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Price and time analysis of Solana, Structure of Wave BHello dear friends, I hope you're doing well.
As you can see, Wave A has completed, and we're now inside Wave B.
The structure of Wave B closely resembles Wave 4, with the difference being a throw-over.
Typically, it moves within a pattern like a triangle or a sideways range.
In this wave, the likelihood of a fake breakout is high.
Essentially, it's a wave of deception. I hope you find this beneficial.
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(As you can see, in Wave 4, the price moves within a triangle or sideway.)
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Time analysis:
March 30th is a very important day.
The period until April 13th is likely to be the last bearish days for Solana.
I take a short position from 190$ area.
My final target is 120~110.
I'd be happy to share your opinion with me. Your likes, follows, and comments give me energy.
Long SolanaTraders,
As you know, I have restarted my signals subscription. My followers and I have done very well since the restart. But I don't want to forget about all of my TV followers. So, from time to time I do not mind throwing out a freebie.
Here's my case for going long Solana here to $300.
#1 - As indicated in the weekend video update, there are multiple indications that our pullback in the U.S. stock market is over for now. Blow-off top to continue.
#2 - Bitcoin will not be held down.
And as it pertains to our Solana chart:
#3 - Solana has hit .618 fib fan retracement
#4 - Double bottom held.
#5 - Back above the 100 day SMA
#6 - RSI downtrend broke
#7 - Green RSI support held
#8 - Hidden Bullish Divergence on RSI
#9 - Awesome Oscillator on the rise!
My target will be 2x the current price (so, $300) for a rrr of 3.25.
This will be a longer-term swing. It may take a month. It may take the rest of the summer. Unknown.
Solana Surges: Can It Break Past $204 Resistance?Solana (SOL) has defied the recent crypto market slump, surging nearly 15% and reclaiming the crucial $150 resistance level. This positive momentum has analysts excited about the possibility of further gains, with $204 emerging as the next key hurdle to overcome.
Breaking Through Resistance
The recent SOL price increase follows a period of consolidation. After finding support around $138, Solana staged a breakout above the $150 resistance level. This bullish signal is further bolstered by the price now trading above the 100-hourly simple moving average, an indicator often used to gauge short-term momentum.
Technical Analysis Paints a Bullish Picture
Technical indicators on the hourly chart add weight to the bullish sentiment. The SOL/USD pair successfully breached a key bearish trend line with resistance at $148. This breakout suggests a shift in market control from sellers to buyers. Analysts believe that if SOL can maintain its position above $158, a clear path towards the $165 resistance zone opens up.
Recent Developments Fueling Optimism
Several recent developments are likely contributing to Solana's positive price movement. The highly anticipated launch of staking on Robinhood, a popular trading platform, has undoubtedly boosted investor confidence in SOL. Staking allows users to earn rewards for holding their crypto assets, making SOL a more attractive investment option.
Furthermore, Solana's continued focus on innovation with the introduction of its new Liquidity Layer is another factor generating excitement. This layer aims to improve decentralized exchange (DEX) functionality on the Solana blockchain, potentially attracting more users and developers to the platform.
Challenges on the Horizon
Despite the current bullish outlook, some analysts remain cautious. Overcoming the $165 resistance level will be a significant test for SOL. If the price fails to hold above $158 and falls back below $150, it could indicate a potential reversal in the uptrend.
Moreover, the broader cryptocurrency market remains volatile. A significant downturn in Bitcoin (BTC) or Ethereum (ETH), the leading cryptocurrencies, could trigger a sell-off in SOL, even if its own fundamentals remain strong.
Looking Ahead
Solana's recent surge is a welcome sign for investors who believe in the project's long-term potential. The successful break above $150 and the positive technical indicators suggest that the momentum is currently with the bulls. However, the $204 resistance level presents a significant challenge.
Close attention should be paid to whether SOL can maintain its gains above $158 and how the broader cryptocurrency market performs. If these factors align, there's a good chance Solana could continue its upward trajectory and establish a new price floor above the current resistance level.
Disclaimer: This article is for informational purposes only and should not be considered financial advice. Please consult with a financial professional before making any investment decisions.
Solana SOL Update: Bullish Breakout or Bearish Retreat?As I have reported out yesterday, technically Solana is trading in the "no man's land" and can move in either direction.
A bullish move towards and a break-out of $165 will push SOL towards $205 and, possibly, higher.
Below $165 , risk of bearish move towards $131 is still there and, if $131 is broken to the downside, we can see a further bearishness to $113.
Note, as long as Solana is trading between $131 and $165, the price action will be slow and choppy.
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.
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.
Solana's Intraday Surge: Will $157 Mark the Path to $170?Yesterday, Solana moved bullish in the H4 chart towards $157.
1. A bounce off $150, followed by a bullish surge to $157, could pave the way for $169-$175. However, reclaiming $157 is essential first.
2. A move to below $143 may exert further downward pressure towards $137 and $131, the key intraday support, with expectations for a slow and choppy price movement in this scenario.
Find more information in signature!
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.
Solana SOL Intraday Trade SetupSolana is struggling to break bullish $157, the key intraday resistance and needs support from SOLBTC chart.
A bullish break-out of $157 will offer more upside towards $169-175.
Another re-test of $150 followed by a bullish rejection and a break-out of $157 will lead to SOL price moving towards $169-175.
More details are in the signature.
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.
Solana, support levelsSolana formed a descending triangle pattern and has touched the support level.
If this support is strong enough to withstand bearish movements, then the target is at level 144.83 or at the resistance pattern.
However, you need to remember that this pattern is a bearish continuation pattern, which means that if this pattern breaks down, Solana will fall deeper.
I will update this analysis if I find new key levels.
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.
SOL: ny money management📊Analysis by AhmadArz:
🔍Entry: 134.97
🛑Stop Loss: 130.59
🎯Take Profit: 139.35 - 143.91
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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.
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