Connect with us

Solana

Solana price analysis: SOL bulls to set a record high as the price trades at $209

Published

on

  • Solana price analysis is bullish today.
  • SOL bulls are trying to set a record high today.
  • The only resistance next is the ATH of $210.
  • Strong support is found at $200.

The Solana price analysis reveals the coin is on a bullish ride today as it nears the ATH of 25th October at the $210 mark. Bulls are on the march towards their target and will soon over cross the ATH, but the success depends on if they can keep the momentum going and get the price capped above the present ATH, for which there exist ample chances.

SOL/USD is on an upwards trend from 20th October, and after hitting the ATH on 25th October, retracement followed for two days, and again from 28th October, the SOL started upside again. This is the time for SOL/USD to mark a higher high.

SOL/USD 1-day price chart: Bulls to hit a new record high?

The 1-day price chart for Solana price analysis shows that the price is near the previous ATH, and there is no resistance except the previous ATH itself. Bulls will take the SOL price towards a new record high in a matter of minutes as the Solana is trading at $209 at the time of writing. SOL bulls have helped the cryptocurrency in gaining 10 percent value over the last 24 hours, but only 0.52 percent over the past week, as the former ATH was also achieved during this time, followed by a correction.

The trading volume though not on the higher side but has significantly increased by 94 percent over the last 24 hours, which indicates keen interest from market shareholders as the price is nearing the ATH again.

Advertisement
Solana price analysis: SOL bulls to set a record high as the price trades at $209 1
SOL/USD 1-day price chart. Source: TradingView

The volatility for Solana is high, but the volatility indicator shows an upwards breakout, with the upper band at the $224 mark representing resistance for SOL and the lower band at the $140 mark. The average of the indicator is forming at $182, which represents support for SOL/USD. The upwards breakout of the indicator suggests the price to trade on the higher side for the coming days.

The relative strength index (RSI) is also on an upward trend as it is trading at index 65 near the overbought zone, indicating a higher buying ratio in the market. However, the RSI is still in the neutral zone. As the SOL price moved above the moving average (MA), the MA now trades at $200 below the price level complementing the bullish trend.

Solana price analysis: Recent developments and further technical indications

The 4-hour Solana price analysis shows the bears tried to hinder the bullish momentum as the price kept moving downwards for the first four hours today. During the next four hours, the bulls reversed the price function in their own favor and took it steeply up; the bullish progression still continues at the time of writing with the price oscillating above and below the $210 mark.

Solana price analysis: SOL bulls to set a record high as the price trades at $209 2
SOL/USD 4-hours price chart. Source: TradingView

The 4-hour chart also shows that the volatility has been increasing today, as the Bollinger bands now show the following reading; the upper band is at $209, just below the price level acting as support for the crypto pair and the lower band is at $186, the mean average of the indicator is at $197, representing support for SOL/USD. The RSI shows a turn in the horizontal direction, hinting at a slow down in the buying activity, even a balanced situation between the buying and selling in the market.

Solana price analysis: Conclusion

The Solana price analysis suggests that SOL bulls are almost at ATH level right now, but as said above, the success depends on their ability to cap the price above the ATH; otherwise, it will be just an hourly upswing, chances are there for both the scenarios to take shape. If the buyers’ support persists for a few hours, then a new record high is confirmed. But as the RSI on the 4-hour chart is hinting, chances exist for a reversal as well if selling overwhelms the market in fear of a short-term downside or maybe profit booking by the traders.

Advertisement

News Source

Solana

Solana price positioned for new bull rally towards $275

Published

on

  • 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.

Advertisement

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.

News Source

Advertisement
Continue Reading

Solana

Will Solana [SOL] give Ethereum [ETH] a run for the money?

Published

on

Solana is showing a promising situation in terms of attracting more projects, and it seems the battle with Ethereum continues strongly. There are many projects announcing every day about migration from Ethereum to the Solana network.

It seems the gas price and scalability features of the latter are attracting them significantly. Although Ethereum itself is in a good position because of various sectors like DeFi, NFT, and metaverse running on it, Solana has been successful in hosting more projects and may give Ethereum a run for the money.

One of the latest projects announcing a migration to Ethereum is Crowny. Crowny is a platform that connects users to their loved brands. It rewards users for engaging with their lived brands and is growing fast in terms of attracting users. According to the latest announcement on Twitter, the platform is set to migrate from Ethereum to Solana on December 8th. The real reason behind this migration is lower costs per transaction on Solana compared to Ethereum.

Advertisement

Besides, the scalability features let Crowny and Raydium grow faster and attract more users. According to the announcement, the Crowny team believes in Solana’s various features:

“Solana blockchain offers extremely low costs per transaction and ensures limitless scalability for years to come. This cutting-edge architecture is all about speed. It’s the fastest blockchain around. As hardware improves, so does the network.”

Another good news for the Solana community comes from the famous decentralized web browser Brave. Brave browser announced some days ago that it partners with Solana to integrate that blockchain into the browser and make it the default for dApp support. It’s great news for Solana because Brave is currently one of the most famous browsers in the market. It can benefit developers on Solana who can provide their dApps to a bugger user-base in this scenario.

Brave has 42 million monthly active users and 1.3 million verified creators. The reason for choosing Solana is the same as Crowny. Lower transaction fees and supporting fast Web3 applications are great benefits of this blockchain. Brendan Eich, CEO, and co-founder of Brave said:

Advertisement

“With more and more users and creators requiring tools for fast and affordable access to the decentralized Web, this integration will seamlessly pave the way for the next billion crypto users to harness applications and tokens.”

More users and projects on Solana means more opportunities for growth in this ecosystem. When the migrations from Ethereum to Solana grow, it shows great benefits in the competition that can even result in higher deployments and higher prices for the SOL token.

Advertisement
Continue Reading

Solana

This is causing users to choose Solana over Ethereum

Published

on

Ethereum’s gas fees and speeds are costing not just users, but the ecosystem itself as more and more players are migrating to rival blockchains.

The latest stakeholder to make the move is Crowny – an app rewarding shoppers for various interactions with brands. The date for its migration to Solana is slated for 8 December.

Advertisement

In a Twitter thread, Crowny stated,

“Solana blockchain offers extremely low costs per transaction and ensures limitless scalability for years to come. This cutting edge architecture is all about speed. It’s the fastest blockchain around. As hardware improves, so does the network.”

At press time, Ethereum’s gas fees were high, with an ERC20 transfer costing around $22.63 on average.

Advertisement

Source: Etherscan

Moving day is here

Choosing Solana over Ethereum isn’t a novel incident. In July 2021, Powerledger, an Australian company in the area of technology and energy, decided to move its platform from Ethereum to Solana.

Co-founder and executive chairman Dr. Jemma Green had commented,

“Our new blockchain platform based on Solana will be tens of thousands of times faster than Ethereum but also energy efficient. As we started this project to allow renewables to be scaled, part of our mission is to be light on our own carbon footprint.”

Another example is the privacy-protecting Internet browser Brave. The company announced a partnership with Solana at the Breakpoint Lisbon event in Portugal. Brave’s official release stated,

Advertisement

“High transaction fees seen on Ethereum (due to increased interest in crypto and DeFi) have held some users back from transacting. Solana is the fastest blockchain in the world and provides the opportunity to scale blockchain transactions for as little as $0.001 – $0.002 USD per transaction, providing significant cost savings for users.”

Furthermore, the Brave crypto wallet is set to integrate Solana in 2022, for decentralized app support.

Looking at these migrations and the reasons for the same, it appears that speed, fees, and energy efficiency are thorns on Ethereum’s side.

Time to pull out the roadmap

Needless to say, there’s a lot of pressure to bring Ethereum up to speed – literally. At the last All Core Devs meeting, Ethereum developers discussed diverse proposals to reduce transaction fees, which are also rising in rollups. 

Advertisement

Developer Tim Beiko also noted that time was of the essence. He claimed that the proposals needed to ship before a fork in February. 

News Source

Advertisement
Continue Reading