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Solana amid network usage: bull rally ahead? Solana (SOL) has witnessed a notable surge in user activity over the past month. The chain’s daily active address and transaction count have skyrocketed by double digits in the past 30 days.  This uptick in network demand may directly fuel SOL’s rally above the $200 price mark for the first time since April. Over the past 30 days, demand for the Solana network has surged, as evidenced by an increase in daily active addresses. According to data from Artemis, 7 million unique addresses have completed at least one transaction on Solana during this period, marking a remarkable 70% increase. This rise in active addresses has naturally led to a corresponding uptick in daily transaction volume on the network. Over the same 30-day period, Solana has processed 44 million transactions, representing a 24% increase in daily transaction count on the L1.  As more users engage with a blockchain network, the utility of its native asset (SOL in this case) increases. High usage indicates that more transactions are occurring, often requiring more of the network’s token to pay transaction fees. This boosts demand for the asset, driving up its price. If Solana continues to experience increased network activity, driving demand for SOL, its price—currently at $166.15—could break past the resistance level of $172.53.  A successful breach of this resistance would set the altcoin on course to reach $194.12. Should buying momentum continue to increase, Solana’s price could reclaim $210.18, a level it last touched in March. However, if user activity on Solana declines and demand for SOL weakens, the price may test support at $148.15. Failure to hold this level could push the coin down further to $133.76, invalidating the bullish outlook.
Long
by paul_endeo
SOLUSDT - the real indicator of bear market!I think everyone should take this chart as a basic reference for trading Why is sol considered a real indicator of the market situation? sol is one of the biggest coins in terms of market cap ( 5th in ranked with 78.2B in marketcap) As you can see on the chart in front of you, sol rose more than 600% last October when it broke the 300 day of accumulation and it was a strong entry signal for all other currencies Now on the weekly chart we see that sol is forming a wyckoff distribution pattern. I uploaded a picture to verify this for yourself. check it and you will find it matches what is happening on the chart You will find the 0.786 level is the bottom, which if it is broken weekly, it is a clear and explicit signal to get out of all your money from the market and make it 100% cash according to this data i see that will happen within 2 months Best regards Ceciliones🎯
by ceciliones
11
SOLUSDT Skye Pulse 26 22 October 2024 - Monthly outlookGood day Fellow Solanians Here is my long term Sol outlook. Should the bullish momentum continue we can possibly look at 269 at the Supply zone as our target area before we might get a small pullback else in the bearish scenario and it continues going down , we could potentially see the 72 and ultimately the 49 level play out. Not financial advice , please do your research before investing in any assets this is purely for educational purposes
by personal_brand
SOL is ready to BLOW UP, targeting $200 in the short term.If you're looking for short-term gains, jumping on SOLANA now might be a great opportunity. Let’s dive into why! Hey everyone! Today, I’m going to analyze the SOL/USDT on the daily chart and give you some great opportunities for both spot positions and futures trades. 1) Descending Triangle: SOL reached around $208 in March and has been in decline since. You might be wondering why SOL peaked in March—it's because we had a mini altcoin season back then. After that peak, SOL has been forming a large Descending Triangle . For the past 7 months, the price has been stuck in this triangle, repeatedly testing both the support area at $125 and the descending resistance line. 2) Volume and Pattern Interest: As we know, when a price is stuck in a pattern for a long time, volume decreases as interest fades. Over time, as investors notice SOL testing the $125 support zone multiple times and bouncing back, combined with positive project news and a bullish global market, they’ll see this as a potential buying opportunity. This is when reversal patterns such as Double Bottom, Triple Bottom , or Inverse Head & Shoulders (H&S) start to form at the bottom. 3) Inverse Head & Shoulders: SOL recently formed an Inverse H&S pattern at the bottom. Here's how it works: When buyers step in and start creating upward pressure, we see the formation of the left shoulder. Sellers then step in and cause a pullback, creating the neckline. When the price drops again to the $125 support zone, buyers see it as their last chance to get SOL at a lower price, so they push the price back up to the neckline at $160. At this point, sellers step in again, taking profits at the $160 range, causing another drop. But this time, instead of falling back to $125, the price holds around $135, as buyers don’t want to miss the opportunity. This creates the right shoulder. Once SOL breaks through the neckline at $160, sellers are disappointed and exit, while buyers push the price further up. As of now, SOL has successfully broken out of the Inverse H&S pattern. 4) Downtrend Line: There’s still a major descending resistance around the $170 range, which has held the price down for about 7 months. Once this level is broken and converted into support, we’ll likely see a strong upward price momentum. Breaking through this resistance could shift the overall trend into a solid upward trajectory. 5) Price Targets: SOL has successfully broken the Inverse H&S neckline at $160 and has even retested this level, flipping the resistance into support. The target for the Inverse H&S pattern is around $200 per SOL. However, there’s still the downtrend line resistance at $170 that needs to be broken first. If we break through that as well, we’ll have two breakouts: one from the Inverse H&S and one from the 7-month Downtrend line. With these breakouts, combined with a potential bull run, SOL could reach a new ATH. In my opinion, SOL could hit $1,000 to $1,500 in this bull run, and if we experience a massive rally, it’s possible for SOL to reach $3,000. 6) Futures Trading: For futures, you can open a long position in the $160–$165 range with 3x–7x leverage. Set your stop loss around $157–$158. However, if you're new to leverage trading, be cautious! (This is not financial advice). 7) Spot Trading: If you're looking to trade on the spot market, now could be a good time to buy SOL in the $160–$165 range and hold until the bull run peaks. Thanks for reading my analysis! If you like my thoughts and my vision for SOL, hit the like button and follow me! BTW, I’m very active on X. You can find me there as @odbashWizard.
Long
by odbashWizard
SOLUSDT.1DAnalyzing the SOL/USDT daily chart reveals a consolidation pattern within a defined range, which provides significant insight into potential trading scenarios moving forward. Key Observations: Resistance and Support Levels: The chart indicates a resistance ('R1') at $166.99 and a more crucial upper level ('R2') at $196.95. On the downside, the primary support ('S1') lies at $109.67, with a secondary support ('S2') not visible on the provided chart but presumably at a lower bound. Current Price Positioning: The current price is nearing the 'R1' level, which suggests that SOL is testing this boundary. A breach here could open the path towards 'R2'. Conversely, if rejected at 'R1', the price could retreat to 'S1', which has historically served as a strong base for rebounds. Technical Indicators: Stochastic RSI: The Stochastic RSI is in the overbought territory, which typically suggests that the price could face downward pressure soon unless bullish momentum is exceptionally strong. MACD: The MACD is just below its signal line and close to crossing above, which would provide a bullish signal. However, its position near the zero line indicates that momentum is not overwhelmingly in favor of either bulls or bears. Strategic Approach: Given the proximity of 'R1', my immediate focus would be on the price action around this level. A convincing breakout above 'R1' with significant volume could indicate the potential for a run towards 'R2'. I would consider entering a long position upon such a breakout, with a target close to 'R2' and a stop-loss just below 'R1' to protect against any false breakouts. If, however, the price fails to breach 'R1' and starts to turn downwards, I would be vigilant for a potential short opportunity, especially if there are signs of a reversal such as a bearish engulfing candlestick pattern or a sharp increase in sell volume. The target in this scenario would be 'S1', with consideration for further declines if 'S1' fails to hold. Conclusion: The SOL/USDT pair is currently at a critical juncture with the potential to move significantly in either direction based on its interaction with 'R1'. Traders should closely monitor key levels and indicator signals to align their strategies with the prevailing market conditions. Risk management should remain a priority, as cryptocurrency markets are known for their volatility and unpredictability.
Short
by MarsSignals
1
Solana (SOL) Eyes $200 Breakout Amid Market SurgeSolana ( CRYPTOCAP:SOL ) has seen a remarkable surge in market activity, with its price climbing 12% in the past week alone. The altcoin currently trades at $165.35, just below a crucial resistance level of $171.74. This rapid rally has ignited speculation that Solana ( CRYPTOCAP:SOL ) could soon break through the $200 mark, setting the stage for a potential extended uptrend. Solana’s recent performance is driven by several technical and fundamental factors, which suggest both opportunities and risks for investors. Here’s a comprehensive look at the key drivers behind SOL's current price movement. Technical Analysis: Solana's price action has been characterized by sustained buying pressure, with the token testing the $171.74 resistance level. A successful breach of this resistance could pave the way for Solana to rally toward its next major resistance at $186.32. If CRYPTOCAP:SOL breaks through this, it could potentially push past the psychological $200 mark, a price not seen since March. The Relative Strength Index (RSI) is at 68.50, indicating that the asset is nearing overbought territory. While not yet in the danger zone (above 70), the RSI suggests that Solana ( CRYPTOCAP:SOL ) has experienced strong buying momentum, which could slow down if the token becomes overbought and faces selling pressure. Despite this, the asset is still in a bullish position, with its RSI confirming the strength of its upward trend. Symmetrical Triangle Formation Another important technical indicator is the symmetrical triangle pattern that has formed on Solana’s daily price chart. This pattern is often associated with the potential for a breakout in either direction, but given Solana’s current upward trajectory, a breakout to the upside is more likely. The key pivot point for this pattern is set at $200—if CRYPTOCAP:SOL reaches this level, it could trigger an explosive rally as traders pile in, sensing a clear upward trend. However, traders should keep an eye on support levels at $131.38. A failure to maintain momentum could lead to profit-taking, pushing the price lower and testing these critical support areas. Such a scenario would invalidate the bullish thesis, at least in the short term. Open Interest and Market Sentiment One of the key factors driving Solana’s price rally is the significant rise in open interest for its futures contracts. Open interest has surged by 29% since October 18, reaching $2.31 billion—its highest level since August. This spike in open interest signals growing market participation and interest in Solana, indicating that traders are actively betting on continued price appreciation. When rising open interest accompanies price increases, it typically confirms the strength of an uptrend, as it shows that more market participants are willing to place long positions. Solana’s **positive funding rate of 0.012%** further supports this trend, indicating that traders are paying a premium to hold long positions, reflecting bullish sentiment in the market. Avoiding a Short Squeeze Unlike many other altcoins that face short squeezes when their prices rise rapidly, Solana’s rally has been driven by demand for long positions rather than short covering. This dynamic suggests that the current price surge is based on genuine market demand rather than forced liquidations, which bodes well for the sustainability of the rally. Ecosystem Growth and Technological Advancements Solana’s growth isn’t just driven by speculative interest; the altcoin’s underlying ecosystem is expanding rapidly. Solana’s high throughput and low transaction fees make it an attractive option for decentralized applications (dApps) and decentralized finance (DeFi) projects. As Solana continues to attract developers and users, its utility as a platform token strengthens, further driving demand for SOL. Moreover, Solana’s scalability solutions have continued to evolve, making it one of the most promising blockchain networks for the long term. The ongoing growth of **Solana-based dApps, NFT platforms, and DeFi projects** has brought more attention to the network, increasing its appeal to both institutional and retail investors. Looking Ahead While Solana’s technicals suggest a potential breakout, it’s important to consider the broader market environment. If Bitcoin (BTC) continues its bullish trend, it could help propel Solana ( CRYPTOCAP:SOL ) and other altcoins higher. However, if the broader crypto market experiences a correction, Solana ( CRYPTOCAP:SOL ) could face headwinds, especially if traders decide to take profits at key resistance levels. If Solana ( CRYPTOCAP:SOL ) breaks through $171.74, the next major hurdle is $186.32. A move past this level could see CRYPTOCAP:SOL rally toward $200. However, failure to break through could result in a retracement to $131.38, where key support lies. Conclusion Solana ( CRYPTOCAP:SOL ) is at a critical juncture, with its price action signaling both opportunities and risks for traders. The altcoin’s technical indicators, such as the RSI and the symmetrical triangle pattern, suggest a potential breakout to the upside, while its rising open interest and positive market sentiment confirm the strength of the rally. However, investors should remain cautious of potential profit-taking and overbought conditions, which could lead to a pullback. The next few days will be crucial in determining whether Solana can sustain its upward momentum and break through the $200 mark. For now, the bullish case remains intact, and all eyes are on whether Solana ( CRYPTOCAP:SOL ) can achieve its next leg up in the ongoing rally.
Long
by DEXWireNews
Solana PREMIUM 5X SHORT—269% PotentialWe looked at Shiba Inu and Binance Coin with full trade-numbers today. SHIB is trading very low in comparison to Binance Coin and Solana. BNB produced very strong swings but the action is mainly sideways. SOL is showing very strong lower highs but on the low side produced a higher low in August vs April, the only pair to do this out of the giants that are bearish. With that said, trading volume as a signal favors another drop and the lower highs is strongly pointing towards another drop; sooner or later. These are very strong lower highs: 19-October vs 29-July vs 18-March. Full PREMIUM trade-numbers below: ➢ SHORT SOLUSDT Leverage: 5X Entry levels: 1) $165 2) $155 Targets: 1) $148 2) $133 3) $113 4) $96 5) $82 6) $73 Stop-loss: Adjust to your own risk tolerance Potential profits: 269% Capital allocation: 3% ___ I am wishing you a huge bag of profits and amazing success. I am hoping you achieve all of your dreams and your goals. I hope we can all win and succeed in the end. Life is a complex game; we come and we go and then we comeback for more, endlessly... Enjoy the moment. Thanks a lot for your support. Namaste.
Short
by AlanSantana
50
SOL Looks Bullish (4H)From where we placed the red arrow on the chart, it seems that the price has entered the correction phase. This phase seems to be a diametric, which we are now in the middle of the F wave. From the green range, we expect SOLANA to move towards the TPs indicated on the chart. The targets are marked on the chart. Closing a daily candle below the invalidation level will violate this analysis. For risk management, please don't forget stop loss and capital management When we reach the first target, save some profit and then change the stop to entry Comment if you have any questions Thank You
by behdark