SOL / TetherUSLong
#SOLUSDT a Ticking Bomb?
🔸Solana has trading sideways for the past week, the 7 days high is 151.60 and the low is 136.78. this sideways movement has made the pairs future uncertain therefore creating a ticking bomb ready to explode and push the price to any side.
🔹If the price fell below the local low at 136.78, the bears can push the price down to 130.46 and the strong support at $121.81. This becomes more likely when we pay attention to the onchain data.
🔸Solana memecoins experienced a sell-off memecoins like Dogwifhat (WIF), Bonk (BONK), Book of Meme (BOME), and Popcat (POPCAT), which saw double-digit losses. A sharp drop in daily transactions on the Solana network, from 20,465 to 4,332 between August 13 and 16, indicates reduced network activity and lower user interaction. Solana's total value locked (TVL) decreased by 5.2% over the last week, from $5.02 billion on August 9 to $4.76 billion, reflecting reduced interest from traders.
🔹On the other side, if traders sentiment changes more towards a optimistic view, that would possibly help the bulls to push the price above the 200 MA (149.55) and the 50 MA (153.04) and from there the bulls can set their next targets at $163,$174,$187 and $200.
Zanzibar Trading
🔹If the price fell below the local low at 136.78, the bears can push the price down to 130.46 and the strong support at $121.81. This becomes more likely when we pay attention to the onchain data.
🔸Solana memecoins experienced a sell-off memecoins like Dogwifhat (WIF), Bonk (BONK), Book of Meme (BOME), and Popcat (POPCAT), which saw double-digit losses. A sharp drop in daily transactions on the Solana network, from 20,465 to 4,332 between August 13 and 16, indicates reduced network activity and lower user interaction. Solana's total value locked (TVL) decreased by 5.2% over the last week, from $5.02 billion on August 9 to $4.76 billion, reflecting reduced interest from traders.
🔹On the other side, if traders sentiment changes more towards a optimistic view, that would possibly help the bulls to push the price above the 200 MA (149.55) and the 50 MA (153.04) and from there the bulls can set their next targets at $163,$174,$187 and $200.
Zanzibar Trading
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.