SOLANA/USD 1w SOLANA/USD 1w Long Term chart. ( CRYPTOCAP:SOL )
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Solana's Soaring Transaction Volume Signals Bullish MomentumThe blockchain landscape is witnessing a remarkable surge in activity, with Solana ( CRYPTOCAP:SOL ) taking center stage as its monthly transaction volume reaches a multi-year high. The native token, CRYPTOCAP:SOL , has not only posted significant gains among major altcoins but has also exhibited impressive resilience in the face of recent market fluctuations. This article explores the key factors contributing to Solana's stellar performance, delving into the surge in transaction volume, the recovery of CRYPTOCAP:SOL 's price, the role of WEN token pairs, and the implications of recent liquidations.
Unprecedented Transaction Volume Surge:
Solana's blockchain is experiencing an unprecedented surge in transaction volume, with data from The Block's Data Dashboard revealing a staggering $951.9 billion in transactions for January. This marks a substantial 30% increase in economic throughput compared to December's already impressive volume of $735.8 billion. The current transaction levels far exceed those seen in 2023 and most of 2022, indicating a significant uptick in user activity.
CRYPTOCAP:SOL 's Remarkable Price Recovery:
Despite recent market turbulence, Sol has managed to not only recover but also rise above the $100 mark. The token's value increased by almost 8%, reaching $104.44 at 9:22 a.m. ET, making Sol the best-performing major altcoin in the last 24 hours. This impressive recovery can be attributed to the growing interest in decentralized exchanges, particularly driven by WEN token pairs.
WEN Token Airdrop Sparks Trading Frenzy:**
The recent airdrop of NASDAQ:WEN tokens to users of Solana's Jupiter decentralized exchange has catalyzed a surge in trading activity. Data from Dune Analytics reveals that the top five decentralized exchange trading slots in the past 24 hours are dominated by stablecoin-SOL, stablecoin-WEN, and SOL-WEN pairs. This airdrop, extended to Solana Saga phone users and certain Solana-based NFT project owners, has ignited a trading frenzy, amplifying Solana's market presence.
Liquidations Reflect Market Dynamics:
CRYPTOCAP:SOL 's price volatility over the past 24 hours has led to a notable increase in liquidations, particularly in short positions on centralized exchanges. Approximately $9.9 million was liquidated, with the majority, almost $8 million, coming from shorts. This trend is reflective of the overall crypto market, which witnessed over $79 million in liquidated short positions in the last 24 hours, contributing to a total of $118 million across various centralized exchanges, according to CoinGlass data.
Conclusion:
Solana's robust performance in terms of transaction volume, price recovery, and market activity positions it as a standout player in the current blockchain landscape. The platform's ability to attract users through innovative initiatives like the WEN token airdrop and maintain resilience amid market fluctuations underscores its potential for sustained growth. As Solana continues to set new records, investors and enthusiasts alike are keenly watching to see how this blockchain powerhouse will shape the future of decentralized finance and blockchain technology.
SOL in a nutshellHidden bullish divergence in the RSI got it right, SOL Pumped over Christmas and here you can clearly see the correction from that is completed and confirmed. Cheers!
bullish outlooklong term bullish idea, we are in a overall bullish pennant pattern, bounced off the $80 range 4 times, loading up
SOLANA BULLISH MOMENTUM!!!Gaining Positive Momentum: Solana's current recovery trend shows strength, successfully breaking above a key resistance trendline.
Aiming for the $100 Milestone: With buyer momentum consolidating, Solana is on the verge of surpassing the significant $100 threshold.
Potential Move to $125-150: If the bullish trend continues, SOL could retest its previous peak of $125, marking significant growth.
Market Sentiment Supporting the Rally: A gradual uptick in the overall market, led by Bitcoin, could act as a catalyst for Solana's surge.
Anticipating New Highs: Solana's current path suggests the possibility of setting new 52-week highs in the near future.
Long-Term Prospects: As market optimism grows, there's curiosity about Solana's potential to reach the $1000 mark.
Technical Indicators Align: The emergence of a morning star pattern at the 50D EMA underscores the bullish sentiment.
Awaiting Key Breakout: Cautious traders are eyeing the $100 level for a more definitive entry signal.
Current Trading Dynamics: SOL is trading at $96.88, marking a steady rise and indicating sustained buyer interest.
Fibonacci Level as Resistance: The 23.60% Fibonacci level poses a challenge with considerable overhead resistance.
Potential Bearish Setback: Despite bullish trends, there's a warning of a possible reversal, underscored by declining trading volumes.
MACD Indicator's Bullish Signal: The MACD indicator reinforces the bullish trend, hinting at a potential upcoming rally.
SOLANA BULL UPDATEThe bulls can do it again on Solana. More bulls are stepping in for more long orders.
New Setup for Solana ScalpNeed to grab few pips? Solana is the best mover ... Ill scalping BUY solana
Flag breakout after previous Spring setup - SOLSolana was consolidating after an excellent move up.
The consolidation looks like flagging to me and happened on lowered volume which is what we want to see.
Price pulled back to the previous support where it bounced and formed a pin bar indicating my favorite Spring action setup. The Spring offered a 1 to 1 opportunity for scaling out.
Now there was a visible breakout of the flag formation. We want to see a test on lower volume and then the price action target I typically use is the 161% Fibonacci extension therefore fairly reasonably Solana can reach easily 150 in the next run before meeting some logical price action resistance zone.
Solana (SOL) Eyes $100 Mark, Poised for Potential BreakoutBullish Momentum Gaining Traction: Solana's current recovery trend exhibits strength, successfully breaking above a key resistance trendline.
$100 Milestone in Sight: With buyer momentum consolidating, Solana is on the brink of surpassing the significant $100 threshold.
Upside to $125 Peak: A sustained bull run could propel SOL to rechallenge its previous peak of $125, marking significant growth.
Market Sentiment Fuels Rally: A gentle uptick in the broader market, led by Bitcoin, could act as a catalyst for Solana's surge.
Anticipating New Highs: Solana's current trajectory suggests the possibility of setting new 52-week highs in the near future.
Long-Term Prospects: As market optimism grows, there's curiosity around Solana's potential to hit the $1000 mark.
Technical Indicators Align: The emergence of a morning star pattern at the 50D EMA underscores the bullish sentiment.
Awaiting Key Breakout: Cautious traders eye the $100 level for a more definitive entry signal.
Current Trading Dynamics: SOL is trading at $96.88, marking a steady rise and indicating sustained buyer interest.
Fibonacci Level as Resistance: The 23.60% Fibonacci level poses a challenge with considerable overhead resistance.
Potential Bearish Setback: Despite bullish trends, there's a warning of a possible reversal, underscored by declining trading volumes.
MACD Indicator's Bullish Signal: The MACD indicator reinforces the bullish trend, hinting at a potential upcoming rally.
Solana. Bullflag or just a B wave? Or both?The potential bull flag on the SOL/USD chart has been a hot topic among traders lately. Let's delve into the details:
Supporting the bull flag:
Price action: Similar to ADA/USD, SOL has consolidated within a descending channel after a strong rally, forming a flag-like pattern.
Flagpole height: A breakout could potentially push the price towards $107-$115, based on the flagpole height.
Technical indicators: Some indicators like RSI show room for further growth, while others like MACD remain neutral.
Cautious considerations:
False breakouts: As with ADA/USD, the possibility of a false breakout and subsequent pullback exists.
Market sentiment: Solana's recent network outages and broader market volatility could pose challenges.
Volume: Consistent volume accompanying a breakout would strengthen the signal.
Overall:
The potential bull flag for SOL/USD offers an intriguing scenario, but cautious optimism is key. Remember:
Confirmation: Wait for a decisive break above the upper trendline with strong volume to validate the pattern.
Risk management: Implement stop-loss orders and portfolio diversification to manage potential risks.
Fundamental analysis: Don't solely rely on technicals. Explore Solana's underlying fundamentals and long-term prospects.
SOLUSD / 1H / TECHNICAL ANALYSIS BINANCE:SOLUSDT Resistance at 100, support at 88, stop at 84. My target for wave analysis is 98.81
Like and comment if you find value in our analysis.
Feel free to post your ideas and questions at the comments section.
Good luck
$SOL SolanaThe last few days suggest to me that SOLANA is in it's early stages of a large impulse wave. The correction of exactly to .236 is the reversal point that usually kicks into leg 3. $102 will meet resistance but if it breaks above that then my target for leg 3 is around $163. Solana appears to be more bullish than ETH and BTC
Solana's Clear Plan Update 1.1Looking at Solana on a 1W time frame:
I've added the Fib Extensions and Retracements from the Maximum low and high, they are in my opinion the ones that matter most.
I also included the Bull Market Support Band derived from BTC, which would indicate it could come into effect near where the wave 4 retracement could interact in a support way for more confluence near the channel boundary, also giving us a time estimate of when it will arrive there in a few more weeks...
BMSB = 21w SMA & 20w EMA
Further confluence with BTC which could be doing a similar move down to it's BMSB
Solana's Clear PlanNotice the Very Significant Loop in Solana's Price indicated by the Orange Line!
This Predictive Model is based on a Channel.
Notice the Action happening on the Center Line of the Channel!
The Plan is Down then Up! (Not to be confused with Up then Down)
There is some Elliot Wave stuff that suggests, if all goes according to plan, we are in a Wave 4 correction that should be equal in length to the Wave 2 at the bottom beginning of the Channel and itself complete by striking the bottom of the channel in a time consuming manner. After the successful Wave 4 is completed, it should result in a Wave 5 to the Upside, containing the "loop" Anomaly and probably happening in a shifty, premature manner, resulting in anyone who hopes to get in as low as possible suddenly finding themselves fomo'ing in at the top instead.
Remaining Wave 4 in Red
Wave 5 in Green
This Chart can Accurately be described as a 100% Prediction of Future Price Movement.
And Lastly!
Deuteronomy 8:18a But thou shalt remember the LORD thy God: for it is he that giveth thee power to get wealth...
$SOL Surge: Charting the Path to a Potential BreakoutI am liking the COINBASE:SOLUSD chart, feels bullish. The pattern here is a sign of resilience in a market that's starting to recover from strong selling by Greyscale and others. This correction, marked by a sequence of higher lows connected by a descending trend line is on the verge of breaking higher. A break past this trend line, coupled with a volume increase, creates a potential reversal to continue the earlier pump.
The RSI, sitting in the mid-range, steers clear of the overbought or oversold territory, suggesting a market that's charging up, ready for action. The Money Flow Index mirrors this stance, stable at around 50, indicating a balanced buying and selling pressure.
It's not just the chart that is worth paying attention to with Solana; it's the overall narrative and hype behind the coin. Solana's "committed" to scaling blockchain for wider adoption through fast, secure, and censorship-resistant blockchain infrastructure. Will they do it? Time will tell.
I have a small bag already and keeping my eyes on Solana, not solely for its upside potential but as a key player in the blockchain ecosystem.
Will Sol ever overtake ETH? And if so, when?
These are market speculations; any negative shifts in market sentiment could overturn these predictions in the short to medium term. If we see a market 'nuke', all bets are off.
SOLUSDSOL has been in a descending triangle since Dec 23rd after a major um to the upside above the $81, resistance and held above it while in this triangle pattern, as you can see it has broken out above the first trendline with good volume which is the 4HTF, waiting for a second breakout above the weekly TF also with good volume and momentum before adjusting my entry to ride along to major resistance @ $151.
NB' Long term Trade.
