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Solanausdt

Solana shows signs of recovery: what's next?Solana’s (SOL) price nearly broke below its crucial support level of $126. Since early March, this support has prevented a significant drop in price. However, the cryptocurrency is now showing signs of recovery. Investors are keen to determine if SOL is on the verge of a price rally, especially as technical indicators point to a potential upward movement. The Chaikin Money Flow (CMF) indicator, which tracks the inflow and outflow of capital into an asset, is currently showing a notable uptick for Solana. This is a strong sign that the cryptocurrency is seeing consistent buying pressure, which could be a precursor to a price rally. However, despite the uptick, netflows remain negative, indicating that there is still some outflow of capital, which could limit the strength of this momentum. Solana’s price has been fluctuating between $186 and $126 over the past several weeks. Short-term consolidation is occurring under the $160 level, with the current price of $134 hovering around the local resistance of $137. To maintain upward momentum, SOL needs to break through this local resistance. Given the strong technical indicators, including the CMF and MACD, it’s likely that Solana will flip this $137 barrier into support and bounce higher. If this happens, the next target for the altcoin is $155, followed by a more critical resistance level of $160. Surpassing $160 could open the door for further price gains. However, if Solana fails to break above $137, it could fall back to its previous support at $126. This scenario would invalidate the bullish thesis and may lead to prolonged consolidation, trapping the price within a tighter range.
Long
by paul_endeo
Solana is going to $170. Here's why:In the weekly chart, the SOL price trend shows constant support from the 50% Fibonacci level at $129.87 and the 50 weekly EMA. Currently, the weekly chart reveals a consolidation phase between the 78.60% Fibonacci level at $198 with the bottom support of 50% Fibonacci level. The lower high formation within the consolidation range reveals a weakness in the bullish momentum. However, the recent possibility of a morning star pattern near the crucial support teases a new bullish cycle. The DMI indicator in the weekly chart reveals an indecisive trend between the VI lines. Further, a declining trend is visible in the ADX line during the SOL price consolidation phase. Hence, the momentum is declining, but the trend still needs to be decided. A bullish cycle will reveal a positive alignment in the VI lines, and a potential uptick in the ADX line will help sustain the uptrend. Using the trend-based Fibonacci level, the SOL price uptrend shows the next resistance at 23.60% at $173. The next resistance lies at the $200 ceiling and the $224 mark. Meanwhile, a Solana whale recently scooped 34,807 SOL tokens, amounting to $4.52 million. This is part of a larger accumulation strategy, with the whale having withdrawn nearly 206,951 SOL tokens worth $29.3 million. This puts Solana in the bullish spotlight for the next month.
Long
by paul_endeo
Is Solana poised for a reversal?Solana’s (SOL) price has faced notable volatility in recent weeks, struggling to overcome resistance at $160. After multiple failed attempts to breach this level, SOL experienced a significant 20% drawdown towards the end of August. This decline has left many investors cautious, but recent shifts in behavior suggest a potential rebound. Key indicators now point to a possible resurgence in Solana’s price, raising optimism among traders and analysts. A key factor in assessing Solana’s potential recovery is the recent negative turn in the funding rate. This metric, which tracks the cost of holding positions in the futuresmarket, often signals shifts in market sentiment. Brian Quinlivan, Lead Analyst at Santiment, noted in an exclusive comment for BeInCrypto that the funding rate is turning negative. This indicates that the bearish sentiment may be reaching an extreme, which sets the stage for a rebound. Furthermore, the Chaikin Money Flow (CMF) indicator, which measures the cumulative flow of money into and out of an asset, has established a notable pattern for SOL. Currently, Solana’s price is trading at $132 after bouncing back from the support level of $126. For SOL to resume its upward trajectory, it must break through the local resistance at $137. Achieving this would pave the way for a push towards the $160 mark. Historical data shows that Solana has experienced similar consolidation phases between $126 and $160, suggesting a rise to this level could be next. The factors supporting this forecast are substantial, given that in the past, SOL around $126 has led to subsequent price increases. If SOL maintains its gradual upward momentum, the range-tested level of $137 could act as a springboard for further gains, making a rise to $160 possible.
Long
by paul_endeo
1
SOL Price Update & Analysis in a Daily Timeframe.Hello everyone, I’m Cryptorphic. I’ve been sharing insightful charts and analysis for the past seven years. Follow me for: ~ Unbiased analyses on trending altcoins. ~ Identifying altcoins with 10x-50x potential. ~ Futures trade setups. ~ Daily updates on Bitcoin and Ethereum. ~ High time frame (HTF) market bottom and top calls. ~ Short-term market movements. ~ Charts supported by critical fundamentals. Now, let’s dive into this chart analysis: From our previous analysis, SOL failed to hold the 21 EMA support and the primary support at $150-$155. The price dropped by 15.5% and is currently holding at the support trendline of $130. SOL has strong support ranging between $120-$130, and it must hold this level to sustain and rebound back to the upper resistance trendline. A failure to hold this support will be concerning and a red alert for traders. Key levels: - Crucial Support/Accumulation: $120-$130. - Primary Resistance: 35 EMA at $146. - Target: $176-$180. - RSI: Bullish Divergence Formation. DYOR, NFA. Please hit the like button to support my content and share your thoughts in the comment section. Feel free to request any chart analysis you’d like to see! Thank you! #PEACE
by Cryptorphic
1
$SOL wants to flyBut today I would like to focus on the Technical Analysis CRYPTOCAP:SOL perspective: - The Weekly Stoch RSI it's as oversold as it was in early January, just before the Solana bull run. - The Daily Stoch RSI it's also quite oversold pointing for a breakout - We are reaching the final squeeze momentum against the local downtrend - The $125 support has worked like magic 6 times already - In every single test we have had a flush followed by a pump of around +32% - The risk/reward looks top notch to me here
Long
by CryptoRand
2
SOLUSDT 15M🔍 SOL/USDT Analysis: 1-Hour Timeframe 📉 The SOL/USDT chart on a 1-hour timeframe highlights significant upcoming dates where price movements may present trading opportunities. As always, it is crucial to analyze these signals in conjunction with higher timeframes for a more comprehensive understanding of the market. • August 24, 2024, 01:15, August 24, 2024, 15:30, August 25, 2024, 01:30, August 25, 2024, 21:30 - Red Lines: These times mark potential local peaks. Traders might consider these as moments to take profits or reduce exposure, as the price could encounter resistance or a downturn. • August 24, 2024, 06:45, August 24, 2024, 21:00, August 25, 2024, 10:15 - Green Lines: These times indicate potential local lows, providing favorable conditions for accumulating SOL or entering long positions. When working with this 1-hour timeframe, keep in mind that these movements should be evaluated with a global perspective, considering higher timeframes to better grasp the overall market trend. Note: The exact timing of these phases can vary by +/- a few hours. All times are based on UTC+3.
by trushkovskiy
SOLUSDT Rectangle Pattern FormationSOLUSDT Technical analysis update SOL has been forming a rectangle pattern for the last 170 days. The price is now approaching the rectangle's resistance, indicating a potential breakout. If the breakout occurs, we can expect a strong bullish move in SOL, with the price possibly reaching $500 in this bull run. In day chart 200 EMA act as a good support for SOL A similar pattern formed at the bottom, where the price stayed within a rectangle for 280 days before breaking the resistance and surging 600%. We could see a similar move once the current rectangle is broken. Regards Hexa
Long
by HexaTrades
1
Solana : WHICH WAY Could it go??Solana was one of my TOP PICKS for alts in 2024. Second to Ethereum, the SOL space keeps growing as more and more dApss are being built on SOL. The market cap for Solana is looking healthy, after recently peaking at $93B: This is an incredible achievement, and I expect the market cap to continue to grow in the longer time. Naturally, we can expect SOL to continue growing when the price of BTC starts another impulse wave up. My thoughts on that HERE👇: Until then, don't lose hope just yet! December is usually a great time for the crypto markets. _________________________________ CRYPTOCAP:SOL COINBASE:SOLUSD
COINBASE:SOLUSD
by CryptoCheck-
SOL (Solana): Sideways ChannelTrade setup : Price remains in an Uptrend, trading in a Sideways Channel. Swing Traders: can trade the Channel, enter near channel support of $120 and exit near channel resistance of $190. Stop Loss (SL) at $115. Learn how to trade Sideways Channel in Lesson 6 of our Trading Course. Pattern : Price is trading in a Sideways Channel , which is a neutral pattern (indication of market indecision). Trend Traders ought to wait for a breakout in either direction, although typically it breaks in the direction of the existing trend. Swing Traders can trade the range - Buy near Support and Sell near Resistance. Learn to trade Sideways Channel in Lesson 6. Trend : Short-term trend is Strong Down, Medium-term trend is Down and Long-term trend is Strong Up. Momentum is Bearish ( MACD Line crossed below MACD Signal Line) BELOW days ago. Price is neither overbought nor oversold currently, based on RSI-14 levels (RSI > 30 and RSI < 70). Support and Resistance : Nearest Support Zone is $120.00, then $100.00. Nearest Resistance Zone is $160.00, then $190.00.
Long
by altFINS