$SOL where to from hereObserving a pinch between 8 EMA low and 21 EMA. Look positive but need to see it bounces off from here. Usually this run ends with a second surge lower than the first which is observed here.
SOLUSD.P trade ideas
Solana's Phantom Wallet Spike in Popularity, Surpasses Facebook Solana's Phantom Wallet, a popular app for accessing Solana's web3 ecosystem, has surpassed Facebook and ChatGPT in the Google Play Store's U.S. rankings. Currently ranked #11 behind Cash App and Snapchat in the free download category, it saw an estimated 770,000 downloads in April. Phantom Wallet, originally designed to hold only Solana ( CRYPTOCAP:SOL ) tokens, has since expanded to support Bitcoin, Ethereum, and Polygon.
It also secured the third position in the Apple App Store's utility category, just behind Google and Google Chrome. In April, it reported over 7 million active monthly users, a sign of growing adoption. The token was trading just above $168, marking a modest 1.35% increase in the last 24 hours and a 16.9% jump over 30 days.
Technical Outlook
Solana ( CRYPTOCAP:SOL ) is down by 0.26% trading with a Relative Strength Index (RSI) of 54.48 which is poised for a trend reversal. Despite the token sale from FTX, Solana was able to retain the $160 support level.
SOLUSD-TURTLE SOUPSupport level tested 3 times and, fake out made by the current leg forming cross through the box , expecting continuation
Solana 1D , Inverted Head and ShoulderI noticed a bullish pattern , if the neck line is broken, Solana will reach 32 $
SOL Down 4% As FTX Bankruptcy Estate Concludes Solana Token SaleFTX's bankruptcy estate has completed the sale of $2.6 billion worth of Solana ( CRYPTOCAP:SOL ) tokens at significant discounts. Figure Markets and Pantera Capital were among the latest buyers, acquiring a block of 800,000 tokens for approximately $80 million, equating to about $102 per token. Solana ( CRYPTOCAP:SOL ) is down 3.3% on the day. Pantera Capital also participated in the auction, although the specific price paid remains undisclosed. Both the FTX estate and the involved firms did not immediately comment on the transactions.
The liquidation of Solana ( CRYPTOCAP:SOL ) tokens has been a contentious issue in the FTX bankruptcy proceedings. While FTX creditors will receive full repayment plus interest, they will not regain their crypto assets, potentially missing out on future market gains. Earlier in May, FTX announced that the estate would have up to $16.3 billion to distribute, while it owes approximately $11 billion to over two million customers and other creditors. Pantera Capital aimed to raise $250 million to purchase Solana tokens from FTX in March, winning a batch of discounted tokens in April.
Due to the token sale campaign, Solana ( CRYPTOCAP:SOL ) is down 4.54% at $168.14 with the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) showing impending bearish trend coming up.
Should You Long SOL on Solana ETF Rumors? A Deep DiveCNBC's Brian Kelly, a crypto investor and "Fast Money" trader, recently ignited a debate by suggesting Solana (SOL) could be the next cryptocurrency to get a spot exchange-traded fund (ETF) in the US. While this news might sound bullish for SOL, the decision to "go long" – meaning buying and holding for a price increase – requires careful consideration. Here's a breakdown of the factors to weigh before diving into SOL based on ETF speculation.
Potential Benefits of a Solana ETF
• Increased Accessibility: An ETF streamlines the process of investing in SOL. Unlike buying directly on crypto exchanges, which can be intimidating for new investors, an ETF would trade on traditional stock exchanges. This could attract a wider audience and potentially drive up demand for SOL.
• Enhanced Liquidity: ETFs generally trade with higher daily volume compared to individual cryptocurrencies on exchanges. This increased liquidity could benefit SOL by making it easier to buy and sell without significant price fluctuations.
• Boosted Credibility: SEC approval of a SOL ETF would provide a significant stamp of legitimacy for the project. This could attract institutional investors who are often hesitant to enter the unregulated crypto market. A potential influx of institutional money could significantly boost SOL's price.
However, Don't Get Carried Away Yet
• Uncertain Approval Timeline: While Kelly's prediction sparked a conversation, it's important to remember it's just speculation. The SEC has not officially confirmed plans for a Solana ETF, and the approval process could take months or even years.
• Regulatory Hurdles: Just like with Ethereum ETFs, the SEC might raise concerns about potential market manipulation or the underlying technology of Solana. These hurdles could delay or even derail the approval process.
• ETF Structure Matters: The devil is in the details. Not all ETFs are created equal. Some might hold actual SOL, while others might use derivative contracts. The specific structure of the proposed ETF will significantly impact your investment exposure.
Alternatives to Consider
• Direct SOL Purchase: If you're confident in Solana's long-term potential, buying SOL directly on a crypto exchange could be a viable option. However, ensure you understand the risks associated with managing your own crypto wallet.
• Diversified Crypto Funds: Several investment funds offer exposure to a basket of cryptocurrencies, including Solana. This might be a good option for investors seeking broader diversification within the crypto market.
Ultimately, the decision to "go long" SOL should be based on your individual investment goals, risk tolerance, and thorough research. Don't base your investment solely on ETF speculation. Analyze Solana's fundamentals, track its development roadmap, and stay updated on regulatory developments.
Here are some additional factors to consider:
• Solana's Recent Performance: While SOL has experienced significant growth in the past, its price can be volatile. Analyze its historical performance and understand the risks involved.
• Competition within the Smart Contract Space: Solana faces stiff competition from established players like Ethereum and emerging projects. Research how Solana is differentiating itself and its long-term competitive advantage.
• Your Investment Horizon: Are you looking for a short-term trade or a long-term investment? ETFs might be more suitable for a long-term approach, while direct crypto purchases could offer more flexibility for short-term trading (but with higher risk).
Remember, investing in any cryptocurrency is inherently risky. Conduct your own due diligence and never invest more than you can afford to lose.
SOL 4H - Ascending Channel, Potential Pivot to $210 & Breakout CRYPTOCAP:SOL has been respecting an ascending channel for some time. Fibonacci zones and the parallel channel show SOL respecting some demand zones. It appears SOL may be gearing up toward a new ATH.
Stronger support remains around $157.
I would not be surprised to see CRYPTOCAP:SOL pump with CRYPTOCAP:BTC & CRYPTOCAP:ETH towards $210, retest the $200 zone, and then break out into new all-time highs toward $270.
Fundamentals remain bullish in my view. SOL has increasingly strong utility in crypto this bull run, some may anticipate a future SOL ETF approval, other leading coins are showing bullish possibilities of growth this year, and North American economies may eventually be pressured into implementing rate cuts to avoid recessionary risks.
Let me know what you think!
SolanaAfter forming an inside bar with the previous day low, I waited for the power of 3 before kicking off
Looking for longs on Solami CoinJust waiting for a tad bit more accumulation in this range.
As referenced in the picture above.
Green box = Buy breakout
Red box = Sell breakout
White box= Do nothing
SOLUSD BUYSOL/USD is approaching a pullback support level aligned with the 38.2% Fibonacci retracement.
Entry point: $155.02. This level could potentially lead to a bounce toward our take profit1.
Remember that cryptocurrency markets can be volatile, so always conduct your own research and consider multiple factors when making trading decisions.
(SOLUSD) Crypto Market Liquidations Top $330 Million in 24 HoursCrypto Market Liquidations Top $330 Million in 24 Hours, Led by Ethereum
As Bitcoin and Ethereum prices surged toward new all-time highs, short-term traders have borne the brunt of liquidations. In the past day alone, over $330 million was liquidated from the crypto market, primarily affecting short traders who anticipated a price decline.
**Over 78,000 Traders Liquidated for $330 Million**
Data from Coinglass reveals that the last 24 hours have been particularly harsh for crypto traders. More than 78,000 traders saw their positions liquidated, resulting in substantial losses totaling $330 million.
Of this amount, 81.42%—equivalent to $268.76 million—came from short traders, while long traders accounted for $61.31 million in liquidations.
Technically:
The price is expected to test the support zone at 169.70 before pushing up again to reach the resistance zone at 192.72. Solana's price is likely to consolidate between 169.70 and 192.72 this week until a breakout occurs.
Despite the consolidation, bullish pressure remains, aiming for 192.72 and 202.50.
Long-Term Scenarios:
Bullish Scenario:
A breakout above 202.51 will initiate a new bullish phase, targeting 226.00 as the first bullish milestone.
Bearish Scenario:
Breaking below the support zone between 169.70 and 159.00 will lead to a drop towards 141.84 and potentially 126.00.
Pivot Price: 179.20
Resistance Price: 192.72, 202.51, 226.42
Support Line: 169.70, 158.50, 142.50
The Movement range will be between Resistance 19272 and Support 169.70
Bearish divergence in SOLUSDA bearish divergence is observed in SOLUSD pair in 4-hours timeframe. Previous bullish trend is reversed as new HL and LL have formed. This can be a good place to shorting.
Solana SOLUSD appears ready to reverse SHORTThis is a 33-40% swing trade short crypto SOLUSD. The idea is on the daily chart.
Solana / U.S Dollar_ Prices_ For_ Quarter 2 & 3_ Under _ TradingSolana / U.S Dollar_ Prices_ For_ Quarter 2 & 3_ Under _ Trading _ Venue _ Coinbase.
Let's breakdown the next prices for Quarter 3.
Quarter 2, 2024 Distribution price: $192.96, It may also touch, $200.22
From here market will take few weeks break then expecting the following distribution prices, ( Do expect little turbulent during the Descending period)
Quarter 3, Distribution prices:
$220.22
$225.96
$234.87
$240.18
$252.37
$255.69
Stronger SOL w new support @167 looking primed for big moves!BTC has changed dance partners from ETH to SOL..A clear shift where SOL is outperforming both ETH and BTC on big moves is a deft dance In the latest surge a few days ago SOL hopped around 165- 167 on the way to 175. Today while BTC has dipped to its new strong bounce area around 66100 SOL is bouncing faster around 167 again currently to170. We may consolidate down a little but if SOL can maintain this new support a jump to 180-190 in prep, a leap to 200 again will be imminent. Either way it is only a matter of time. And as always SOL and BTC will go together taking turns leading.
Potential bullish rise?SOL/USD has just bounced off the support level which is an overlap support and could rise from this level to our take profit.
Entry: 174.98
Why we like it:
There is an overlap support level.
Stop loss: 167.65
Why we like it:
There is a pullback support level which aligns with the 38.2% Fibonacci retracement.
Take profit: 188.92
Why we like it:
There is a pullback resistance.
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Solusd buyReacting at mitigation line, reacting at the 61.8 fib level, order book is balanced which signals bullish movement, breakout to the outside, bullish market structure with a higher low a d higher high
Solana at a Pivotal AreaWith respect to Solana I'll say two things. First, and probably in jest, I had no idea Venezuela was important to crypto mining. lol. (reference to the news why crypto rallied yesterday). Second, I am still awaiting signs that price has the intention to follow the purple alternative path. The attached Daily chart shows there is a full count to the upside complete with alternating 2's and 4's. Granted this does not preclude price from subdividing in a manner that extends the previous trend, but in those cases, we should see clear evidence of such.
As of this morning, CLEAR, would not be a word I would use to describe the current pattern. C-wave is, however the label I would so far characterise as this current pattern. However, if price can rally into the $194 area, and hold the $179 area on any retrace, and then rally for OMH towards the recent highs I can become open to price moving higher.
In lieu of that sort of price action playing out I await clues that price is completing it's minor B wave.
SOLUSDT- in Bullish TrendAfter posting recent high of 210.18, SOLUSD was under downward trend line. After making double bottom formation and bullish divergence at 4hr and 1 hr time frame, the instrument gave breakout of downward trend line and triangle pattern. After testing back the trend line, it is expected that bulls will get strength.
Entry :149.25
TP-1: 180.78
TP-2: 201.50
SL: 125.50
SOL ANALYSIS ABCMy previous analysis assuming $60 turned out to be wrong and $80 was reached instead. The waves turned out to be true, but the volume was wrong.
Many other analyzes say a further rise, I don't think that SOL will behave in the opposite way.
