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Solana (SOL)

How is Solana (SOL) Price Grappling with Bearish Crypto Market? Right Time to Buy the Dip?

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The crypto market cap is down by $150 billion, total liquidations are more than $800 million in 24 hours, as bitcoin dropped below $45,000. Major altcoins like Ethereum, Cardano, Ripple, Solana and more are plunging double-digits.

The most trending altcoin Solana is the most affected crypto-asset among the top 10’s with an 11 % loss.

Solana Price Plunge Heavily! 

Since the beginning of September, Solana has been attracting more investors and entering the top 10 cryptocurrencies by market capitalization. So far this year, crypto has accumulated a rise of 8,600%. Solana has been highly volatile in the last couple of weeks.

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Initially, this Ethereum rival exploded to a new all-time high of around $215. With the sudden market crash, Solana price resulted in massive losses testing $140. 

At press time SOL price is trading at $141.13. The immediate support lies at the $140 Level. If the altcoin fails to maintain above this level the price may drop to $128.

Right now, the technicals, Moving Average Convergence Divergence are hinting towards the downtrend. Therefore, another four-hour close below the 38.2% Fibo would trigger more sell orders and perhaps push Solana to the 200 SMA near $120.

on the flip side, When market sentiment would roll over, if Bulls kicks the price action, SOL price might break the 23.6% Fibonacci level at $174. If the buying spree continues at that level SOL bulls gear for a rerun towards $221 within a few weeks.

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Solana (SOL)

Solana Price Analysis: SOL not yet ready to break below $185?

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  • Solana price analysis is bearish today.
  • SOL/USD retested $185 previous low overnight.
  • Bullish momentum returned this morning. 

Solana price analysis is bearish today as we expect the current bullish momentum to not last for long as we will likely see another lower high set shortly. From there, SOL/USD should move to break past the $185 support and continue along with the overall bearish trend.

Solana Price Analysis: SOL not yet ready to break below $185? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market overall has traded in the red over the last 24 hours. The market leaders, Bitcoin and Ethereum, have lost 0.38 and 0.59 percent, respectively. Meanwhile, Solana has fallen even more, with a loss of 3.33 percent.

Solana price movement in the last 24 hours: Solana moves lower again, the $185 support still holds

SOL/USD traded in a range of $186.10 – $199.36, indicating substantial volatility over the last 24 hours. Trading volume has declined by 33.52 percent, totaling $1.5 billion, while the total market cap trades around $58.16 billion, ranking the coin in 5th place overall.

SOL/USD 4-hour chart: SOL to retrace before break lower?

On the 4-hour chart, we can see slight bullish momentum for the Solana price action over the past hours as bears take a pause before looking to break the $185 mark later today.

Solana Price Analysis: SOL not yet ready to break below $185?
SOL/USD 4-hour chart. Source: TradingView

Solana price has seen a steady decline again this week. After a strong retracement from the $186 low last week, SOL/USD peaked at around $240 before starting to sell off again this week.

After a move to $210 support, consolidation followed until Wednesday, when further lows were reached. Another 15 percent were lost on Friday, reaching the $185 mark and setting a slightly lower low.

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Slight reaction higher followed again to the $200 mark as bears took a pause. From there, the Solana price action pushed lower again overnight, leading to a second test of the $185 support. Currently, bears fail to breach the support as a slight rejection has been made over the past hours.

Solana Price Analysis: Conclusion 

Solana price analysis is bearish today as we expect more downside to follow after the current reaction higher ends. Therefore, SOL/USD should see a continuation of lower lows set over the next 24 hours.

While waiting for Solana to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.

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Litecoin

Litecoin And Solana Outperform Bitcoin-Based Investment Products in November

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It’s been just revealed that Bitcoin-based investment products are seeing some pretty strong competition these days for altcoin-based products.

This is what crypto data company CryptoCompare revealed recently.

The latest reports from CryptoCompare are out

The crypto data firm explained that the investment products based on Litecoin (LTC) and smart contract blockchain Solana (SOL) had better returns than those based on BTC over the 30-day period leading to November 19th.

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“BTC-based investment products were outperformed by Solana & Litecoin-based products, led by 21Shares’ ASOL (Solana-based product) and Grayscale’s LTCN (Litecoin-based product), which returned 22.0% and 14.9% respectively.”

The online publication the Daily Hodl notes that CryptoCompare says Bitcoin-based investment products recorded losses over the same period while products based on Ethereum and Solana registered profits.

“BTC-based products experienced losses over the last 30 days, ranging from -6% to -13% while ETH products saw gains ranging from 0.5% to 7% for ETH products. 21Shares’ ASOL ETN [Exchange-Traded Notes] experienced the largest gain at 22%…”

The very same notes also revealed that the level of assets under management (AUM) for Bitcoin saw a significant drop on a month-on-month basis while the AUM for other crypto assets surged.

“Bitcoin AUM fell 9.5% to $48.7 billion in November, its largest month-on-month pullback since July. Meanwhile, Ethereum and other cryptocurrency products saw their AUM rise 5.4% to $16.6 billion and 10.4% to $2.6 billion, respectively.”

Bitcoin adoption intensifies

The mass adoption of Bitcoin continues despite the multiple corrections that the digital asset has been seeing lately.

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Check out the latest report coming from Cointelegraph about this exciting move that has been made.

It’s been reported that Fintonia Group, a Singapore-based fund manager regulated by the Monetary Authority of Singapore (MAS), has launched two institutional-grade Bitcoin (BTC) funds.

The new funds are the Fintonia Bitcoin Physical Fund and the Fintonia Secured Yield Fund.

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This is what Fintonia announced on Thursday.

“The funds are live and investors can subscribe and redeem regularly as they are open-ended funds, similar to a mutual fund. The funds are only available for accredited Investors.”

Keep your eyes on the market to see where the prices of the digital assets are going.

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Solana

Solana price forms bear trap before SOL ascends toward $325

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  • Solana price is slowly planning a recovery after a bear trap has been formed.
  • $209 will be a key level to watch as SOL must rise above it in order for a 54% rally to be on the radar.
  • The Ethereum-killer will find reliable support at $185 if selling pressure increases.

Solana price has been steadily trending upwards since mid-September, providing a promising bullish outlook. However, the Ethereum killer recently formed a bear trap as it sliced below the governing technical pattern’s lower boundary, confusing forecasts. Once SOL manages to reclaim $209, the altcoin could skyrocket 54%.

Solana price needs to reclaim critical level

Solana price has printed an ascending parallel channel on the daily chart, suggesting an optimistic outlook. On November 26, SOL sliced below the prevailing chart pattern’s downside trend line, indicating that the uptrend is in jeopardy. However, technical indicators suggest that this recent low only formed a bear trap.

While Solana price fell to a swing low at $182, the Relative Strength Index (RSI) failed to reach a new low – indicating a bullish divergence. This trading signal suggests that the bears are losing control over the market, and that the bulls are ready to take over, marking the end of a temporary downtrend.

The prevailing chart pattern suggests that Solana price could tag the upper boundary and 127.2% Fibonacci retracement level as its next bullish target at $325, marking a 54% climb.

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In order for the bulls to execute a recovery, Solana price must reclaim the the lower boundary of the parallel channel as support at the 78.6% Fibonacci retracement level at $209, coinciding with the 21-day Simple Moving Average (SMA). 

Solana price will face battle additional hurdles at the 50-day SMA at $225, corresponding to the resistance line given by the Momentum Reversal Indicator (MRI). The final hurdle appears to be at $259, the altcoin’s all-time high, which sits near the middle boundary of the governing technical pattern before SOL aims for the optimistic target at $325.

SOLUSDT

SOL/USDT daily chart

The MRI flashed a bottom signal on the second November 27 candle, adding credence to the bullish outlook. 

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However, if the bears decide to take back control, Solana price will discover an immediate foothold at $185, the November 18 low, corresponding to the MRI’s support line. An additional line of defense will appear at $169, where the 200-day SMA and 61.8% Fibonacci retracement level reside.

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