The pattern has its roots in the behavioral aspects of trading and often sets the stage for bigger bull runs.
Solana (SOL) is navigating a turbulent period after facing a significant 33% correction from its all-time high at $264, reached in late November. Despite the sharp pullback, Solana demonstrates resilience, offering investors a promising long-term outlook. Related Reading: Ethereum Whales Bought $1 Billion ETH In The Past 96 Hours – Details Renowned crypto analyst Carl Runefelt recently shared his insights on X, highlighting a compelling technical setup for SOL. According to Runefelt, Solana has successfully retested a massive triangle pattern on the weekly timeframe. This critical retest suggests that Solana’s price action remains intact and could serve as a launching pad for a significant rally shortly. While broader market corrections have weighed down short-term sentiment, Solana’s ability to maintain its structural integrity amidst the downturn provides a glimmer of hope for bulls. If SOL can sustain its current levels and build momentum, it may soon recover lost ground and chart a path toward new highs. Analysts closely watch how Solana responds to this crucial technical signal, as it could define the altcoin’s trajectory in the coming weeks. Solana Holding A Bullish Structure Despite a 30% retrace from its all-time high, Solana (SOL) maintains a bullish structure on higher timeframes, signaling long-term strength. This resilience has analysts and investors optimistic about Solana’s potential to outperform once the market regains momentum. Known for its strong fundamentals and rapid adoption, SOL remains a favorite among traders who are anticipating the next altcoin rally. Top crypto analyst Carl Runefelt recently shared a detailed technical analysis on X, highlighting an encouraging pattern for Solana. Runefelt revealed that SOL has successfully retested a massive triangle formation on the weekly timeframe, a critical milestone for its bullish trajectory. According to his analysis, if Solana can hold firmly above the $180 mark, the cryptocurrency could surge to $330 in the coming weeks. This projection aligns with expectations that Solana will be a frontrunner in the next market-wide rally. Related Reading: Bitcoin Cost Basis Distribution Reveals Strong Demand At $97K – Can BTC Hold? However, the broader market remains in a state of uncertainty. Bitcoin, the market leader, has struggled to reclaim the $100K level, and negative sentiment continues to weigh on traders’ confidence. This lingering doubt poses challenges for altcoins like Solana, which often depend on a strong Bitcoin performance to sustain rallies. Testing Crucial Demand Solana is currently trading at $185, showing resilience after successfully holding the 200-day exponential moving average (EMA) at $175. This key level is often regarded as a strong indicator of long-term market strength, and SOL’s ability to defend it underscores the asset’s bullish potential. On a weekly timeframe, Solana continues to make higher lows, signaling a positive trend despite recent market volatility. This price action suggests that buyers remain confident in SOL’s long-term prospects, stepping in to defend critical support levels. If the $175 mark continues to act as a strong foundation, Solana is well-positioned for a quick recovery in the days ahead. Related Reading: XRP Holds Key Demand Level – Whale Activity Suggests Strength Holding above the 200-day EMA is a crucial step in building momentum for a broader rally. Analysts and investors are closely watching this level, as it could pave the way for Solana to retest key resistance points and potentially target new highs. However, if SOL loses this critical support, it may face increased selling pressure. Featured image from Dall-E, chart from TradingView
Solana (SOL) was one of the large-cap assets affected by the recent market downturn triggered by the US Federal Reserve’s rate cut. The Solana price succumbed to the bearish pressure and fell beneath $200 for the first time in over a month. While the price of SOL has continued its downward spiral in the past day, a prominent crypto analyst on X believes that the altcoin might be gearing for a rebound already. Below is how the Solana price could course-correct and resume its bullish trend. Can SOL Price Reclaim $200 Again? In a post on the X platform, crypto pundit Ali Martinez shared an interesting insight into the current Solana price action. According to the analyst, several indicators and formations are pointing to a rebound for the altcoin’s price. Related Reading: SUI Shows Strong Bullish Comeback: Breakout Above $4.98 In Sight This prediction revolves around quite a number of indicators and chart formations. Firstly, Martinez noted that the price of Solana appears to be testing a key support zone between the $188 and $179 region. As shown in the chart above, this price zone has served as a significant resistance level in the past — from March to November. Typically, when the price flips a resistance zone, the level tends to act as a significant support should the price return to it. Besides the cost basis of investors, the Relative Strength Index (RSI) is also pointing to a potential rebound for the Solana price. The RSI, which tracks an asset’s overbought and oversold levels, is currently at 31.72. According to Martinez, this RSI level has acted as support in the past, with the Solana price traveling to new swing highs on each occasion. Monitoring this indicator could provide the right time to enter a long position for the altcoin. Furthermore, the stochastic RSI is currently at oversold levels, suggesting that the price might be ready for a reversal. The Stoch RSI differs from the regular indicator in terms of the sensitivity and timeliness of its signals. Martinez did not specify a target for the Solana price should the indicator signals prove true. However, a glance at price action data shows that the altcoin’s price tends to at least return to its previous swing high whenever it finds support at the aforementioned levels. Solana Price At A Glance As of this writing, the price of Solana is hovering around $180, reflecting a disappointing 6% decline in the past 24 hours. The cryptocurrency’s performance is even much worse on the weekly timeframe, having dropped by nearly 17% in the last seven days. Related Reading: Bitcoin Will Test ATH Once It Breaks This Strong Supply Zone – Details Featured image from Dreamstime/Aivaras Sakurovas, chart from TradingView
An analyst has pointed out how XRP and Solana are among the altcoins that have just observed a Tom Demark (TD) Sequential buy signal on their 4-hour prices. Four Altcoins Are Seeing A Buy Signal On The TD Sequential In a new post on X, analyst Ali Martinez has talked about the TD Sequential signal that four different altcoins have seen on their 4-hour charts. The “TD Sequential” is an indicator from technical analysis (TA) used to locate probable turnaround points in a given asset’s price. Related Reading: Secret Bitcoin Driver: Exchanges Receiving $40 Million USDT Fuel Per Day The indicator involves two phases: the setup and countdown. During the first of these the setup, candles of the same color are counted up to nine. The nine candles don’t have to be consecutive. Once the counter hits nine, the setup is said to be complete, and the price could be assumed to have reached a reversal location. If the candles leading up to the setup’s completion were green, the TD Sequential would imply a top for the asset. Similarly, if they were red, the indicator would suggest a change of direction to the upside. The second phase, the countdown, begins as soon as the setup is over. This phase of the indicator works in the same manner, save for the fact that candles are meant to be counted up to thirteen instead this time. After the thirteen candles of the same polarity, another potential top or bottom could be considered to have been reached by the asset. Now, here are the charts shared by Martinez that show the completion of the TD Sequential phase of the first type for four altcoins: XRP (XRP), Solana (SOL), Maker (MKR), and Worldcoin (WLD). As is visible in the above graph, the four-hour prices of XRP, Solana, Maker, and Worldcoin have all completed a TD Sequential setup with nine red candles. This naturally means the indicator gives a buy signal for these altcoins. The pattern has taken shape as assets across the cryptocurrency sector have crashed following the US Federal Reserve taking a cautious approach towards further interest rate cuts. Related Reading: Ethereum On-Chain Demand Should Sustain ETH Above $4,000, IntoTheBlock Says If the TD Sequential is anything to go by, at least XRP and the other altcoins may be set to see some renewal of bullish momentum shortly. XRP Price XRP slipped as low as under $2.18 during the crash earlier in the past day, but the coin appears to have seen a small rebound since then, as its price is now trading around the $2.31 mark. Below is a chart that shows how the asset’s performance has looked over the last few days. Featured image from Dall-E, charts from TradingView.com
Solana faced heightened volatility yesterday, dropping 7% following the Federal Reserve’s announcement of a 25 basis point rate cut and fewer projected cuts for 2024. Despite the sell-off, Solana’s price action remains resilient as it managed to hold above a critical support level, reinforcing confidence in its ability to weather macroeconomic shifts. Related Reading: Ethereum Whales Load Up: Bullish Sign Or Bear Trap? While the market reacted to the Fed’s cautious tone, Solana’s on-chain metrics tell a more optimistic story. The number of daily transactions on the Solana network has surged, nearing 67 million, reflecting growing adoption and sustained network activity. This robust transaction volume highlights Solana’s position as a leading blockchain platform, with developers and users continuing to rely on its scalability and efficiency. Analysts suggest that holding above its key support level could position SOL for a strong rebound, particularly if broader market conditions stabilize. The increased on-chain activity adds to this bullish outlook, signaling that long-term fundamentals remain intact. Solana Holding Key Demand Solana demonstrates resilience in the face of market turbulence, holding above key demand levels around $210 following yesterday’s sell-off triggered by the Federal Reserve’s policy announcements. This critical support level reinforces bullish sentiment for the asset, with many analysts eyeing a breakout on the horizon. Top analyst Jelle recently provided a compelling technical analysis on X, noting that Solana successfully took out the lows, maintained its position above monthly and weekly support levels, and continued to trade within its falling wedge pattern. According to Jelle, this setup suggests a breakout is imminent, with Solana targeting new all-time highs soon. Supporting this optimistic outlook, on-chain metrics paint a promising picture for Solana’s network activity. Ali Martinez shared data showing the Solana network nearing 67 million daily transactions, underscoring strong adoption and user engagement. This heightened network activity highlights Solana’s utility and strengthens the foundation for sustained price growth. Related Reading: XRP Consolidation Could End Once It Clears $2.60 – Top Analyst Expects $4 Soon If Solana holds above the $210 level in the coming days, it could trigger a significant rally as bullish momentum builds. Traders and investors are closely watching the asset’s price action for signs of a decisive move, with the combination of strong technical and on-chain indicators pointing toward a potential surge to new highs. Price Action: Liquidity Resting Above Solana is trading at $210, a key level it has held for several days despite broader market volatility. This price point demonstrates solid demand, but holding this level alone won’t ignite the next rally. A decisive push above $240 is critical for Solana to regain bullish momentum. This move would signal renewed strength and pave the way for higher price targets. A crucial intermediate step lies at the $225 mark. If Solana can reclaim this level with conviction, it would likely confirm a bullish trend and set the stage for further upward momentum. This could attract additional buying interest as traders and investors interpret the move as a signal of strength. Related Reading: Ethereum Whales Load Up: Bullish Sign Or Bear Trap? Failing to break above these resistance levels, however, may keep Solana range-bound and limit its ability to capitalize on the recent support it has established. As market conditions continue to evolve, Solana’s ability to push past these key thresholds will determine whether it transitions into a stronger upward trajectory or remains stuck in consolidation. Featured image from Dall-E, chart from TradingView
Solana (SOL) finds itself at a critical juncture as it tests demand at a price level that previously acted as key resistance. Since late November, SOL’s price has been in a retrace, dampening the hype surrounding the cryptocurrency. The prolonged decline has left investors uncertain about the next move for Solana, with many questioning whether it can regain its bullish momentum. Related Reading: XRP Consolidation Could End Once It Clears $2.60 – Top Analyst Expects $4 Soon Top analyst Jelle recently shared a technical analysis on X, shedding light on Solana’s current setup. According to Jelle, Solana has formed a falling wedge pattern—a classic bullish formation—into what was once a critical resistance level. The price has confirmed this level as support, providing a potential foundation for a significant rally in the near term. If the support holds, it could reignite bullish sentiment and position Solana for another strong run. However, a failure to sustain this level may signal further downside, potentially eroding confidence in its long-term trajectory. As Solana navigates this pivotal moment, all eyes are on whether it can reclaim its former glory and capitalize on the momentum. Solana Finding Fuel To Take Off Solana has experienced a 23% retrace from its local high of $264, set on November 22. Despite this decline, the cryptocurrency is holding firm above the $210 level, a crucial support zone that has analysts optimistic about a potential rally to new all-time highs. The resilience shown by SOL at this level suggests that bullish momentum may be building as the price consolidates. Top analyst Jelle recently shared his insights on X, highlighting a bullish technical setup for Solana. According to Jelle, SOL has formed a falling wedge pattern, a structure often indicative of an upcoming breakout. Importantly, the wedge aligns with a key resistance level that has now been confirmed as support, strengthening the case for further upward movement. Jelle also points out that Solana has formed its first higher low during this retracement, a potential signal that the asset is poised to resume its bullish trend. He believes Solana could re-enter price discovery before Christmas, forecasting a target of $300 in the coming days. Related Reading: Ethereum Whales Load Up: Bullish Sign Or Bear Trap? However, risks remain, particularly if the consolidation phase continues for longer than expected. Should SOL fail to break out decisively, it could struggle to regain the upward momentum necessary to challenge new highs. For now, Solana’s ability to hold above $210 will be critical in determining its next move. Testing Reactive Demand Solana finds itself at a critical turning point, trading at $216 and holding firm above the $210 mark—a level that once acted as significant resistance. This key support level now plays a pivotal role in determining whether SOL can ignite a historic rally. The current price action reflects growing optimism among investors, with many anticipating that staying above $210 for just a few days could trigger a sharp recovery. Analysts suggest that if SOL maintains its foothold above this critical level, a swift move toward $250 would likely follow. Such a recovery would position Solana to regain its bullish momentum and potentially challenge its all-time high (ATH). While this scenario might seem ambitious, SOL has previously demonstrated its capacity for rapid upward moves during similar conditions. Related Reading: Bitcoin Breaks ATH Pushing Back Into Price Discovery – BTC To $130K? A strong confirmation of support at the $210 level could attract fresh buying interest, creating the foundation for the next leg of its rally. With momentum on the horizon, the coming days will be critical in determining whether Solana can make history and aim for unprecedented price levels. Featured image from Dall-E, chart from TradingView
The on-chain analytics firm Glassnode has revealed the reason why Solana (SOL) has recently been lagging behind Bitcoin (BTC) and Ethereum (ETH). Solana Realized Cap Growth Has Slowed Down Recently In a new post on X, Glassnode has discussed about how the recent performance of Solana has stacked up against the two largest coins in the sector. “Looking at price performance, SOL outpaced both ETH and BTC for most of Q4 2024,” notes the analytics firm. “However, since early December, ETH has taken the lead, outperforming the other two assets.” As it stands right now, Bitcoin is up around 18% over the past month, Ethereum 28%, and Solana 3%. Thus, SOL has clearly fallen off after being the market leader just earlier. Related Reading: Bitcoin Top Here? What Historical HODLer Selloff Pattern Says What could be behind this shift in the market? The answer to the question could lie in the capital flows that these cryptocurrencies have recently been observing. In order to estimate the capital flows for the assets, Glassnode has made use of the Realized Cap indicator. The “Realized Cap” refers to an on-chain capitalization model that calculates the total value of any digital asset by assuming that the ‘real’ value of any token in circulation is the price at which it was last transacted on the blockchain. Since the last transfer for any coin is likely to represent the last point at which it changed hands, the price at its time could be considered its cost basis. Thus, the Realized Cap is a sum of the cost basis of all coins in the circulating supply or, more simply, a measure of the total amount of capital that the investors as a whole have put into the cryptocurrency. In this view, changes in the Realized Cap essentially reflect the amount of capital that’s exiting out of or entering into the asset. Below is the chart for the 7-day change in the indicator shared by the analytics firm, which showcases these outflows/inflows happening for Solana and others. From the chart, it’s visible that the 7-day change in the Realized Cap was at notable positive levels between September and early December. Bitcoin and Ethereum also observed capital inflows in this period, but SOL was simply growing at a significantly faster pace. Related Reading: Bitcoin Miners Now In Selling Mode For A Year: Should You Be Concerned? This month, though, the sector has seen a flip as both Bitcoin and Ethereum have pulled ahead of Solana. The earlier higher capital inflows were likely the drivers behind SOL’s outperformance, so with them gone, it makes sense that the top two assets would take over. SOL Price Whereas Bitcoin and Ethereum have enjoyed a surge over the last few days, Solana has been moving in a sideways trajectory as its price is still trading around $221. Featured image from Dall-E, Glassnode.com, chart from TradingView.com
According to Messari’s most recent analysis, Solana (SOL) is primed for explosive expansion in 2025, fueled by major funding, technological improvements, and growing institutional interest. Related Reading: The $589 XRP Dream: Believers Aren’t ‘Delusional’ Enough, Expert Says The study indicates that in the third quarter of 2024 Solana’s ecosystem funding reached $173 million, the highest level since mid-2022. This money flow shows a strong conviction in Solana’s ability to be the top blockchain platform. Solana: Key Drivers Of Growth One of the key reasons for this positive prognosis is the upcoming introduction of a spot SOL Exchange-Traded Fund (ETF). As regulatory conditions improve, experts predict that institutional investors will flock to Solana, increasing its market position. We are so back! The Messari Theses for 2025 is live and available for free. Jump into the full report now ⬇️ pic.twitter.com/AzOZhiAib5 — Messari (@MessariCrypto) December 16, 2024 The introduction of a spot ETF might result in considerable financial inflows, placing Solana as a viable competitor to other cryptocurrencies such as Bitcoin and Ethereum. Moreover, ongoing improvements to Solana’s infrastructure are anticipated to augment its performance. Jump Trading’s Firedancer client pledges to enhance transaction velocities and network scalability. The preliminary implementation has commenced, with complete deployment anticipated in 2025. This enhancement will broaden client alternatives while bolstering network security by reducing dependence on a singular codebase. Institutional Interest And Market Sentiment Reflecting the increasing institutional interest in Solana, companies like VanEck and Bitwise have lately registered for a spot SOL ETF. This action points to Solana’s unique value proposition as a high-performance blockchain starting to be acknowledged by conventional finance. If this tendency keeps up, many predict SOL’s price would soar to new heights; some even project it may hit $4,000. Solana’s market attitude remains positive, particularly after it just went past the $220 price level. If the movement continues, analysts anticipate SOL will reach its previous all-time high of $263. The combination of increased capital, technological breakthroughs and institutional support fosters Solana’s expansion. Related Reading: New ATH: Bitcoin Tops $106K—Is FOMO And Strategic Reserve The Game-Changer? Looking Ahead: A Promising Future Looking ahead to 2025, Messari’s insights offer optimism for Solana’s growth. Favorable regulations, cutting-edge advancements like Firedancer, and rising institutional interest hint at transformative opportunities for the ecosystem. With these elements aligning, Solana could firmly establish itself as a dominant force in the digital currency landscape. At the time of writing, SOL was trading at $222.29, up 2.4% in the daily and weekly timeframes, data from Coingecko shows. Featured image from DALL-E, chart from TradingView
Solana (SOL) has been holding steady above a crucial demand level near $210, a key area that could ignite a massive bull run. After reaching an all-time high (ATH) on November 22, Solana has experienced a 23% retracement, testing investor confidence. However, analysts remain optimistic, with many expecting a significant upward move in the coming weeks. Related Reading: Ethereum Forming A Symmetrical Pattern – Key Resistance At $4,100 Renowned analyst Jelle recently shared a technical analysis highlighting Solana’s strong potential. According to Jelle, the monthly chart for SOL is primed for an “absolute monster run,” indicating that the current consolidation phase may be laying the groundwork for a powerful breakout. This view aligns with the broader sentiment that Solana’s resilience above $210 could act as a springboard for the next phase of its rally. As one of the leading altcoins in the crypto market, Solana has attracted attention for its robust performance and potential to lead the next leg of the bull market. With the price now consolidating after a sharp pullback, all eyes are on SOL’s ability to maintain its critical support and reclaim momentum. Whether Solana can deliver on its bullish promise will be a key focus for traders and investors alike in the coming weeks. Solana Holds Key Demand Solana is currently trading above a critical level for this cycle—the $210 mark. This price point, which previously acted as a significant resistance, has now flipped into a vital support level, setting the stage for Solana’s next potential rally. The importance of this level cannot be overstated, as it represents a key area where buyers are stepping in to defend SOL’s bullish momentum. Renowned analyst Jelle recently shared a compelling technical analysis on X, emphasizing Solana’s strong outlook. According to Jelle, Solana’s monthly chart is primed for what he described as an “absolute monster run.” His analysis highlights how SOL’s price is now testing its 2021 all-time high (ATH) as support, a critical juncture that could determine its trajectory in the weeks to come. Jelle’s simple yet powerful chart indicates that if Solana manages to push decisively above the $210 level, it will confirm the strength of this support and potentially trigger a massive bull run. This rally could result in impressive gains for SOL, positioning it as a standout performer in the crypto market. Related Reading: Bitcoin Breaks ATH Pushing Back Into Price Discovery – BTC To $130K? For now, all eyes are on Solana’s ability to sustain its momentum and break higher. As it consolidates above this essential level, traders and investors are closely monitoring its next moves, anticipating the possibility of a historic price surge. Price Action Suggests A Big Move Soon Solana is trading at $221, maintaining its strength above the critical $210 support level. This resilience has bolstered confidence among investors, as SOL’s price action aligns bullishly across all time frames. Solana is gearing up for a major rally, but it must first overcome the $245 resistance level to confirm the uptrend. Market dynamics indicate that SOL is in a prime position for upward momentum. Unlike other assets that may show signs of hesitation or potential consolidation, Solana exhibits a well-defined price structure that strongly favors a breakout. The lack of bearish signals further solidifies this outlook, as there is little indication of an imminent correction or prolonged sideways trading. Related Reading: ONDO Exchange Inflows Grow – Volatility Ahead? If SOL successfully breaches the $245 resistance with strength, it could trigger a wave of buying pressure, propelling the price to new heights. This setup has many traders eyeing the next potential levels for Solana, with the broader market sentiment favoring continued gains. Featured image from Dall-E, chart from TradingView
Solana is navigating a critical juncture as its price edges toward the $209 mark under increasing bearish pressure. Recent market dynamics have tilted in favor of the bears, challenging SOL’s previous upward momentum. The $209 level now emerges as a crucial line of defense, with the bulls required to act swiftly to prevent deeper losses and regain control of the market narrative. This heightened selling pressure highlights growing uncertainty, making the stakes even higher for both sides of the market. If the bulls manage to hold the line, it may signal strength and set the stage for a potential rebound. However, failure to defend this level could pave the way for further downside, reinforcing the bearish outlook. Solana Nears The Critical $209 Support Level Recent price movements indicate that Solana is under significant downside pressure as it approaches the crucial $209 support level. This decline comes despite the cryptocurrency remaining above the 100-day Simple Moving Average (SMA), a key indicator often associated with broader bullish trends. The negative sentiment has overshadowed the SMA’s support, signaling possible vulnerability in SOL’s price structure. Related Reading: Solana To New ATH Before Christmas – Analyst Expects $300 Soon While the 100-day SMA typically acts as a safety net for upward momentum, the increased selling pressure suggests that bears are testing the strength of this support. If Solana fails to hold above the $209 mark, it might invalidate the SMA’s bullish influence, paving the way for deeper losses. However, a rebound at this level could reaffirm the SMA’s role in sustaining the positive outlook, setting the stage for potential recovery. Furthermore, the 1-day Relative Strength Index (RSI) is trending below the critical 50% threshold, signaling a shift in market sentiment toward bearish dominance. The RSI, a widely used momentum indicator, measures the speed and magnitude of price movements. When it dips below 50%, it typically indicates weakening buying pressure. This downward trend in the RSI reflects the increased bearish influence on Solana’s price, aligning with its recent decline toward the $209 support level. Sustaining its position below 50% suggests that bulls may be losing their grip, making it imperative for them to regain control soon to prevent further losses. Should the RSI continue to decline, it could reinforce the negative outlook, potentially leading to a deeper price correction. Potential Scenarios: Rebound Or Further Decline? Solana’s price, currently hovering near the $209 support level, sets up two potential scenarios: a bullish rebound or an extended decline. If the price successfully rebounds from this level, it may indicate strength and resilience, possibly pushing Solana toward higher resistance levels, such as $240 and $260, while reigniting its uptrend. Related Reading: Solana Price On The Rise: Key Resistance At $235 Could Spark Major Breakout However, failing to hold above $209 could intensify selling pressure, potentially driving the price lower toward $194 as bearish dominance takes hold. A break below this level would heighten the risk of more drops, with Solana testing the 100-day SMA as the next key support. Featured image from iStock, chart from Tradingview.com
Crypto exchange Binance was hit with a cease and desist letter by Mark Longo, owner of the internet sensation Peanut the Squirrel, for alleged copyright infringement. PNUT, the popular memecoin inspired by the squirrel, saw a nearly 10% decrease following the news. Related Reading: Solana (SOL) Faces Headwinds: Can Bulls Revive Momentum? Internet Squirrel Becomes Memecoin Sensation On Sunday, Mark Longo, owner of Peanut the Squirrel, announced that his legal team had initiated legal action against crypto exchange Binance. In an X post, Longo, also known as “Peanuts Dad,” accused the exchange of using his intellectual property without authorization. The rescued squirrel became an internet sensation after Longo’s online videos became viral, amassing over half a million followers on Instagram. However, Peanut was seized from Longo’s home alongside a rescued raccoon named Fred. Both animals were euthanized to be tested for rabies, as there are not any approved antemortem rabies testing methods for animals by the Centers for Disease Control and Prevention. Following the news, the public condemned Peanut’s death, with several lawmakers criticizing authorities’ actions. It also sparked a wave of Peanut-inspired memecoins, which resulted in the creation of Solana-based memecoin PNUT. Amid the controversy, the token quickly grew in popularity, hitting a $120 million market capitalization in less than a week. Binance announced the listing of the memecoin on November 11, opening spot trading that same day. After the news, PNUT’s price went on a massive rally, climbing to the top 10 memecoins by market cap. The token achieved the $1 billion milestone in less than a month, reaching a $2.27 billion market cap before retracing. For the past month, PNUT has held above the $1 billion mark, with the price hovering between the $1.80-$1.00 price range. Crypto Exchanges Hit With Cease And Desist Letter According to the letter shared by the animal rights activist, Binance allegedly infringed “the intellectual property rights owned by Mr. Longo.” His legal team argues that the exchange’s use of the copyrighted photograph of Peanut the Squirrel wearing a cowboy hat and the “identical” trademark of “PEANUT THE SQUIRREL and PNUT” in the listed memecoin infringes their client’s “various copyrights and trademarks.” The letter demanded that Binance respond to the letter by December 31st, 2024, to verify the exchange received the letter and “have ceased all infringing activity.” Moreover, Longo revealed in his post that this was the first of multiple cease and desist letters to be issued. PNUT faced a 10.2% dip after the news, falling from the $1.17 level to the $1.05 support in 24 hours. The retrace drove the token near its lowest levels in over a month, worrying investors about the memecoin’s performance. Related Reading: Ex-Hedge Fund Guru Bets Big On Dogecoin As ‘Core Crypto Bet’ It’s worth noting that Longo has previously stated his discontent with the PNUT memecoin, accusing the crypto community of profiting from his late pet. As a protest, the animal rights activist launched a memecoin named Justice for Pnut and Fred (JUSTICE), which faced controversy over insider trading allegations. Longo also promoted another memecoin, Justice for Peanut (JFP), in his warning post, which saw a 159% increase after the publication before losing all its recent gains. At the time of writing, PNUT is trading at $1.10, a 5.1% drop in the daily timeframe. Featured Image from Unsplash.com, Chart from TradingView.com
Solana remained stable above the $215 level. SOL price is now recovering losses and facing hurdles near the $228 and $332 levels. SOL price started a fresh increase after it tested the $215 zone against the US Dollar. The price is now trading below $225 and the 100-hourly simple moving average. There was a break above a connecting bearish trend line with resistance at $222 on the hourly chart of the SOL/USD pair (data source from Kraken). The pair could start a fresh increase if the bulls clear the $228 zone. Solana Price Eyes Upside Break Solana price formed a support base and started a fresh increase from the $215 level but lagged momentum like Bitcoin and Ethereum. There was a decent increase above the $218 and $220 resistance levels. There was a break above a connecting bearish trend line with resistance at $222 on the hourly chart of the SOL/USD pair. The pair climbed above $225 and tested the 50% Fib retracement level of the downward move from the $234 swing high to the $215 low. However, the price is now facing many hurdles near $225. Solana is now trading below $225 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $225 level. The next major resistance is near the $228 level or the 61.8% Fib retracement level of the downward move from the $234 swing high to the $215 low. The main resistance could be $230. A successful close above the $230 resistance level could set the pace for another steady increase. The next key resistance is $235. Any more gains might send the price toward the $250 level. Another Decline in SOL? If SOL fails to rise above the $228 resistance, it could start another decline. Initial support on the downside is near the $220 level. The first major support is near the $215 level. A break below the $215 level might send the price toward the $205 zone. If there is a close below the $205 support, the price could decline toward the $200 support in the near term. Technical Indicators Hourly MACD – The MACD for SOL/USD is losing pace in the bullish zone. Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level. Major Support Levels – $220 and $215. Major Resistance Levels – $228 and $230.
Solana’s investor base is demonstrating unwavering confidence as the network sees a shift in the profile of its long-term holders. According to on-chain data from Glassnode, many more Solana addresses are moving into the long-term holder base, which showcases strong conviction from investors who entered the market during the recent 2024 rally. Related Reading: Expert […]
Solana (SOL) has been in the news over the last few weeks, albeit for different reasons. The popular altcoin was one of the many benefactors of a Donald Trump presidential victory, rising by 67.69% in three weeks after November 5 to reach a new-all time of $263. However, this price surge has been followed by a gradual recorrection of 15.13% in the last two weeks. Albeit, recent data on investors’ behavior shows significant market optimism on the fifth-largest cryptocurrency. Related Reading: Solana To New ATH Before Christmas – Analyst Expects $300 Soon Solana ‘New’ Investors Buoyant On Bullish Future In an X post on December 13, blockchain analytics company Glassnode shared an insightful report on Solana investors’ activity in recent weeks. According to Glassnode, Solana investors who entered the market 1-2 years ago have now offloaded significant portions of their holdings. The analytics team explains that these investors likely bought Solana during its 2021 bull run and have now taken profits during the price rally in November, reducing their market share from 48% in June to below 5% currently. While a drop in long-term holdings can sometimes signal doubts about an asset’s future potential, Glassnode views these recent sales as purely transactional with most investors looking to sell ahead of the next bull run now exiting the market. Importantly, this selling pressure has been absorbed to a significant extent by new Solana investors of the last 6-12 months who increased their market holdings to 24% during Solana’s latest price surge. Such massive investment at rising price levels indicates confidence among new holders in Solana’s long-term profitability despite its current price dip. Related Reading: Solana Set For Explosive Growth: Expert Predicts 1650% Price Increase Based On This Pattern VanEck Predicts SOL To Reach $500 In Q1 2025 In other news, prominent asset manager VanEck has dropped a bullish prediction for Solana ahead of 2025. In their latest insight on digital assets, Head of Digital Assets Research Matthew Sigel, and Senior Investment Analyst Patrick Bush have jointly forecasted the general crypto market to maintain its bullish form going into the new year. On that note, the digital assets will attain their first market peak in Q1 2025 with Bitcoin attaining a price of $180,000. During this rally, Solana is projected to trade at $500, indicating a potential 124.21% gain on the asset’s current price. However, VanEck analysts warn that this surge will likely be followed by Bitcoin experiencing a 30% price recorrection while altcoins including Solana record declines of about 60% as the market enters consolidation in summer. At the time of writing, Solana continues to trade at $227 reflecting a 0.34% gain in the past day. Meanwhile, the asset’s trading volume is down by 14.28% and valued at $4.12 billion. Featured image from CoinJournal, chart from Tradingview
SUI momentum continues after recording a new all-time high (ATH) on Friday morning. The cryptocurrency surged 4.5% to near the $5 barrier for the second time this week, fueling investors’ optimism about the token’s future price action. Related Reading: Ethereum: Analysts Eye $4,100 Target As ETH Reclaims Key Support Level SUI Nears $5 After New ATH SUI has been one of the leading cryptocurrencies this bull run, rising over 521% year-to-date (YTD) and nearly 182% since Q4 started. The token also outperformed the market throughout the Q2 and Q3 retraces, registering massive gains while most altcoins struggled. As the crypto market started to gain steam in preparations for the US elections, SUI saw a brief consolidation period after surpassing its March ATH. The token hovered between the $1.7-$2.3 price range before continuing the “price discovery” mode in November. The post-US election pump propelled the cryptocurrency’s price past the $3 barrier and near the $4 mark before retracing. Nonetheless, SUI’s momentum resumed on December 5 when it hit the $4.5 mark, fueled by Bitcoin’s first-ever surge above $100,000. The token’s rally continued this week, with SUI registering a 14% increase in the last seven days, which led to its latest $4.92 milestone on Friday morning. SUI’s remarkable performance also drove the token to the top 15 cryptocurrencies by market capitalization after flipping Polkadot (DOT). SUI’s Price To Peak In June? Amid SUI’s performance, several analysts noted that the token, often called “Solana’s “killer,” seems to be repeating SOL’s 2021 path. Market watcher Mags compared the two charts, suggesting investors won’t be ready for SUI’s upcoming movements. During the 2020-2021 cycle, Solana saw a massive rally that drove its price to its previous ATH. Its price action saw SOL gain steam at the end of 2020 and surge to its first major high of the year in May 2021. Then, Solana consolidated for a few months before resuming its run, peaking at $259 in late November 2021. According to Ali Martinez, SUI’s performance earlier this year resembled Solana’s initial climb last cycle, jumping to its $2.3 high before consolidating for a few months. Now that it has broken past its March ATH, SUI continues to move similarly to SOL, which could suggest that the token is poised for a massive surge soon. If it continues this pattern, the cryptocurrency could hit the $5 mark in the coming days after a brief consolidation in the $4.5-$4.8 price range. Trader Crypto Rand highlighted that SUI is in “full bullish momentum,” also forecasting it will hit the $5 mark soon. Related Reading: Analyst Sounds The Alarm As Solana (SOL) Retests $210, Rebound Or Retrace Next? Another pseudonym crypto trader predicted that the token could be near the $8 barrier by early 2025 and hit the $16 mark by Q2, following SOL’s path. Based on the chart, SUI could see its rally extended until June 2025, when it would hit its peak around the $40 mark. As of this writing, SUI is trading at $4.79, a 50% surge in the monthly timeframe. Featured Image from Unsplash.com, Chart from TradingView.com
Leading cryptocurrency asset Solana (SOL) is demonstrating notable renewed price momentum as it aims to challenge several key resistance points. These crucial levels have proven vital for its next major rally to higher levels, possibly to a new all-time high in the upcoming weeks. Price Breakout To Propel Solana’s Value Amid rising market optimism, Negentropic, […]
Solana (SOL) has faced a 23% retrace after hitting new all-time highs at $264, testing the resilience of bullish momentum. Despite this pullback, SOL’s price structure remains strong, with the token holding firmly above a critical demand zone. This consolidation phase indicates the market is gearing up for another potential breakout as bullish sentiment persists. Related Reading: Bitcoin Finds Support At $94.5K As STH Realized Prize Signals Strength Renowned crypto analyst and investor Jelle recently shared a technical analysis on X, expressing optimism about Solana’s future price trajectory. According to Jelle, the retrace is a healthy correction that allows SOL to build the strength needed for another significant rally. He predicts that Solana will reach new all-time highs before Christmas, setting the stage for an exciting close to the year. With Solana maintaining its position above key levels and investor interest remaining robust, all eyes are on the $264 mark as bulls prepare to push the token into price discovery once again. The coming weeks will be pivotal, with the potential for SOL to reclaim its momentum and deliver significant gains. If the bullish predictions hold true, Solana could solidify its position as one of the standout performers in the crypto market this cycle. Solana Price Action Signals Strength Solana (SOL) continues to show bullish momentum, holding strong above $210, a critical support level that previously acted as resistance. This price behavior signals a healthy retrace, allowing the market to reset before another potential move higher. Solana’s ability to maintain this level reinforces the bullish narrative, suggesting that it’s preparing for another upward push. Top crypto analyst Jelle recently shared his insights on X, expressing confidence in Solana’s price trajectory. Jelle’s technical analysis predicts that SOL will reach new heights before Christmas, highlighting a price target of $300 in the near term. He emphasizes that the current consolidation phase is a positive sign, as it allows for accumulation and builds the momentum necessary for a breakout. However, despite the optimism, the possibility of a prolonged consolidation phase looms if SOL fails to break its all-time high (ATH). This scenario could lead to a temporary stagnation in price action, with SOL ranging sideways as traders await a clearer market direction. Such a consolidation phase would not necessarily be bearish but could delay the anticipated rally. Related Reading: Cardano Follows 2020 Bullish Pattern – Top Analyst Plans To Take Profits Between $4 And $6 For Solana to meet Jelle’s $300 target, bulls must reclaim and hold levels above the ATH, signaling strength and renewed buyer interest. If successful, Solana is poised to enter price discovery once again, securing its position as a top-performing crypto asset in the current market cycle. SOL Testing Liquidity Levels Solana (SOL) is currently trading at $232, showing resilience after successfully holding key demand levels at $210. This critical support has proven vital in maintaining bullish momentum, allowing the price to recover and consolidate above $222. The ability to stay above this mark has strengthened investor confidence, with the focus now shifting to higher targets. The next key resistance for SOL is $246. Breaking above this level would not only signify a bullish breakout but also position SOL to challenge and surpass its all-time high (ATH) of $264. A confirmed breakout above $246 would signal renewed momentum, potentially driving Solana into uncharted territory and reigniting market excitement. Related Reading: PEPE Whales Increased Their Holdings By $1.4 Billion Yesterday – Details However, the bullish scenario depends on SOL’s ability to maintain its upward trajectory. If the price struggles to break above the $246 level in the coming weeks, it risks losing momentum. This could lead to a broader correction, with traders eyeing the $210 demand zone once again as a critical area to watch. Featured image from Dall-E, chart from TradingView
Max Resnick, a reputable Ethereum expert, has taken a bold shift to the Solana blockchain. The change follows his departure from Consensys, where he played an important role in advancing Ethereum’s ecosystem. Given Resnick’s strong ties to Ethereum and growing enthusiasm for Solana, this unexpected decision has sparked debate in the cryptocurrency community. Related Reading: Bitcoin Bet For Amazon? 5% Stake Proposal Raises Eyebrows Resnick wrote a blog post outlining his motivation for joining Solana, emphasizing his wish to become knowledgeable about the protocol’s main components, including consensus processes and fee markets. He clarified, “I want to get up to speed on the implementation details as soon as possible,” adding that his work might open the door for others to eventually help Solana flourish. Last week was my last week at Consensys. Today is my first day at @anza_xyz. I’m taking my talents to Solana. In my first 100 days, I plan on writing a spec for as much of the Solana protocol as I can get to, prioritizing fee markets and consensus implementations where I… — Max Resnick (@MaxResnick1) December 9, 2024 Focus On Collaboration And Innovation Resnick’s decision was not solely about Solana’s technology; he also emphasized the important work of Anza, a Solana-focused R&D firm. He applauded Anza’s behind-the-scenes efforts, namely its contributions to network enhancements. “Those of you in Eth land may not have heard much from them, but they’ve been quietly shipping major improvements to the network over the past year,” Resnick pointed out. Resnick hasn’t completely given up Ethereum despite his transformation. Working as a Research Fellow at Consensys, he will keep providing advise and support. Resnick’s dual function suggests that he aims to cross knowledge between two important blockchain environments, therefore benefiting both communities over time. Solana Price Momentum Positive confidence has helped Solana’s market performance to progressively get better. SOL has risen 5.9%, to $225 within the past 24 hours. The altcoin has surged sharply since early November, surpassing levels of crucial resistance. SOL’s value jumped 215% during the past year, suggesting rising investor confidence. The slow rise in price suggests stronger technical structure and more market use. Analysts predict Solana’s momentum will keep on, especially with well-known people like Resnick on its development team. #Solana $SOL will hit $4,000, based on this cup and handle pattern! pic.twitter.com/dXZLI9urOh — Ali (@ali_charts) December 10, 2024 Related Reading: HBAR To Hit $100? Analyst Points To Utility And Market Cap Potential Differing Price Forecasts Still, forecasts of Solana’s eventual price vary widely. Inspired by the “cup and handle” chart pattern showing on monthly charts, crypto analyst Ali Martinez thinks SOL might reach $4,000. This optimistic framework suggests that a breach above $260 would cause exponential increase. On the other hand, asset management Bitwise has set a more conservative price target of $750, citing macroeconomic variables and broader market patterns. These divergent expectations illustrate the unpredictability in the cryptocurrency world, where optimism and caution frequently coexist. Featured image from Medium, chart from TradingView
The Solana price is currently in a massive supply zone after recent declines in the past 48 hours that cut across the entire crypto landscape. Notably, technical analysis suggests that the Solana price is on the way to a massive breakout that would see both its price and market cap surge by over 1,700% in the near future. This analysis is highlighted by a cup and handle formation that has been in play for over two years. According to Solana price analysis shared on social media platform X by crypto analyst Ali Martinez, a bullish cup and handle pattern on Solana’s chart is pointing to a rally to an unprecedented $4,000. Cup And Handle Pattern Signals Bullish Momentum The cup and handle pattern is a classic technical analysis formation often associated with a strong bullish breakout. This pattern, characterized by a rounded bottom (the cup) followed by a smaller dip (the handle), is considered one of the more reliable indicators in technical trading. Related Reading: Weekly Bull Flag Appears On XRP Price Chart, Why A Double-Digit Is Still Feasible In the case of Solana, the development of this pattern has been in action since 2022 through different market cycles. The cup phase began to take shape during the start of the 2022 bear market and extended throughout the entire persistent downtrend. This period also covers the consolidation phase in early 2023 and the rally that took place in the second half of the year. Together, these movements formed the rounded bottom of the cup, with the latter rally highlighted by a break above five successive Fib extension levels. Interestingly, Martinez’s analysis indicates that Solana is currently in the handle phase for the past eight or so months. As it stands, recent price action has seen the Solana price peeking above the neckline of the cup and handle pattern, culminating with the recent all-time high of $263 on November 23. However, the Solana price has been highlighted by a correction phase since reaching this all-time high, with a low of $205 in the past 24 hours. Implications For Solana Price According to technical analysis, the recent all-time high on November 23 coincides with the 1.00 Fibonacci extension level when drawn from the 2022 bear market low of $8, which serves as the lowest point in the cup and handle pattern. Related Reading: This Analyst Correctly Predicted The Bitcoin Flash Crash To $94,000, But There’s A New Target However, the correction that ensued since the all-time high has seen the Solana price retesting the breakout level of neckline for the cup and handle pattern. Such a retest is a common occurrence in cryptocurrency markets, especially after breaking through long-standing resistance levels. With this in mind, Martinez predicted a bounce at the neckline and a resumption of the uptrend. Martinez’s prediction envisions a break above the next four Fib extension levels up until 1.786 Fib extension. If this trajectory were to play out this way, it would drive the Solana price above multiple psychological thresholds, ultimately surpassing $4,000 at the 1.786 extension level., representing a 1,700% increase from the current price of Solana. At the time of writing, Solana is trading at $219. Featured image created with Dall.E, chart from Tradingview.com
Solana has faced a sharp 23% correction since reaching new all-time highs nearly three weeks ago. This pullback, though significant, reflects broader market conditions as Bitcoin and altcoins enter a phase of indecision. The market is currently searching for support and consolidating below critical levels, with investors closely monitoring whether this phase will lead to recovery or further downside. Related Reading: Cardano Follows 2020 Bullish Pattern – Top Analyst Plans To Take Profits Between $4 And $6 Top analyst Jelle recently shared a technical analysis on X, suggesting that Solana holds promising upside potential. According to Jelle, if Solana can reclaim the $222 level in the coming days, it will likely trigger a quick and substantial surge. This key price point is a critical threshold that could shift sentiment and reignite bullish momentum for the popular altcoin. While the broader market remains uncertain, Solana’s ability to recover and build momentum above $222 could set the stage for a decisive breakout. However, failure to reclaim this level could prolong its consolidation or lead to further retracement. Solana remains a closely watched asset, with retail and institutional investors waiting for clearer signals on its next direction. Will it recover its bullish trajectory or face continued selling pressure? The coming days are likely to provide answers. Solana Finding Support In Previous Resistance Solana has retraced to test crucial liquidity levels between $200 and $210, an area that previously acted as resistance but is now being evaluated as support. This zone holds significant importance for SOL’s price action, as it could determine whether the asset continues its bullish momentum or faces further consolidation. Related Reading: Dogecoin Pressing Range Highs – Can Bulls Push DOGE To ATH? Solana’s price action is in a consolidation phase with no definitive direction, but the signs of a potential breakout are becoming clearer. The asset appears poised to make a decisive move, particularly if it reclaims key levels in the coming sessions. Analyst Jelle recently shared insights on X, emphasizing the critical importance of the $222 level. Jelle noted, “Reclaim $222, and SOL quickly steps back into the spotlight. Deviate those lows and send it higher.” This suggests that if Solana successfully reclaims this key level, it could re-enter price discovery, triggering a massive breakout and attracting renewed attention from retail and institutional investors. Should Solana achieve this, it may set the stage for a rally that mirrors its earlier impressive performance, reaffirming its position as one of the top-performing altcoins in the market. Conversely, failure to hold the $200-$210 support range could lead to further consolidation or a deeper correction. Solana remains a focal point in the market, with investors eagerly awaiting its next move. SOL Testing Crucial Demand Solana (SOL) is trading at $220, showing resilience after tagging the $203 level twice in the past week. This area has proven to be a strong support zone, as buyers stepped in to prevent further declines. The price now hovers near a critical juncture, with market participants closely watching for the next major move. If SOL can hold above the $203 support and reclaim the $238 resistance area, a quick recovery could follow, potentially paving the way for a renewed bullish trend. Reclaiming $238 would signal strength and attract fresh buying interest, pushing SOL back into higher trading ranges. However, this recovery may take time as the broader crypto market consolidates in indecision. Bitcoin and other major altcoins also move sideways, adding to the uncertainty around Solana’s immediate price action. Until a breakout or breakdown occurs, SOL is likely to remain range-bound. Related Reading: PEPE Whales Increased Their Holdings By $1.4 Billion Yesterday – Details Traders and investors should monitor these key levels closely. A sustained break above $238 could reignite bullish momentum, while failure to hold the $203 support may lead to a deeper correction. For now, patience is required as Solana navigates this critical phase in its price action. Featured image from Dall-E, chart from TradingView
Solana (SOL) has seen its rally slow down in the last few days, dropping 23% from its new all-time high (ATH) and over 8% in the past day. Some investors worry about the Altcoin’s short-term performance as the crypto market pulls back. Related Reading: Bitcoin Sees First Close Above $100,000, But Is A Big Correction Coming? Solana Drops To Lowest Level In A Month Solana has been one of the leading cryptocurrencies this cycle, outperforming most of the market and stealing the headlines. Unlike most altcoins, the cryptocurrency outperformed during the Q2 and Q3 retraces, holding above pre-bull run levels. As Q4 started, Solana continued to hover within the $110-$180 price range, breaking above this range after the market’s post-election pump. SOL’s momentum propelled the token past its yearly high and successfully reclaimed the $200 barrier. The token continued to climb higher until its new ATH of $263 on November 23. Since then, Solana hovered between the $245-$220 price range, fueling investors’ optimism about the altcoin’s next “price discovery” move. Nonetheless, SOL’s price has taken a blow in the past day alongside Bitcoin and the rest of the crypto market. Solana saw an 8.7% correction in the last 24 hours, falling to the $210 support level before dropping below it. The cryptocurrency is now retesting the key $200-$210 zone as support for the first time since breaking past it, falling below the $205 level on Tuesday morning. Crypto analyst Altcoin Sherpa shared a possible bearish outlook for SOL’s short-term performance based on the ongoing price retest. Per the post, “SOL weakness has been pretty obvious, and it’s being reflected in the sol shitcoin price action as well.” The analysts explained that the current price action looks seemingly underwhelming, suggesting that holding the $200-$210 region is crucial. Failing to hold this zone would likely send the price to the pre-election resistance level of $180, which has not been tested as support since breaking above it over a month ago. SOL Eyes Higher Targets Similarly, Crypto Jack forecasted a potential fall to the $180-$160 range if SOL fails its retest of the $200 mark as support. However, he considers the over 10% drop a “buy the dip” opportunity for investors. According to his potential play for Solana, the cryptocurrency would bounce to its ATH levels and attempt to break past them. Other market watchers pointed out that SOL is currently retesting the weekly and monthly timeframe resistance as support, which could see Solana go higher “as long as it holds.” Crypto analyst Jelle reaffirmed his $600 target for the cryptocurrency, noting that it “performed incredibly during the first year of the cycle” and will “be a winner again in the coming months.” Related Reading: Cardano Follows 2020 Bullish Pattern – Top Analyst Plans To Take Profits Between $4 And $6 Meanwhile, Bitwise’s latest report predicted that SOL could rally over 200% in 2025. The asset manager’s CIO, Matt Hougan, and Head of Research, Ryan Rasmussen, consider that the altcoin’s momentum “is just beginning to build,” predicting it will hit $750 next year. At the time of writing, Solana is trading at $204, an 8.5% and 3.1% decline in the daily and monthly timeframe. Featured Image from Unsplash.com, Chart from TradingView.com
Solana started a downside correction below the $230 zone. SOL price is now recovering losses and facing hurdles near the $220 level. SOL price started a fresh increase after it tested the $204 zone against the US Dollar. The price is now trading below $230 and the 100-hourly simple moving average. There is a key bearish trend line forming with resistance at $220 on the hourly chart of the SOL/USD pair (data source from Kraken). The pair could start a fresh increase if the bulls clear the $220 zone. Solana Price Eyes Upside Break Solana price formed a support base and started a fresh increase from the $204 level like Bitcoin and Ethereum. There was a decent increase above the $210 and $212 resistance levels. There was a move above the 23.6% Fib retracement level of the downward move from the $243 swing high to the $203 low. However, the price is now facing many hurdles near $220. Solana is now trading above $218 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $220 level. There is also a key bearish trend line forming with resistance at $220 on the hourly chart of the SOL/USD pair. The next major resistance is near the $224 level or the 50% Fib retracement level of the downward move from the $243 swing high to the $203 low. The main resistance could be $228. A successful close above the $228 resistance level could set the pace for another steady increase. The next key resistance is $235. Any more gains might send the price toward the $250 level. Another Decline in SOL? If SOL fails to rise above the $220 resistance, it could start another decline. Initial support on the downside is near the $212 level. The first major support is near the $205 level. A break below the $205 level might send the price toward the $200 zone. If there is a close below the $200 support, the price could decline toward the $188 support in the near term. Technical Indicators Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone. Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level. Major Support Levels – $212 and $205. Major Resistance Levels – $220 and $228.
Solana (SOL) is holding firm at a critical $209 support level, as the recent bearish surge has failed to break below this level. After recent price fluctuations, SOL’s ability to hold steady at this key zone has sparked speculation that a rebound might be on the horizon. With market dynamics shifting and technical indicators offering mixed signals, the question remains: will the bulls take charge and propel SOL upward, or will further decline occur? Bearish Pressure Eases: Can The Solana Bulls Step In? Solana has experienced a notable reaction at the $209 support level, a zone that has proven critical in maintaining its bullish structure. After testing this key level, the price has shown early signs of a potential rebound, suggesting that bearish pressure is easing and buyers may be regaining control. Related Reading: Solana (SOL) Back on Track: Is The Uptrend Here to Stay? Furthermore, the reaction at $209 has captured the attention of market participants, with many anticipating a rally toward the next resistance level at $240. In order to sustain this upward movement, SOL must break through nearby hurdles, such as the $240 and $260 resistance zones. A successful push past these levels could pave the way for a broader uptrend. Conversely, if the rebound falters, a retest of the $209 support could occur, increasing the risk of a deeper correction. Thus far, the initial reaction and signs of recovery offer hope that Solana may be positioning itself for another leg up in the coming sessions. Technical Indicators Signal A Potential Turnaround The 4-hour Relative Strength Index (RSI) has dipped into the oversold zone, a level often associated with heightened selling pressure and the potential exhaustion of the bearish trend. Currently, the RSI is attempting to rise out of this zone, suggesting a possible shift in momentum as buying interest begins to reemerge. A move out of the oversold territory is typically viewed as a bullish signal, indicating that sellers may be losing dominance and paving the way for buyers to regain control. If the RSI successfully climbs above the oversold threshold, it may trigger a larger recovery phase, particularly accompanied by increasing volume and positive price action. Related Reading: Solana (SOL) Bulls Stay in Control: Rally Far From Over? Finally, Solana’s price continues to trade above the 1-day 100-day Simple Moving Average (SMA), a critical indicator that underscores its broader bullish trajectory despite recent market fluctuations. Maintaining a position above this moving average suggests that optimistic sentiment remains intact, even amid short-term corrections. This level serves as a key threshold where buyers are likely to step in, reinforcing the price and preventing more declines. Historically, staying above the 100-day SMA has often preceded significant upward moves, making it a closely watched indicator by market participants. Featured image from Adobe Stock, chart from Tradingview.com
Solana-native Raydium beat Uniswap in decentralized exchange trading volumes in October and November, according to Messari.
Solana (SOL) has captured significant attention in the crypto market after a series of volatile days that followed its breakout to a new all-time high on November 22. The asset, known for its speed and scalability, is now testing critical demand levels around $220, a zone that could determine its next move. Related Reading: PEPE Whales Increased Their Holdings By $1.4 Billion Yesterday – Details Renowned investor and trader Carl Runefelt shared a detailed technical analysis on X, highlighting the formation of a massive symmetrical triangle that Solana has been tracking since early November. According to Runefelt, this pattern indicates a period of consolidation before a potentially explosive move. If Solana breaks out of this formation, Runefelt projects a price target of $295, signaling a significant upside for the altcoin. With Solana’s ability to sustain high demand and the broader crypto market showing bullish sentiment, all eyes are on whether SOL can capitalize on this momentum. The coming days will be pivotal as the price action unfolds, setting the stage for either a continuation of its rally or a deeper correction. As SOL traders watch closely, the market anticipates a decisive move that could redefine Solana’s trajectory for the rest of the year. Solana Finding Fuel To Rise Solana (SOL) has seen a pullback after reaching an all-time high of $264 on November 22, as the broader crypto market experienced increased volatility. While some investors view this retrace cautiously, many analysts interpret it as a healthy demand retest—a necessary pause to build momentum for another leg up. Currently, Solana is consolidating around key support levels, positioning itself for a potential breakout. Investor and trader Carl Runefelt shared insights on X, highlighting a bullish pattern forming on Solana’s chart. According to Runefelt, this structure, which has been developing over the past few weeks, signals that SOL could be preparing for a significant breakout. He emphasizes that if Solana manages to break above this pattern with sustained buying pressure, it could easily surpass its previous highs and push into uncharted territory. Runefelt’s analysis aligns with the broader market sentiment that views Solana as one of the most promising blockchain ecosystems. Its strong fundamentals and increasing adoption and institutional interest create a favorable backdrop for continued growth. Related Reading: Dogecoin Pressing Range Highs – Can Bulls Push DOGE To ATH? As Solana consolidates, the next few days will be critical. A break above its current pattern could trigger a massive rally, potentially driving the price significantly higher. Conversely, failure to hold key support levels could lead to a deeper correction. Investors are watching closely for now, waiting for a decisive move to determine Solana’s trajectory in the weeks ahead. Price Testing Critical Demand Solana (SOL) is currently trading at $217, maintaining a crucial demand level that has become a focal point for both bulls and bears. This zone has acted as a strong support, and its integrity is critical to sustaining bullish momentum. However, if SOL were to lose this level, it could spark panic among investors, many of whom are banking on continued growth in the coming months. The $210 mark serves as a psychological threshold for market participants. Holding above this level would reaffirm Solana’s strength and suggest that the current retrace is a healthy consolidation phase. On the other hand, breaching this support could shift sentiment, leading to increased selling pressure and a potential dip to lower levels. Related Reading: XRP Price Forecast – Analyst Sets $4 Target After Potential Retrace For a bullish continuation, SOL must hold above $210 and reclaim $225 in the coming weeks. Such a move would signal renewed buying interest and position Solana for a potential breakout. If this scenario unfolds, analysts anticipate a massive rally that could push SOL toward new highs, reaffirming its status as a top-performing crypto asset. Investors are closely watching these key levels, as Solana’s price action in the coming weeks will likely set the tone for its mid-term trajectory. Featured image from Dall-E, chart from TradingView
The crypto market smashed a set of new records last week, with Bitcoin surging past $100,000 for the first time and Ether revisiting $4,000.
With massive gains over the past few days, Solana has shown true potential in this ongoing bull cycle, making SOL one of the best-performing crypto assets in the market. As a result of the upswing, there is growing confidence within the community about the likelihood of SOL surging to higher resistance levels or a new […]
Solana (SOL) could be one of the biggest winners from the nomination of David O. Sacks as White House Director of Artificial Intelligence and Cryptocurrency. President-elect Donald J. Trump has appointed David Sacks as “Crypto Czar” on Thursday. Trump stated that Sacks will work to develop a legal framework to provide the crypto industry with the clarity it has been seeking, allowing the industry to flourish in the United States. Sacks brings a high-profile background to the role: he was Chief Operating Officer of PayPal during its formative years and serves as an advisor to the 0x protocol. Related Reading: Solana (SOL) Could See A Correction Despite Historic Monthly Close, $400 Still On Sight? Known for his long standing support of Bitcoin as a decentralized hedge against traditional finance and a proponent of decentralized finance (DeFi) for increasing transparency in the financial system, Sacks has also invested in multiple cryptocurrency projects through his venture capital firm, Craft Ventures. Why Sacks Is Super Bullish For Solana Among his most notable exposures is his early investment in the Solana blockchain, achieved through the crypto-focused investment firm Multicoin Capital. In 2023, Sacks confirmed that he maintained his Solana (SOL) position despite the FTX-related market turbulence and remained “up big.” Craft Ventures’ early involvement with Solana, via Multicoin Capital, reportedly generated substantial returns. According to Sacks’ own account on a podcast (when SOL stood at $169), this investment soared to a valuation around $1 billion. “That fund, I mean, it’s like a 100x fund, it’s just like bonkers. And so as a result of that, we are indirect beneficiaries of this huge increase in Solana. It will end up being about, you know, a billion dollars of, I think, Solana for us in terms of returns, but the MultiCoin guys determine the trading decisions on that,” Sacks revealed during a podcast. Sacks has discussed Solana in detail on the All-In Podcast with Chamath Palihapitiya, the founder and CEO of Social Capital. Their conversations have highlighted Solana’s capability to support rapid, cost-effective transactions at scale, often comparing its architecture and throughput favorably against that of Ethereum. “There’s a lot of people, I’d say smart money in Silicon Valley, who are betting on a flippening where Solana could ultimately overtake Ethereum as the preferred platform,” Sacks remarked. Related Reading: Solana (SOL) ATH Sparks $309 Price Prediction Frenzy – Details Notably, a spot Solana ETF is just around the corner in the US with 5 applications already filed with the US Securities and Exchange Commission. With the appointment of Sacks, the likelihood of a spot SOL ETF following the departure of Gary Gensler as SEC Chairman on January 20 is likely to have increased further. Solana’s strong fundamentals and growing institutional recognition are being reflected in its price action. At press time, Solana is trading just below a new all-time high established two days ago at $264.39, having surpassed its previous record from October 2021 at $259.90. Should SOL breach this newly formed resistance level, technical analysts point to potential upside targets. These include the 1.272 Fibonacci extension at around $328 and the 1.618 Fibonacci extension at approximately $415. At press time, SOL traded at $234. Featured image from YouTube, chart from TradingView.com
The US financial regulator has reportedly notified at least two of five issuers seeking approval for a spot SOL exchange-traded fund.
New US “crypto czar” David Sacks is very bullish on Solana and is among investors of SOL-related investment firm Multicoin Capital.