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Solana Price Analysis: SOL swiftly moves to $150 all-time high, set to retrace this weekend?

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Solana price analysis indicates bearish momentum to follow today as the market has reached the $150 major resistance after a strong rally this week. Since some rejection for further upside can currently be seen, we expect SOL/USD to reverse and retrace some of the gain over the weekend.

Solana Price Analysis: SOL swiftly moves to $150 all-time high, set to retrace this weekend? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded in the red over the last 24 hours. The market leaders, Bitcoin and Ethereum, have declined by 0.77 and 1.35 percent, respectively. Meanwhile, SOL is in the middle of the pack, with a small gain of 0.82 percent.

Solana price movement in the last 24 hours: Solana finds resistance at $150

SOL/USD traded in a range of $136.18 – $150.43, indicating strong volatility over the last 24 hours. Trading volume has decreased by 31.6 percent and totals $5.36 billion, while the total market capitalization trades around $41.17 billion, ranking the coin in 7th place overall.

SOL/USD 4-hour chart: SOL set to retrace?

On the 4-hour chart, Solana price has started to decline, indicating a possible retracement over the weekend.

Solana Price Analysis: SOL moves to $15 all-time high, set to retrace this weekend?
SOL/USD 4-hour chart. Source: TradingView

Solana price action has seen a substantial advance over the past weeks. After consolidating below the $80 mark at the end of August, a clear higher swing low was established around the $66 mark.

From there, SOL/USD saw another move higher to the $130 mark initially, and after a slight retracement, a further spike of 40 percent to the $150 mark. Overall, SOL has advanced by more than 500 percent since the beginning of August, indicating strong bullish momentum.

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However, as of now, bulls are exhausted once again. This can be seen by the rejection fro the $150 resistance earlier today. This Solana price action development will likely lead the price action structure towards another retracement, with the $130 previous swing high resistance likely to be retested as support.

Solana Price Analysis: Conclusion 

Solana price analysis is bearish for the next 24 hours as the market started to decline after reaching the $150 major resistance. Therefore, we expect SOL/USD to retrace over the weekend and look to retest the previous major swing high of $130 as support. 

While waiting for Solana to move further, read our articles on Wrapped Bitcoin, Decentralized Exchanges, as well as NFT Marketplace.

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Solana Price Analysis: SOL spikes to $130, a higher low to rally from is slowly set?

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  • Solana price analysis is bullish for today.
  • SOL/USD saw a higher low set yesterday.
  • Solana consolidated around $140.

Solana price analysis is bullish today as a new higher low was set, and the market currently consolidates around $140. Therefore, we expect SOL/USD to move higher over the next 24 hours and look to break the $150 previous high next.

Solana Price Analysis: SOL spikes to $130, a higher low to rally from is slowly set? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded with a slight loss over the last 24 hours as bearish momentum has been seen over the past hours. The market leaders, Bitcoin and Ethereum, are down by 0.15 and 0.61 percent, while Tezos (XTZ) is among the best performers, with a gain of 7.5 percent.

Solana price movement in the last 24 hours: Solana starts to move away from $130 support

SOL/USD traded in a range of $135.87 – $144.07, indicating strong volatility over the last 24 hours. Trading volume has declined by 38.88 percent and totals $2.45 billion, while the total market capitalization trades around $41 billion, ranking the coin in 7th place overall.

SOL/USD 4-hour chart: SOL ready to move higher?

On the 4-hour chart, we can see Solana moving sideways today as bulls prepare for another push higher.

Solana Price Analysis: SOL spikes lower again, higher low to rally from is set?
SOL/USD 4-hour chart. Source: TradingView

Solana price action has traded with a steady bearish momentum so far this month. After peaking at around $215 on the 9th of September, DOL/USD started a slow retracement that has continued for several weeks.

Last week, Solana broke past the $150 previous major support, indicating further downside to follow. This, indeed, was the case as the Solana price reached just below $120 earlier this week.

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From there, a reaction higher was seen on Wednesday, with the $150 mark finally retested as resistance. Yesterday, SOL/USD reacted from the resistance and quickly dropped to $130, where bulls rejected further downside.

Solana Price Analysis: Conclusion 

Solana price analysis is bullish for today as a higher low was set yesterday, and consolidation around $140 was seen today. Therefore, SOL/USD likely prepares for another push higher next week.

While waiting for Solana to move further, read our guides on Decentralized Exchanges, NFT Crypto, as well as Bitcoin Memes.

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Solana’s Oracle Pyth registers great price confusion and confuses users

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The Pyth Network oracle network had malfunctions on Monday (20). Among the problems, the main one was errors in asset prices.

For example, the oracle reported the price of Bitcoin (BTC) at US$5,402, eight times less than the actual market price. But that wasn’t the only problem. Pyth’s price feed also reported the share price of AMC cinema chain at $772 on September 15th and 17th. However, the actual price did not even reach $50, according to Yahoo Finance data.

Even the price of Dogecoin (DOGE) was in error, with Pyth pointing the cryptocurrency-meme at $0.88 on September 15th. On the same day, DOGE’s market price was just over $0.25.

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Oracle “came out”

Pyth is an oracle that seeks to bring together traditional finance and blockchain-based applications. With recent failures, the service broke one of the main rules of the market: never release wrong data on asset prices.

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Unlike services like CoinGecko, developers use Pyth’s data to price smart contracts in real time. It receives pricing data from companies such as exchange FTX and the trading platform. market maker Virtu Financial. Then Pyth uses its own software to show asset prices to traders and developers. The process takes place in real time.

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Therefore, the price feed can trigger actions in decentralized finance (DeFi) applications, ie settlements. With wrong prices, investors run the risk of losing their guarantees and being liquidated. Naturally, Pyth’s mistakes have driven many traders crazy.

“Stellar work – your faulty oracle feed liquidated my position in Mango Markets. But none of you are going to take fiscal responsibility now, are you?”, complained the Trade Daddy user on Twitter.

Price fiasco

The fiasco comes less than a month after Pyth was launched on Solana’s main network (SOL) with the explicit goal of bringing reliable data on-chain in milliseconds. Their offerings rightly include cryptocurrencies and traditional assets such as BTC and AMC shares.

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A Pyth representative declined to comment. On Wednesday (22), the company published an analysis recognizing the pricing problems and explaining their causes.

“Several Solana programs that rely on Pyth prices were affected by this incident. The impact has been exacerbated by some programs relying on price aggregator feed without using trust,” the report said.

Pyth said its developers are making changes to avoid pricing errors in the future. There will be a testing protocol so that companies supplying data to the network can see how their data will be processed before sending it out as a final product.

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Warning: The text presented in this column does not necessarily reflect the opinion of CriptoFácil.

Read also: Analyst points out 3 reasons why Avalanche (AVAX) increased 800% in two months

Also read: TradingView Column: Bitcoin Fund Must Be Below 40k, Analysts Say

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Solana price analysis: SOL/USD to reverse the bearish trend in the next 24 hours

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  • Solana price analysis is bullish for today.
  • SOL/USD continued to decline over the last 24 hours.
  • SOL finds support at $150.

The Solana price is in a good spot today, as it has formed a higher low and advanced quickly to $150. We anticipate that SOL/USD will reverse when such a huge drop is rejected because there was more decline prevented. We believe that the significant effect of this is due to how low it was.

The candlestick that formed at $150 was a green candle, meaning that it opened higher than the previous close. This confirmed yesterday’s bullish reversal and suggests today will be an uptrend.

Solana four-hour chart price prediction shows that similar to yesterday’s movement; SOL/USD is using the same downwards sloping trend. This suggests that this will continue to be a short-term downtrend.Solana price analysis: SOL/USD to reverse the bearish trend in the next 24 hours 1

Cryptocurrency heat map. Source: Coin360

The entire cryptocurrency heat map is red, which indicates a negative market trend. Despite reaching its $50 goal two weeks ago, the major virtual currency is trading in the same bear trend as the coin has dropped by several thousand dollars and appears to be going further down. BTC is presently valued at $42.2, whereas ETH is stuck in a severe dip, and it is currently trading below $3K. Despite the fact that the cryptocurrency market has been bearish, a few coins have been bullish, THETA has seen a more than 25 percent increase in price in the last several hours, and the bull trend does not appear to be stopping anytime soon. The meme coin is also traded negatively. 

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Solana price movement in the last 24 hours: Solana dips further

Over the past 24 hours, SOL/USD has fluctuated between $144.26 and $152.08, with notable price movement. Trading volume was up 26.76 percent to $5 billion, while trading activity increased by 26%. Meanwhile, the overall market capitalization is now at about $42.72 billion (up from $35 billion.

On the daily chart, we can see strong resistance to further decline at $154.82, as indicated by the latest price fall to $152.

SOL/USD 4-hour chart: SOL ready to reverse?

On the 4-hour chart, we can see that the Solana price repelled further decline when it reached $152.

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Solana price analysis: SOL/USD to reverse the bearish trend in the next 24 hours 2Source: TradingView

Solana’s price chart is still in a bearish trend, with today’s lower low establishing the tone for additional losses. This kept the downward momentum going that began on September 7, when SOL/USD dropped from its all-time high of $215. 81 to the current price of $120.32.

The slight increase in trading volume is a good sign, but without any additional traction, we doubt that it will be enough to stop the recent bearish trends in place.

Solana Price Analysis: Conclusion 

Today’s Solana price forecast is bullish, with a strong reaction occurring at the $150 level following a significant uptrend in the past 24 hours. As a result, we anticipate that SOL/USD will reverse and attempt to recoup some of its losses over the next 24 hours.

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Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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