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SOLUSD trade ideas

SOL Outlook: Solana to outperform Ethereum in Uptrend?Date: January 12, 2024 Overview: Solana's SOL/USD pair has been evaluated within a dual channel setup indicating two potential market directions. The green channel outlines a bullish trajectory, while the red indicates a bearish perspective. Alongside, key historical retest levels and the Z-Score Probability Indicator provide a multifaceted view of the market's sentiment and potential trend strength. Channel Analysis: The green bullish pitchfork highlights a steady uptrend, with SOL recently testing the mid-line of this channel, which could act as dynamic support. The red bearish pitchfork is not currently in play but serves as a visual guide to potential downturns should the market sentiment shift. Key Levels: Key Historical Retest Levels/Supports: SOL has maintained levels above key historical supports at $49.91, $40.15, and $26.36. These levels are crucial for maintaining the bullish narrative. Conditional Probable Boundaries: Future resistance levels are identified at $97.18 (Boundary 1), $165.44 (Boundary 2), and higher at $237.80 (Boundary 3). Breaching these could signal continued bullish momentum. Z-Score Probability Indicator: The Z-Score is currently above the zero line, indicating that price is deviating from its mean to the upside. A Z-Score above 2 often signals a strong bullish sentiment, while readings above 3 could imply overbought conditions and potential for a pullback. The Z-Score's mean reversion tendency is apparent, which will be crucial to monitor for signs of trend exhaustion or continuation. Market Context and Fundamentals: SOL’s performance should be interpreted in light of the overall health of the blockchain and DeFi ecosystem, as well as network-specific updates, scalability improvements, and adoption rates. Fundamental news, such as partnerships, technological advancements, or regulatory changes, can have a significant impact on SOL's price and should be monitored closely. Potential Strategy: Bullish Scenario: Traders might look to add to or initiate long positions on retests of the key historical supports, with the conditional probable boundaries as potential profit-taking points. Bearish Scenario: Should SOL break below the key supports and the mid-line of the bullish pitchfork, it might indicate a shift in market sentiment, and traders could look for short positions targeting the lower levels of the bearish pitchfork. Risk Management: Given the current positive Z-Score, it's advisable for traders to be watchful of potential pullbacks and set stop-loss orders accordingly. The pitchfork channels can be utilized to adjust risk parameters as SOL navigates through these projected paths. Conclusion: SOL/USD is showing signs of bullish behavior, with critical supports holding strong. The Z-Score suggests that the market is currently optimistic, with a watchful eye on the upper levels for signs of overextension. Traders should remain vigilant and responsive to price action at key levels and fundamental news that could sway market direction. This analysis is provided for informational purposes only and is not investment advice. Always conduct your own research and consult with a financial advisor before making investment decisions.
BINANCE:SOLUSD
by meloneusk
Solana ($SOL) Sell Orders and Potential Roadblocks Our previous analysis of Solana has proven to be quite accurate. The asset's price dipped into the $79-$86 support zone before buyers intervened, driving the price back towards $100. CRYPTOCAP:SOL is now contesting a resistance zone between $101.6-$108. Breaching this barrier could lead to encounters with sell orders in the $112.3-$117 range. Beyond this, the yearly high of $126 looms, potentially reachable if Bitcoin maintains its position above $45,000, considering the strong correlation between Bitcoin and altcoins. Should the market turn bearish, CRYPTOCAP:SOL could see its price fall back to the key buying zones at $79.1-$86, $73.1, and $61.8-$68.9.
COINBASE:SOLUSDLong
by DEXWireNews
Solana (and Altcoins) Daily RSI Tells the Story!I continue to reiterate the point that our daily RSI is giving hints at what may continue to come for Solana and altcoins. Solana have been one of the strongest alts during this bull run and remains above our red ascending trendline while most others have fallen below. But just as with other altcoin charts, our lead indicator was broken supports on the daily RSI. Three of these big supports have now been broken below. However, on the price chart only two have been broken. Will that red ascending trendline become the third? My bet is "yes" based upon what the RSI chart is telling me, though, it may spike higher first following Bitcoin ETF approval news. If I am right about this pullback, I don't think Solana will find support until around $65 or so.
COINBASE:SOLUSDShort
by stewdamus
HUGE DUMP COMING FOR SOLANA SOL/USD - RIPIm sorry, I hate being the bearer of bad news but I see Solana taking a huge dump. Short term and long term. The top is in, volume dropping interest leaving the project again. Its just a pump and dump so the big bag holders could dump their bags, now all thats left holding is the FOMOers that bought the top and think this thing is going to thousands or whatver they think. Its insanity, this chain is junk and has proven that over the years with how many halts they had on their chain, still waaay too many bugs to work out of this thing. I dont know what the catalyst will be to make it dump this hard but possibly another major outage or a hack of some sort. No one with any significant capital is investing in this thing, maybe trading it and dumping on the kids who are buying it but not holding it for anything longer than that. As you can see in this correction the way it will play out Solana is going to bounce at the previous supports for a small bounce which will create a head and shoulders and that measured move will be pretty heavy down to low $20 range or even lower possibly $18 before a a pretty decent bounce. After that moves plays out there will be a much larger correction on the higher degree of trend as another much larger head and shoulders pattern is formed. Might sound unbelievable but its not and actually quite likely. Ive seen this way to many times, same exact style of pump and dump over the years with other projects that could never die and are going to change the world. and humanity haha. RSI is pointed straight down MACD is pointed straight down Strong bearish divergence on the daily on the RSI, Momentum, CCI, MFI, and Histogram A death cross on the daily will also likely form as a result of this drop which will bring it to way new lows. Imminent collapse is likely. Good luck out there, this is not financial advice just my opinion.
BINANCE:SOLUSDShort
by Bitgolder
Am I Right to Short Solana? Let's See! {07/Jan/2024My first trade analysis of 2024 on Crypto Currency. Educational Analysis says SOLUSD may move in this range for some time according to my technical. Broker - Binance This is not an entry signal. I have no concerns with your profit and loss from this analysis. Why this range? Because Solana Made a lot of gains last year 2023, May is a time to push down a bit and there will be a lot of liquidity. Although it is in an uptrend, the market may come down to collect sell-side liquidity and fill fair value gaps. Then shoots up to the new high. Let's see what this pair brings to the table in the future for us. Please check Comment section how it turned out for this trade. I HAVE NO CONCERNS WITH YOUR PROFIT OR LOSS, Happy Trading, Fx Dollars.
BINANCE:SOLUSDShort
by VishalBudhrani
3
$SOLUSD In A Parallel UptrendA break of the trend line or a weekly close below the line will end the uptrend. COINBASE:SOLUSD in a parallel uptrend" suggests that the price movement of Solana (SOL) against the US Dollar is exhibiting a consistent upward trend, and the trendlines can be described as parallel. In technical analysis, a parallel uptrend implies that the price is making higher highs and higher lows in a manner that forms parallel lines on a price chart. This pattern indicates sustained bullish momentum in the market for the specified asset. As always, it's crucial to conduct thorough technical analysis and consider other relevant factors before making any trading decisions.
COINBASE:SOLUSD
by AlgoTradeAlert
Solana's Rocky Road: Navigating Challenges Amidst Market Trend Solana ( CRYPTOCAP:SOL ), often hailed as the "Ethereum Killer," has recently faced a tumultuous period marked by a significant price dip, sparking concerns among investors. As the broader cryptocurrency market experiences a sell-off, Solana's price has plummeted over 7% in the last 24 hours, dropping below $95. This Idea delves into the key factors contributing to Solana's recent challenges, explores its historical performance, and assesses the impact of recent market dynamics on its future prospects. The Current Landscape: In the midst of a positive trend in the overall crypto market, buoyed by optimism surrounding Bitcoin exchange-traded funds (ETFs), Solana stands out with its struggle to maintain stability. Despite the recent positive momentum, Solana's native cryptocurrency has seen a decline in value, casting a shadow over its performance in 2024. Whale Movements and Market Volatility: One of the contributing factors to Solana's price decline is the erratic behavior of cryptocurrency whales. Recent reports indicate that large amounts of Bitcoin and Ethereum were deposited into centralized exchanges, leading to increased market volatility. Solana, being part of this broader market movement, has experienced a notable drop in price, emphasizing its susceptibility to external factors. Investor Sentiment and Losses: Solana investors have not been spared from the recent downturn, experiencing losses as the altcoin slipped over 7% in the last seven days. Despite its impressive 600% year-to-date surge, Solana is still 64% off its all-time high price set in November 2021. This prompts investors to reassess their positions and raises questions about the altcoin's ability to regain its previous highs. Trading Volume and Market Cap: The dwindling trading volume, down nearly 17% to $2.8 billion in the last 24 hours, suggests a diminishing retail interest in Solana. As the fifth-largest cryptocurrency by market capitalization, Solana's market cap has fallen to $40.5 billion, underlining the need for a comprehensive analysis of the factors influencing its market standing. Stability Concerns and Scaling Issues: While Solana gained popularity as a faster and more cost-effective alternative to Ethereum, it faces its own set of challenges. The network's notable outages and scaling issues from the previous year have highlighted its vulnerability. Solana's inability to process transactions without going offline poses a significant hurdle, prompting stakeholders to reevaluate its status as the "Ethereum Killer." Conclusion: Solana's recent struggles underscore the complexity of the cryptocurrency market, where a confluence of factors can impact an asset's value. As investors navigate through market turbulence, Solana must address its stability issues and scaling challenges to regain confidence.
COINBASE:SOLUSDLong
by DEXWireNews
SOLUSDT|A very important resistance area and the fate of SolanaHi guys, this is my overview for SOLUSDT.Feel free to check it out and leave your comments in the comments section. With the sharp and strong growth that Solana experienced, it has now reached an area that is of great importance in all major time frames, monthly, weekly and daily. With the return from this area and even unsuccessful attempts to make a new high, we now see that both a lower high and a lower low have formed than the previous low. This is a sign of weakness in the previous upward trend. In my opinion, this weakness in the trend can reduce the price of Solana to the price of 72.26 dollars and the next level is 41.83 dollars.
BINANCE:SOLUSDShort
by Golden_Star1994
Tailing with everyone from a buy retrace It’s still a sell but I agree that the retrace is going; since 92$ is now become useful major support from the neckline which is located inside the low 91$ .. luckily it holds but if it breaks it can collapse further. Now for the retrace the correction part from where it’s at now ; meet 100$ area then lastly 111$ area but it’s possible can create a double or triple top in the 120$ Please be very careful it can reverse spike before we notice it off the bat. Safe trading while we are in the buy ; pay attention to the top meet the resistance. FYI: be patient because it will be playing around with the Bollinger bands a bit
BINANCE:SOLUSD
by JoyBoyVegae
1
Solana (SOL/USD) at a Crossroads: Navigating the channelsAnalysis: //Entry: Breakout Play: If SOL/USD breaks out from the downward channel convincingly with increased volume and closes above it, one could enter a long position. The breakout could invalidate the bearish H&S pattern and signal a potential trend reversal. H&S Pattern Play: If the price fails to break out and instead respects the upper boundary of the channel, turning down to complete the right shoulder, one could consider a short entry upon the break below the neckline of the H&S pattern. // Exit: Breakout Play: If entering long on a breakout, set the target at a previous high or resistance level that the price might encounter upon reversal. Alternatively, a trader might use a trailing stop to capture as much of the potential uptrend as possible. H&S Pattern Play: If entering short due to the H&S pattern completion, the target would be set at the projected distance from the head to the neckline, extended below the neckline. // Invalidation: Breakout Play: The long position is invalidated if the price falls back into the channel post-breakout, especially if it goes below the previous low within the channel. This indicates a false breakout and continued bearish sentiment. H&S Pattern Play: The short position is invalidated if the price breaks above the right shoulder or neckline after entry, indicating that buyers have regained control and the pattern has failed. Risk Management: Always use stop-loss orders to manage the risk. For the breakout play, the stop-loss could be placed just below the breakout candle or the previous swing low. For the H&S pattern play, the stop-loss could be just above the right shoulder or a percentage of the entry price. Position size should be determined by the distance to the stop-loss and the amount of capital risked on the trade, which is often recommended to be no more than 1-2% of your trading capital.
COINBASE:SOLUSD
by learningedge
The crash just starting This is a huge bull trap in history as I was wrong about the push up but expecting for it to happen but overall the bears win this one. $95 is the neckline if that breaks then the bears will fully dominate the market so if the buyers pullback inside the 45$ zone if fails then we will drop all the way down to $20 and it’s possible to go a lot lower than that. This is a huge concerning for the bulls and there’s no way we will see a bulls coming back soon since now bears are dominating for now. To me right now is the crash is barely about to start. Bears target : 45$ Bears target 2: 20$ If bears aren’t satisfied enough then we will break lower than $20
BINANCE:SOLUSD
by JoyBoyVegae
8
Smart money is selling Solana!We’re seeing quite a bit of confluence confirming more bearish correction to come in the near future. Solana is currently in a bearish correction structure within an overall higher TF bullish structure. Despite buyers continuing to enter the market, we can see that current market structure indicates more downside based on smart money concepts: 1) we have confirmed a break of structure followed by swing points indicating new LH and new LL 2) price is being drawn to FVG (highlighted box) before the next move down 3) the FVG indicated here falls within our Fibonacci killzone 4) if price makes this push up to the FVG it also completes a harmonics pattern 5) target is a major point of interest for market makers to gather liquidity before continuing to the upside
COINBASE:SOLUSDShort
by UnBearyBull
Solana bullish continuation pattern similar to BTC 2019.There's been a lot of hype on the Bitcoin ETF. I do think the FED is going to lower rates pretty soon (first quarter of 2024). IMO, a lot of the hype has already been priced into the ETF (IF it happens), however, the thing that's going to move markets to the downside temporarily -- is something negative. The reason the FED is going to lower rates, is because the economy is in freefall. I'm expecting higher unemployment. Traders need to know a very important fact, it's not the collapse, it's the response from the FED. I don't see a way out of what pattern they are currently in, this is no exception. Short term, Solana comes down to retest that 50ema somewhere? However! Don't fret, the FED will lower rates, print MASSIVE amounts of money and return to QE for Solana to explode higher from slightly lower levels here. IMO, if you are already long, hold. If you haven't bought yet, there is going to be an opportunity soon. Recall the 2017 BTC top, to the 2019 top, and pattern that developed there. Screenshots below. Solana could be in the exact same position now. A lot of the easy money in Solana, could have been made, but a 5x from the $100 level could also be made (I'm targeting, doesn't mean it will happen, a $400 - $500 SOL price top). So there is probably a pull back coming Q1 2024. If the $54 mark gets retested, could be looking at almost a 10x from there.
CRYPTO:SOLUSDLong
by otisfx