently surpassing previous highs and clearing liquidity above a prior monthly high. A potential retracement to the 61.8 Fibonacci level could present a buying opportunity. Our targets are aligned with previous monthly highs, as illustrated in the video. Disclaimer: This analysis offers a technical viewpoint and does not constitute direct financial advice. Trading in cryptocurrencies carries inherent risk. Always consult a qualified financial professional and carefully evaluate your individual risk tolerance before making investment decisions.
Long
by fxtraderanthony