SOLUSD.P trade ideas
Solana - Rising star for layer 1Price target of USD 280 by 2024 year end, bouncing off trending resistance at USD140.
Technical Analysis: Solana (SOL/USD)Solana (SOL/USD) exhibits a challenging technical landscape as the crypto asset navigates through volatile market conditions. Our technical examination, supported by various indicators and chart patterns, will provide speculative guidance on potential price trajectories.
Current Price Action:
As of the latest sessions, SOL is trading at $137.40, exhibiting indecision within the market. The recent candlestick patterns suggest a battle between bears and bulls, struggling for directional dominance.
Volume and Market Sentiment:
While the trading volume remains undisclosed, the lack of this information emphasizes the need for traders to lean on other technical aspects to discern market sentiment.
Indicators and Analysis:
Fibonacci Retracement Levels (Image 1):
The price is wavering around the 0.5 Fibonacci level ($152.44), having recently descended from the 0.618 level ($172.03).
A sustained break below the 0.5 level could see SOL test the 0.382 level at $138.89.
Speculative upside targets lie at the 0.618 and 0.786 levels, with a breakout above $172.03 potentially igniting a move towards $189.95.
Moving Averages (Image 2):
The 50-day (EMA at $151.58) and 200-day (EMA at $111.35) Exponential Moving Averages are vital. The current price below the 50-day EMA signals bearish sentiment, with the 200-day EMA acting as a longer-term bullish confirmation.
The 50-day EMA crossover below the 20-day (EMA at $139.57) could suggest further downward pressure.
Ichimoku Cloud (Image 3):
The price is below the Ichimoku cloud, indicating bearish momentum.
A potential short-term rebound could be expected if the price breaches above the cloud. Conversely, staying below the cloud may reinforce the bearish outlook.
Technical Indicators Summary (Image 4):
The Relative Strength Index (14) at 38.85 points to a lack of strong momentum in either direction.
The Moving Average Convergence Divergence (MACD) histogram is in the negative territory, suggesting a bearish momentum. However, the histogram appears to be losing downward momentum, possibly signaling a slowdown in the bearish trend.
Stochastic RSI is neutral, giving mixed signals about immediate price direction.
Pivot Points (Image 5):
SOL is currently below the pivot point of $142.64, which acts as immediate resistance.
Support levels to watch are S1 at $136.38 and S2 at $135.68. Breaching these could see a further decline to S3 at $116.32.
Resistance levels are established at R1 ($142.64), R2 ($159.53), and R3 ($173.07). These are key levels for potential upward movements.
Speculative Price Prediction:
In the short term, if SOL maintains above the $137 region, we anticipate potential retests of $142.64 (R1 pivot). A breakthrough beyond this point could steer the price towards the $150 psychological level, aligning with the 0.5 Fibonacci level. However, a failure to sustain this may lead to a decline towards the $135 support area.
Trading Strategy:
Buy Entry: Traders might consider entry points above $138.89 (0.382 Fibonacci level) for short-term positions with a strict stop-loss below the support level of $135.68.
Sell Entry: If SOL fails to maintain the $137 region, short-sell opportunities may arise, targeting the next support levels at S1 and S2, respectively.
Final Thoughts:
The market presents a complex pattern; hence, traders are advised to place trades with careful risk management. While indicators lean slightly bearish, it is imperative to watch for either a bullish reversal above the Ichimoku cloud or a bearish confirmation below the $135 support level.
Disclaimer: The information above is speculative and for educational purposes. Cryptocurrency trading involves substantial risk and is not suitable for every investor.
How to play ⏯️ Solana? Long at Support zone How to play ⏯️ Solana strategy in the current range?
Long at Support zone
Short at resistance
Right now it's looking more 🐻 bearish and price is likely heading to the support zone
SOL laddering back up!SOL mostly likes to move in big spurts that precede market up and down turns. The laddering up we are witnessing, moving up past the 200 week MA in lower time frames and daily and getting close on 4 and 6 HR, plus 5 days in a row closing green, is looking very very bullish to me! Still - SOL is powerful and it seems to be building some steam... The narrative is very good right now too. Keep in mind that not only did the Solana people solve their congestion issues - they did it very quickly and they were completely UP FRONT about the issues. That is mad bullish! Further more at the end of MAY they have a second update for fine tuning on the chain and then sometime either late this year or early next year we will get FIREDANCER and that should be a game changer - again - from SOL. So with so many Bullish catalysts in the pipeline it is only a matter of time before SOL leaps up off the ladder! The current levels are still very affordable. I am stacking and staking and waiting. I noticed liquidation levels for SOL today are around 5 million... you know what cannot be liquidated? A good solid HODL! This is just my take and not at all financial advice. Good luck and happy trading!
BTW I just put out a new track celebrating $GUMMY!( I am a music maker first and foremost)
Check it out on Spotify or any platform in the known universe starting tomorrow.
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How to play ⏯️ Solana?How to play ⏯️ Solana strategy in the current range?
Long at Support zone
Short at resistance
Right now it's looking more 🐻 bearish and price is likely heading to the support zone
(SOL) solanaWill solana win in price and surpass all time high without stopping slowing down or rejecting the new all time high prices? ...
Possible Solana trajectory going forward. Waiting to see if Solana respects the lower trend chanel on this or breaks down. If lower trend line is validated in the next few days without a breach this should be a good reference chart for the next leg up.
SOLUSD GOOD AREA TO BUY????I can see BULLS are getting ready to take this ack up
I have buy here with sl @ 115
I will take first profit @ 170 (very important broken support which turn resistance now)
If we break 170 my next target will be 259 - 399
Good luck everyone
SOL updateSOLANA!
1st and Effective Target is marked by arrow!
IMHO - we going to go there - just matter of time...
2nd and 3rd - are only if break those.
Good Luck!
Xrp buyOrder book is rebalanced which can signal a bullish movement, reaction off support line and still going up, the demand for buying went up,
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.
Solana could be interesting for the bulls if...EASYMARKETS:SOLUSD
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SOLANA (SOL) is forming a massive, multi-year Cup & Handle!Solana is forming a MASSIVE Cup & Handle formation that could lead to major gains over the next few years. As many know, Solana has a potentially infinite supply of coins that can be created, which is one of its major downsides, in my opinion. As far as trading, and not investment perspective, I think Solana will make some mind-boggling gains over the next 3 to 5 years.
Good luck, and always use a stop-loss
Solana Weekly Analysis Here's the corrected version:
Solana has demonstrated its strength in this bullish market, showcasing a long accumulation phase from Mon 30 May '22 to Mon 30 Oct '23. Subsequently, the price began breaking highs directly to $200, marking a 2500% increase from Mon 26 Dec '22. It's been quite a volatile market, and I believe Solana has the potential to become one of the leading blockchains in the next few years.
In the technical analysis, we observe the price starting to drop as buyers from the accumulation phase begin taking their profits. Additionally, there's market anxiety due to geopolitical tensions and rising inflation. However, this decline is healthy, as it provides an opportunity for new buyers to accumulate Solana and potentially drive it to new all-time highs.
The optimal price point to buy Solana is in the sweet spot below the 50% Fibonacci level, indicating a discount area for accumulation.
Solana breakout is getting more bullish. Price target 🎯 is $180Solana breakout is getting more bullish.
Next upside price target 🎯 is $180 before it encounters any resistance.
Mapped out in blue line possible price movement going forward
Long SOLANA COINLong Solana coin here. 50% of position. Will scale in rest over next 1-3 hours. Solana double top was obvious but got distracted fishing. Think we test 200$ sol in next 2-8 days. Let's see what happens.
Solana Battle Plan Update 3: Price to reverse at Local HighThis is my 4th idea looking at Solana with Ethereum as a pattern, benchmark, or comparison. I used this pattern to identify downside targets and potential reversals and now I am using it to call a local high. This is basic and fundamental charting.
Both charts show a 5 impulse Elliot Wave to the upside. With such a clear pattern and impulsive move we don’t see a continuation pattern yet. We Solana does not show an ascending triangle, a cup and handle, or even a symmetrical triangle. Without a continuation pattern we must suspect price will stall at a previous support. Seeing where price flipping support to resistance and vise versa at key levels is one of the basics that can take years to master.
That previous support is the bear trap that was created at the beginning of the bear market. We can see on the right where it played out with Ethereum and I strongly suspect we are seeing the initial stages of that reversal in Solana.
Of course, there are some key differences in the two charts. We can see that when we look at other indicators. I don’t want this idea to become unmanageable so I will just look at one of the basics, the Monthly Bollinger Band. It is pretty clear that looking at the Bollinger Band it looks like Solana did a much better job than Ethereum. Solana has pushed its head above the monthly Bollinger band to reach the previous bull trap whereas Ethereum didn’t even reach the baseline. But either way, price being out of the monthly Bollinger band or near the middle with weekly bearish divergence at previous support still suggests reversal.
I do hope to see the lower limit of the monthly BB to snug up and flatten off to indicate a local low is in when I see Solana double bottom.
Solana Against Bitcoin, Ethereum and BNB
Solana also looks like it is in a dreadful position against Bitcoin. The zone of resistance is drawn, in part, due to the MACD oscillaton below zero and the amount of sideways action we needed to have that happen.
The bearish similarities with Solana and trading pairs continues with Ethereum.
BNB has a bit of a different set up. It does not have a clear bull trap like SOL has against BTC and ETH. Rather it had a descending triangle top and a return move to the support of the triangle. Price has returned to the base of the descending triangle and I think with the indicators so overbought we would assume another pull back.
Conclusion and my plan
Solana looks like it has hit a local high against USD, BTC, BNB and ETH. There are so many temptations to get out of Solana into a different larger, less volatile token that I don’t see most day or swing traders holding onto Solan for long. Especially margin traders. Timing the shortside can be a wee bit tricky but it can be done. I am staying away from that.
I suspect that Solana will be setting a higher low W pattern. If it does, I will basically be rotating everything I can into it as I expect it will be making a higher high. AS the main chart shows that higher high would be about 100x from the low. If it sets an equal low, then I will suspect it will roughly return to an all-time high. That would be about 25X. That is decent enough for crypto but in all honesty if Solana sets a lower low, I will be looking for a different token to rotate into. Right now, my biggest crypto bag continues to be Fantom as I really like the Big W pattern it is in.
Solana, Perfect Weekly Cup and Handle, yes or no?I see a perfect cup and handle on the weekly on SOL. Will we break ATH soon in upcoming weeks? What you think?
Solana Fib Fan Shows Support at $107-122Where can we find support for Solana? A quick draw of the Fib Fan shows that if our 100 day sma does not hold, we could drop to anywhere from $107 to $122. This would coincide with both the rising 200 day sma and .618 on the Fib Fan, a great area of confluence which would make great support.
