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Solana (SOL)

Here’s why conditions are highly favorable for Solana right now

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In the last 50 days, no other altcoin has achieved what Solana has. By entering the top 10 coins chart and then leaving behind the likes of XRP and DOGE, it is now the 6th biggest cryptocurrency in the world. But that is not it, after venturing into NFTs, the coin has done something much more unexpected.

Solana breaks records 

The altcoin has been creating all-time highs with every passing day for the last 50 days. The most recent was on September 8 at $191, however, since then the coin has come down.

Up from $23, the coin reached $178 and it has now finally taken a break from the continuous rally. In the last 4 days, the coin has come down by 6.3%. 

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Solana’s 713% rally | Source: TradingView – AMBCrypto

In spite of the dip, it rose by 6%, so there is no particular reason as to why it fell, except for the possibility of a correction. Corrections are good for the coin since it rallied so strong for a prolonged period. Yet, the market has been highly favorable for SOL. 

The altcoin’s liquidations only peaked on September 7, otherwise, they have been at a low. Plus the futures Open Interest have been relatively steady, so there isn’t much to worry about here. 

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Solana’s trading volumes | Source: Coinanalyze – AMBCrypto

In fact, spot volumes were back down to an average of $3 billion after peaking at $12 billion 2 days ago, indicating reducing bullishness. But as the coin was slowing down, yesterday’s news fanned the sparks of bullishness once again.

What kind of bullishness? 

Solana yesterday sold its first-ever million-dollar NFT, the 13th rarest DegenApe for 5,980 SOL ($1.1 million).

SOL achieved this milestone in barely 2 months, whereas the same took Ethereum over 3 years. But this is not a competition since Ethereum sold a cryptopunk for $11.8 million back in June. 

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However, since investors are going jump in headfirst after this news, now is actually a good time to buy SOL. The Sharpe ratio is at an all-time high, indicating strong returns.

Moreover, low volatility will support a price rise should it occur anytime soon. But since RSI has already been swimming in the overbought zone for over a month now (ref. TradingView chart above), there are some strong chances of prices falling down.

Solana’s volatility | Source: Messari – AMBCrypto

From an investment perspective, holding Solana would be the right call since NFT hype will take the price back up after some necessary corrections.

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Solana (SOL)

Solana Analysis: SOL shoots up and could hit US$340

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The Solana network’s SOL token has been climbing strongly even after the problems faced by its blockchain in September 2021, and has risen more than 70% since then.

What to expect from this cryptoactive from now on and how to position yourself in it to get another high is what we’ll see in today’s analysis.

Let’s start by looking at the weekly chart where we see a large bullish channel formed and tapering off. If we have a movement following this channel, the SOL token may still be worth US$500 dollars over the next few months.

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If we analyze the current big uptrend, we see that SOL has reached all Fibonacci levels and is currently struggling to break yet another resistance, if broken we can see SOL reaching US$340 over the next few weeks.

Daily Chart (D)

As long as we don’t break the long-term trend that formed the channel on the weekly, we shouldn’t see relevant bearish movements in this asset and any strong correction that keeps the SOL above the bullish channel could be a buying opportunity in this asset thinking in the medium term.

Solana is now the fifth project in the rank of cryptocurrencies behind only Tether and Binance Coin which shows that SOL has the potential to be the top 3 as it is a much more decentralized asset than those above despite its recent problems.

If you are looking for a moment to enter this asset, it is important to pay attention to the 4-hour chart where the asset has been making a breakout movement of the LTB (downtrend line) and may make a pullback giving an opportunity to buy.

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4-hour chart (4H)

Also Read: Binance Smart Chain Successfully Implements BNB Continuous Burning Scheme

Read also: MonoX Protocol loses over R$ 150 million in hacker attack

Also read: TradingView Column: Markets correct exaggeration after Friday sell-off.

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Solana (SOL)

Solana(SOL) Price Appears Promising, $300 Target is Incoming Yet $500 Is Imminent

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Many altcoins have gained bullish momentum and flipped the bears in the past couple of days. The bears had dragged most of the cryptos below the support levels, yet the fresh surge uplifted the price. However, Solana price following the bullish trend is testing one of the important zones. A successful breach through these levels could lead the SOL price on fire that may hit $300 by the EOY.

Solana maintained a considerable bearish trend for the whole of November and hence when the Bitcoin price ignited a trend reversal, SOL followed. At present, the asset has broken the resistance which connected all the tops in the past couple of weeks. Therefore the potential target in the short-term remains between $240 to $260. However, the upper target for the price still remains much distinct. 

The asset always maintained a stable rally and recovered quickly after experiencing notable pullbacks. Currently, after attempting to breach the important resistance at $241, the asset faced a rejection multiple times. And hence formed a double bottom pattern that appears to form yet another bottom soon. 

The bears seem to have been preparing to extract their profit and hence a small drop could be well in place. The corrections may prevail around the local support levels at $212. This is when the Solana price may get a nice boost to rebound with maximum strength. And eventually, uplift the price above $250 very soon. Yet $300 still remains the target to be achieved in the short term, and amid the bull run, the SOL price may rise as high as $500.

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Solana

Solana price positioned for new bull rally towards $275

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  • Solana price breaks out above bull flag, indicating uptrend continuation.
  • Moving and holding above $220 is essential to continue bullish momentum.
  • Failure to extend higher here could see new monthly lows.

Solana price has hugged the top of the Cloud (Senkou Span A) as its primary support level for the past week. The respect of Senkou Span A as support has resulted in Solana moving and closing above one of the two Ichimoku levels necessary to confirm a new uptrend.

Solana price must close above the $220 value area before testing $275

Solana price is up against its primary and final Ichimoku resistance level on the daily Ichimoku chart. The Kijun-Sen within the Ichimoku system represents medium-term support and resistance and is the primary level for intraday and intraweek trading strategies within the Ichimoku system. The Kijun-Sen at the $220 level is precisely where Solana finds itself pushing against.

A daily close of Solana price above $220 provides more protection from near-term downside movement than it does upside potential for a couple of reasons. First, a close above the Kijun-Sen would convert the Kijun-Sen from a resistance level to support. Second, because retests of breakouts from bull flags are extremely common, the combination of the Kijun-Sen and top of the bull flag create a double-support structure.

SOL/USDT Daily Ichimoku Chart

Solana price does have downside risks. The Composite Index has created a high above the previous high peak on November 21st, while the candlestick chart shows the current daily high is lower than the November 21st high. This creates a condition known as hidden bearish divergence – a warning that the current drive higher may fail.

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It is essential that Solana price close above the November 21st open of $217, or the hidden bearish divergence may push Solana back into the bull flag and likely even lower to test the bottom of the Cloud (Senkou Span B) at $184.

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