The cryptocurrency community is speculating about a potential Solana (SOL) price explosion. Adding to this speculation? Recent large-scale SOL purchases by affluent investors, or “whales,” and market analysts’ optimistic forecasts. Related Reading: XRP Price Struggles to Hold Gains—Could Bears Take Over? Whales Spring Back To Life: Bullish Sign? The lifeblood of crypto analysis, on-chain data shows an interesting tendency: Two once dormant “smart money” addresses have sprung alive and each is grabbing large amounts of SOL. Identified as “GJwCU,” one of these whales re-emerged to collect 30,901 SOL tokens, a cool $6.24 million, following a year in slumber. This particular whale has made money dealing in the past; it once made a $8.15 million profit. Their increased interest says a lot. At an average price of $202, another wallet called “5qDx” also broke its two-month silence by taking out 61,319 SOL tokens, which are worth a good $12.4 million. It’s hard to miss these huge purchases, which usually mean that people have a lot of faith in the future of a coin. A smart whale resurfaced after 2 months and withdrew 61,319 $SOL ($12.4M) from #Binance and #OKX at ~$202.53 today! Previously, this whale had completed 2 $SOL trades between Dec 27, 2023, and Nov 30, 2024, earning an estimated total profit of $8.47M (+38.9%) with a 100% win… pic.twitter.com/2XNJok4bvA — Spot On Chain (@spotonchain) February 10, 2025 Analyst Eyes $296 Target Market analyst VipRoseTr has added fuel to the fire by voicing their opinion, predicting a potential price hike of $296. There is nothing magical about this forecast. Keeping strong support levels and recovering from important technical zones are two of Solana’s strengths, according to VipRoseTr. This suggests underlying strength and a most likely increasing breakout probability. Analyst forecasts influence market sentiment and investing behavior even if they should always be taken with a grain of salt. ???? $SOL Price Targets & Bullish Structure ???? #Solana ($SOL) is maintaining strong support and bouncing from key levels, signaling potential for further upside. ???? Key Targets: T1: $296.38 T2: $339.55 T3: $384.56 ???? Technical Outlook: A breakout above recent highs could push… pic.twitter.com/GJSlHW48MZ — Rose Premium Signals ???? (@VipRoseTr) February 10, 2025 Solana’s Ecosystem: The Long Game Beyond the whale activity and price forecasts, Solana’s fast growing ecosystem is another important element at work. Long-term survival of a cryptocurrency depends on a dynamic ecosystem bursting with decentralized apps (dApps) and projects. Related Reading: Cardano (ADA) Struggles to Sustain Gains—Is the Uptrend in Trouble? Market Sentiment: A Cautious Optimism Right now, the price of Solana is around $204, which is a small drop of 0.06% in the last 24 hours. But the bigger story is more important than this small difference. Over the past week, SOL has only slightly gone up by about 2%, which suggests that the market has been pretty stable despite its normal fluctuations. With 490 million SOL in circulation, the value of the SOL market is close to $97 billion. In general, people seem to be feeling cautiously optimistic. Expert predictions and whale activity are mostly good, but the crypto market is known for being very unstable. Featured image from Medium, chart from TradingView
Crypto analyst Trader Tardigrade has drawn the community’s attention to a bullish pattern that has formed for Solana. Based on this pattern, the analyst predicted that SOL could witness a parabolic rally to a new all-time high (ATH) and provided a target that the crypto could reach. Solana Could Rally To $565 As Ascending Triangle Forms In an X post, Trader Tardigrade predicted that Solana could rally to $565 following the formation of an ascending triangle. He noted that SOL has been forming ascending triangles before each recent breakout. The analyst added that Solana reaches its target at Fibonacci 2.618 after each breakout. Related Reading: Solana Price Will Complete 1,800% Surge To $4,000 With This Formation: Analyst In line with this, Trader Tardigrade predicts that Solana can reach $565 once this ascending triangle completely forms. The analyst revealed that the current ascending triangle is more than halfway complete, indicating this parabolic rally could soon happen. His accompanying chart also showed that SOL could reach this price target as early as April. Asset manager VanEck also recently provided a bullish outlook for Solana, predicting it can reach $500 by year-end 2025. The asset manager’s analysts explained that this projection is supported by Solana’s developer dominance, increasing market share in decentralized exchange (DEX) volumes, revenues, and active users. Meanwhile, crypto analyst Ali Martinez suggested that Solana couldn’t rally to as high as $500 but predicted it could reach at least $350. However, he warned that SOL needs to hold above the support level at $198. In a more recent X post, he also raised the possibility of Solana reaching $380. The analyst stated that Solana is testing a key support level at the lower boundary of the parallel channel he highlighted on the charts. According to him, holding above this support level could strengthen the uptrend, fueling a rally to $387. SOL Needs To Reclaim The $220 Level In an X post, crypto analyst Jelle stated that the first mission for Solana is to reclaim $220. This came has he noted that SOL is holding the key support level so far. The analyst indicated that it would be ideal for SOL to bounce from its current level if its price action is to remain short-term bullish. In line with this, he remarked that the first mission is to reclaim $220. Related Reading: Solana Price At $4,000? Cup And Handle Pattern Shows Why This Is Possible Crypto analyst CryptoElites asserted that Solana is preparing for a massive move. The analyst revealed that the 2021 downtrend has been broken, and SOL is holding above it. Based on this, he outlined $450, $678, and $1,099 as his targets for Solana in this market cycle. The analyst again reaffirmed that the technical outlook is fully positive with big moves ahead. At the time of writing, the Solana price is trading at around $202, down over 1% in the last 24 hours, according to data from CoinMarketCap. Featured image from Unsplash, chart from Tradingview.com
Solana started a fresh decline from the $220 zone. SOL price is consolidating and might face resistance near the $215 and $220 levels. SOL price started a fresh decline below the $215 and $212 levels against the US Dollar. The price is now trading below $212 and the 100-hourly simple moving average. There is a short-term declining channel or a bullish flag forming with resistance at $213 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 Faces Resistance Solana price struggled to clear the $250 resistance and started a fresh decline, like Bitcoin and Ethereum. SOL declined below the $220 and $200 support levels. It even dived below the $180 level. The recent low was formed at $175 before the price climbed and tested the $220 resistance. A high was formed at $220 and the price is now consolidating. There was a drop below the 23.6% Fib retracement level of the upward move from the $175 swing low to the $220 high. Solana is now trading below $220 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $212 level. There is also a short-term declining channel or a bullish flag forming with resistance at $213 on the hourly chart of the SOL/USD pair. The next major resistance is near the $215 level. The main resistance could be $220. A successful close above the $220 resistance zone could set the pace for another steady increase. The next key resistance is $232. Any more gains might send the price toward the $250 level. Another Decline in SOL? If SOL fails to rise above the $215 resistance, it could start another decline. Initial support on the downside is near the $202 zone. The first major support is near the $198 level or the 50% Fib retracement level of the upward move from the $175 swing low to the $220 high. A break below the $198 level might send the price toward the $192 zone. If there is a close below the $192 support, the price could decline toward the $175 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 – $202 and $198. Major Resistance Levels – $215 and $220.
Solana started a fresh decline below the $250 support. SOL price is consolidating and might face resistance near the $235 and $242 levels. SOL price started a fresh decline below the $250 and $240 levels against the US Dollar. The price is now trading below $240 and the 100-hourly simple moving average. There is a key bearish trend line forming with resistance at $235 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 $242 zone. Solana Price Dips Below $250 Solana price struggled to clear the $260 resistance and started a fresh decline, like Bitcoin and Ethereum. SOL declined below the $250 and $242 support levels. It even dived below the $230 level. The recent low was formed at $225 and the price is now consolidating losses. It climbed a few points above the $230 level. It cleared the 23.6% Fib retracement level of the downward move from the $244 swing high to the $225 low. Solana is now trading below $240 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $235 level or the 50% Fib retracement level of the downward move from the $244 swing high to the $225 low. There is also a key bearish trend line forming with resistance at $235 on the hourly chart of the SOL/USD pair. The next major resistance is near the $242 level. The main resistance could be $250. A successful close above the $250 resistance zone could set the pace for another steady increase. The next key resistance is $260. Any more gains might send the price toward the $275 level. Another Decline in SOL? If SOL fails to rise above the $235 resistance, it could start another decline. Initial support on the downside is near the $225 zone. The first major support is near the $222 level. A break below the $222 level might send the price toward the $212 zone. If there is a close below the $212 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 – $225 and $222. Major Resistance Levels – $235 and $242.
Solana started a fresh increase above the $240 resistance. SOL price is back above $2500 and might aim for a fresh increase above the $262 zone. SOL price started a fresh increase above the $240 and $250 levels against the US Dollar. The price is now trading above $250 and the 100-hourly simple moving average. There was a break above a key bearish trend line with resistance at $245 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 $262 zone. Solana Price Reclaims $250 Solana price formed a base above $225 and started a decent upward move, like Bitcoin and Ethereum. SOL was able to climb above the $235 and $240 resistance levels. There was a break above a key bearish trend line with resistance at $245 on the hourly chart of the SOL/USD pair. The pair even cleared the 50% Fib retracement level of the downward move from the $272 swing high to the $230 low. Solana is now trading above $250 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $262 level or the 76.4% Fib retracement level of the downward move from the $272 swing high to the $230 low. The next major resistance is near the $272 level. The main resistance could be $280. A successful close above the $280 resistance zone could set the pace for another steady increase. The next key resistance is $292. Any more gains might send the price toward the $300 level. Another Decline in SOL? If SOL fails to rise above the $262 resistance, it could start another decline. Initial support on the downside is near the $250 zone and the 100-hourly simple moving average. The first major support is near the $240 level. A break below the $240 level might send the price toward the $230 zone. If there is a close below the $230 support, the price could decline toward the $215 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 – $250 and $240. Major Resistance Levels – $262 and $272.
Solana price action is heating up as bulls show efforts to fend off bearish pressure and maintain the cryptocurrency above the vital $240 support level. This threshold has emerged as a key marker of market sentiment, serving as a critical point of defense for buyers aiming to keep the uptrend intact. The battle around $240 underscores its importance as a technical support zone and a psychological barrier that is likely to influence SOL’s trajectory in the near term. A successful defense at this level could inject fresh energy into the market, bolstering confidence among traders and paving the way for a potential rally. With buyers holding the line, Solana might target higher resistance levels, reigniting investors’ optimism. However, failure to maintain $240 would shift the narrative, opening the door to further declines and allowing bearish dominance. Robust Resilience Of Solana Bulls At The $240 Mark Solana’s bulls have exhibited remarkable strength and resilience in holding the $240 support level, successfully outweighing bearish pressure. Despite the challenges, the price is currently attempting to push toward the $260 level, a clear sign that the bulls are gaining control over the market. This upward movement indicates a change in sentiment, with buying interest intensifying and overshadowing the selling pressure. Related Reading: Solana Experiences A ‘Scary Sweep’ After Breaking ATH – SOL To $600? The ongoing move toward $260 highlights the positive resolve as traders increasingly target higher price levels. If Solana successfully breaks above the $260 resistance, it might signal the continuation of the uptrend, with the bulls possibly regaining full control and targeting even higher resistance points. This upward movement is backed by increasing buyer confidence, reflected by the bulls’ determination to hold above key support levels. Technical indicators are providing key insights into SOL’s next potential move. The 4-hour Simple Moving Average (SMA) is currently demonstrating a bullish trend as Solana’s price remains above this moving average, suggesting continued upward momentum. Also, the Relative Strength Index (RSI) has recently risen to 60% after a brief decline to 50%, signaling a shift in market dynamics. This notable increase from 50% to 60% suggests that more buyers are entering the market, strengthening the upward pressure on Solana’s price. Key Resistance Levels To Watch If Bulls Hold The Line If bulls successfully hold the line and maintain their strength above the $240 support level, the next key resistance level to watch is $260. Looking at the chart, this level is significant as it marks an important hurdle for the bulls to overcome in order to continue their bullish push. Related Reading: Solana Must Reclaim Momentum In The Coming Weeks – SOL/BTC Ratio At A Pivotal Point A breakout above $260 would signal the continuation of the uptrend and open the door for further gains, with the next resistance lying higher up the chart. Featured image from Adobe Stock, chart from Tradingview.com
Solana price action has taken a bullish turn, with the cryptocurrency reclaiming the critical 4-hour Simple Moving Average (SMA) and setting its sights on the $209 resistance level. This recovery reflects renewed buying interest and growing optimism among traders as SOL bounces back from recent consolidation. Drawing closer to $209, SOL is seeing increased trading activity, underscoring heightened confidence in the asset’s potential for further upside. However, the journey to $209 presents challenges as resistance levels and possible profit-taking could temper the pace of the rally. Maintaining this upward trajectory will require sustained buying pressure and strong market support. With Bulls leading the charge, Solana’s performance at the $209 level might be a defining moment. A successful breakout would confirm the recovery and open the door for more gains, reinforcing bullish sentiment surrounding the cryptocurrency. Technical Indicators Signal Renewed Buying Pressure Several technical indicators are pointing to renewed buying pressure for Solana, suggesting that bulls are regaining control of the market. A key signal comes from the altcoin’s recent move above the 4-hour SMA, a widely regarded indicator of short-term momentum. Related Reading: Solana (SOL) Back Above $200: Will It Hold or Fade? This breakout often reflects a shift in sentiment, with buyers gaining strength and setting the stage for possible upside. The 4-hour SMA now serves as a critical support level, reinforcing confidence in the bullish trend as long as the price remains above it. Adding to this optimism is the Relative Strength Index (RSI), which has surged above the 50% neutral mark and is steadily climbing. The RSI’s position in bullish territory indicates that buying activity is outpacing selling pressure as traders are increasingly confident in SOL’s ability to sustain upward movement. If the RSI continues to rise but remains below overbought levels, it could create room for further growth without immediate risk of a reversal. With the 4-hour SMA and RSI painting a positive technical picture for Solana, its rally might extend toward higher resistance levels. However, keeping a close eye on these indicators for signs of exhaustion is important since any dips below the 4-hour SMA or an RSI overextension may hint at a potential pullback. For now, the market remains optimistic as technical signals align in favor of the bulls. Resistance At $209: A Make-Or-Break Moment For Solana The $209 resistance level is a decisive point, marking a key moment in SOL’s upward journey. A breakout above this level would validate the uptrend and pave the way for additional gains. Surpassing $209 may cause Solana’s upward momentum to extend to test higher resistance levels such as $240 and $260. Related Reading: Solana Reclaims Key Levels Amid Market Volatility – Reclaim $210 And New Highs Are Next However, if Solana fails to break through the $209 level, it could result in a pullback, with the price potentially testing lower support levels like $194 and $164. This might lead to a phase of consolidation, where the market re-evaluates its next move before attempting another rally. Featured image from Adobe Stock, chart from Tradingview.com
Solana started a decent increase above the $188 resistance. SOL price is back above $200 and might struggle to continue higher above $205. SOL price started a fresh increase above the $185 and $188 levels against the US Dollar. The price is now trading above $195 and the 100-hourly simple moving average. There is a connecting bullish trend line forming with support at $196 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 $205 zone. Solana Price Reclaims $200 Solana price formed a base above $175 and started a decent upward move, like Bitcoin and Ethereum. SOL was able to climb above the $180 and $185 resistance levels. The bulls pushed it above the $188 resistance and then $200. A high was formed at $206 and the price is now consolidating gains near the 23.6% Fib retracement level of the upward move from the $186 swing high to the $206 low. Solana is now trading above $195 and the 100-hourly simple moving average. There is also a connecting bullish trend line forming with support at $196 on the hourly chart of the SOL/USD pair. On the upside, the price is facing resistance near the $205 level. The next major resistance is near the $212 level. The main resistance could be $220. A successful close above the $220 resistance zone could set the pace for another steady increase. The next key resistance is $232. Any more gains might send the price toward the $245 level. Another Decline in SOL? If SOL fails to rise above the $205 resistance, it could start another decline. Initial support on the downside is near the $196 zone and the trend line. The first major support is near the $190 level or the 76.4% Fib retracement level of the upward move from the $186 swing high to the $206 low. A break below the $190 level might send the price toward the $185 zone. If there is a close below the $185 support, the price could decline toward the $172 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 above the 50 level. Major Support Levels – $196 and $190. Major Resistance Levels – $205 and $212.
Solana failed to clear the $205 resistance and trimmed gains. SOL price is now below $192 and showing a few bearish signs. SOL price started a fresh decline after it failed to stay above $200 against the US Dollar. The price is now trading below $192 and the 100-hourly simple moving average. There is a connecting bearish trend line forming with resistance at $190 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 $192 zone. Solana Price Dips Again Solana price struggled to clear the $200-$205 zone and started a fresh decline, like Bitcoin and Ethereum. There was a move below the $200 and $192 support levels. The price even dipped below the $185 support. A low was formed at $182.20, and the price is now consolidating losses below the 23.6% Fib retracement level of the downward move from the $223 swing high to the $182 low. Solana is now trading below $192 and the 100-hourly simple moving average. There is also a connecting bearish trend line forming with resistance at $190 on the hourly chart of the SOL/USD pair. On the upside, the price is facing resistance near the $190 level. The next major resistance is near the $192 level. The main resistance could be $200 or the 50% Fib retracement level of the downward move from the $223 swing high to the $182 low. A successful close above the $200 resistance zone could set the pace for another steady increase. The next key resistance is $212. Any more gains might send the price toward the $225 level. Another Decline in SOL? If SOL fails to rise above the $192 resistance, it could start another decline. Initial support on the downside is near the $182 level. The first major support is near the $180 level. A break below the $180 level might send the price toward the $175 zone. If there is a close below the $175 support, the price could decline toward the $162 support in the near term. Technical Indicators Hourly MACD – The MACD for SOL/USD is gaining pace in the bearish zone. Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level. Major Support Levels – $182 and $180. Major Resistance Levels – $190 and $192.
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Solana failed to clear the $225 resistance and trimmed gains. SOL price is now below $200 and showing a few bearish signs. SOL price started a fresh decline after it failed to stay above $220 against the US Dollar. The price is now trading below $200 and the 100-hourly simple moving average. There is a connecting bearish trend line forming with resistance at $204 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 $205 zone. Solana Price Dips Again Solana price struggled to clear the $220-$225 zone and started a fresh decline, like Bitcoin and Ethereum. There was a move below the $212 and $205 support levels. The price even dipped below the $200 handle. A low was formed at $196.73, and the price is now consolidating losses below the 23.6% Fib retracement level of the downward move from the $223 swing high to the $196 low. Solana is now trading below $200 and the 100-hourly simple moving average. There is also a connecting bearish trend line forming with resistance at $204 on the hourly chart of the SOL/USD pair. On the upside, the price is facing resistance near the $204 level. The next major resistance is near the $210 level or the 50% Fib retracement level of the downward move from the $223 swing high to the $196 low. The main resistance could be $213. A successful close above the $213 resistance level could set the pace for another steady increase. The next key resistance is $225. Any more gains might send the price toward the $240 level. Another Decline in SOL? If SOL fails to rise above the $205 resistance, it could start another decline. Initial support on the downside is near the $196 level. The first major support is near the $188 level. A break below the $180 level might send the price toward the $175 zone. If there is a close below the $175 support, the price could decline toward the $162 support in the near term. Technical Indicators Hourly MACD – The MACD for SOL/USD is gaining pace in the bearish zone. Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level. Major Support Levels – $196 and $188. Major Resistance Levels – $205 and $210.
Solana’s strong rally is losing momentum as prices face a pullback, suggesting a potential correction toward the $209.9 support level. After a period of bullish gains, market dynamics and profit-taking impact its upward movement. This pullback signals a pause in the bullish trend, with traders and investors watching for signs of recovery or further decline. The $209.9 support zone is crucial for Solana, as its ability to hold will likely determine the next price movement. A successful defense could spark renewed buying interest and lead to a rally, while a breach of this support may trigger deeper corrections, impacting market sentiment. A Pullback To $209.9 In Sight For Solana Bears have taken control after the pullback at $223, overpowering the bulls and driving the price toward the critical $209.9 support level. This shift in market sentiment reflects growing selling pressure, with bears looking to push the price even lower. Bulls’ failure to maintain prices above $223 has raised concerns about the strength of the current uptrend. Related Reading: Solana Price Will Complete 1,800% Surge To $4,000 With This Formation: Analyst With the $209.9 support level now in focus, the market is at a critical juncture. If the price fails to hold at this level, it may signal a lengthy correction. On the other hand, if the bulls manage to defend the support and regain control, the market might stabilize and set the stage for another rally. The battle between the bulls and bears is now centered on this support zone, and the next price action will likely reveal the direction in which the asset is headed. Traders should remain vigilant as the outcome of this test could have significant implications for the short-term price movement. Additionally, technical indicators suggest that the rally may be losing steam, with a slight bearish divergence appearing on the RSI and a slowdown in buying pressure. A retracement to $209.9 is likely to provide the market with an opportunity to reset, offering bulls a chance to consolidate and prepare for a possible rebound. Evaluating Crucial Support And Resistance Zones For Price Direction Evaluating the key support and resistance zones is essential for predicting the future direction of the price movement. In this case, the $209.9, $194, and $164 support levels are critical to watch. Related Reading: Solana Back Above Weekly & Monthly Support Levels – Analyst Expects New ATH Should the price decline, these levels may act as strong cushions, potentially preventing more drops. If the price fails to hold at $209.9, the next support level to watch is $194, followed by $164, which might signal a deeper correction. Meanwhile, the $240 and $260 levels stand as critical resistance zones once the bulls manage to regain control at $209.9. A breakout above the $240 resistance is set to trigger a notable surge, possibly driving the price toward the $260 resistance. These levels serve as key barriers, and a successful break above them could indicate an extended upsurge, signaling continued strength. Featured image from Unsplash, chart from Tradingview.com
Recent market price action in the past 48 hours has brought up bullish talks for cryptocurrencies, with assets like Solana taking up center stage. In the case of Solana, crypto analyst Ali Martinez has hit the bullish nail with his recent prediction that Solana could see a staggering 1,800% price surge and reach $4,000 very soon. Related Reading: Solana Breaks Above Daily Downtrend – Analyst Expects New ATH Soon In a post on social media platform X, Martinez highlighted a developing “cup and handle” chart pattern, which he claims is signaling a massive bullish breakout for Solana. He backed his analysis with insights from charting expert Thomas N. Bulkowski. Solana’s Road To $4,000 Martinez’s take on Solana is based on the monthly timeframe for the cryptocurrency’s price action. As he pointed out, Solana’s price action over the past few years most likely looks like that of a cup and handle pattern. This formation cuts across the 2022 bear market, the 2023 consolidation plus recovery, and the 2024 bull market. In terms of formation period, the cup part of the pattern was formed throughout 2022, 2023, and early 2024, when Solana broke above the resistance trendline for the first time. The handle formation was formed by Solana’s up-and-down movement around the $200 price level for most of 2024, which eventually culminated in a breakout to a new all-time high of $263 in November. As shown in the chart below, the cup and handle formation seems to have been completed already, and the only thing left is to wait and see how much Solana surges to the upside. In terms of a price target, Martinez made use of the Fibonacci extension indicator, projecting it from the 2022 bear market low of $9.96. The target is around the 2.00 Fib extension level, which puts the projected target around $4,000. Understanding The Cup And Handle: A Proven Bullish Formation The cup-and-handle pattern is a classic technical indicator often associated with bullish market behavior. It consists of a rounded “cup” that represents a period of consolidation and recovery, followed by a smaller “handle,” indicating a brief consolidation before a breakout. According to Thomas N. Bulkowski, who Martinez also highlighted in his analysis, the cup-and-handle ranks as the third most effective bullish pattern, with a 61% likelihood of achieving its projected target. Considering the unpredictable nature of cryptocurrencies, the odds this pattern presents is quite notable. Related Reading: Bitcoin Dominates 2024, Outperforms Gold And Major Indices – Details At the time of writing, Solana is trading at $215 and is up by 3% and 16% in the past 24 hours and seven days, respectively. This price increase comes alongside a surge in activity, with Solana witnessing a 16% trading volume increase in the past 24 hours. If Solana were to reach $4,000, it would translate to a return of about 1,800% from the current price. Featured image from Pexels, chart from TradingView
Solana price action is at a critical juncture, with the cryptocurrency testing market’s patience, it hovers just below the pivotal $194 resistance level. This threshold has emerged as a significant hurdle as bulls struggle to sustain enough momentum to power a breakout despite recent attempts to push higher. The current phase of consolidation raises important questions about Solana’s next move. A successful breakout above this level could signal the start of a fresh rally, propelling the price toward new highs. However, failure to breach $194 might result in prolonged sideways trading or a potential pullback. Technical Indicators Signal Mixed Momentum Solana trading below the 100-day Simple Moving Average (SMA) raises concerns about the possibility of further downside movement. The 100-day SMA is a significant technical indicator often used to assess an asset’s overall trend. When the price consistently trades below this level, it typically suggests that the market sentiment is leaning toward the bearish side, with selling pressure outweighing buying activity. This situation may signal that SOL is vulnerable to additional losses, especially if the bears continue to dominate the market. A sustained stay below the 100-day SMA might lead to a deeper pullback, potentially testing lower support levels. However, for the bulls to regain control, Solana would need to break above the 100-day SMA and turn it into a support level. Until then, the price could struggle to mount a significant recovery as bearish forces remain in play. Related Reading: Solana (SOL) Gearing Up: Is a New Surge on the Horizon? Furthermore, the Relative Strength Index (RSI) suggests that Solana’s price may be poised for an upward move. After dipping to a low of 41%, the RSI line is now gradually rising, indicating a possible shift in momentum. A level below 30% typically signals oversold conditions, while levels above 70% suggest overbought conditions. As the RSI recovers and climbs above 41%, this resurgence reflects a growing buying interest. A continued upward movement in the RSI would support the case for an increase in Solana’s price, with the possibility of breaking through key resistance levels. Thus, the rising RSI could be a positive indicator for traders, suggesting that Solana may undergo a recovery in the near term. Market Sentiment: Solana Bulls And Bears In Tug-of-War Solana’s price action below the $194 resistance level reflects a classic battle between bullish optimism and bearish caution. Bulls are fueled by the asset’s recent recovery momentum and broader market support, aiming to push the price past the critical resistance zone. A successful breakout above $194 could act as a strong bullish confirmation, attracting buying interest and driving SOL to the next resistance level at $209. Related Reading: Solana Holds Weekly Support At $180 – Analyst Expects $330 Mid-Term Conversely, bears are equally resolute in defending the $194 level, considering it a key pivot point to halt the ongoing rally. If bears succeed in preventing the price from surpassing this resistance, Solana could begin to decline again, potentially heading toward the $164 support level and beyond. Featured image from Adobe Stock, chart from Tradingview.com
With recent price developments, Solana could be set for a major rally in the coming days or weeks. Due to the general market’s resurgence, several bullish forecasts from seasoned crypto analysts suggest that the altcoin might be entering the next phase of its bull cycle. Breakout Setting The Stage For A Bullish Surge In Solana’s […]
Solana remained stable above the $175 level. SOL price is now recovering losses and facing hurdles near the $200 and $205 levels. SOL price started a fresh increase after it tested the $175 zone against the US Dollar. The price is now trading above $190 and the 100-hourly simple moving average. There was a break above a connecting bearish trend line with resistance at $185 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 $205 zone. Solana Price Eyes Upside Break Solana price formed a support base and started a fresh increase from the $185 level like Bitcoin and Ethereum. There was a decent increase above the $190 and $192 resistance levels. There was a break above a connecting bearish trend line with resistance at $190 on the hourly chart of the SOL/USD pair. The pair climbed above $195 and tested the 50% Fib retracement level of the downward move from the $228 swing high to the $175 low. However, the price is now facing many hurdles near $200. Solana is now trading above $190 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $202 level. The next major resistance is near the $208 level or the 61.8% Fib retracement level of the downward move from the $228 swing high to the $175 low. The main resistance could be $215. A successful close above the $220 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 $208 resistance, it could start another decline. Initial support on the downside is near the $195 level. The first major support is near the $188 level. A break below the $180 level might send the price toward the $175 zone. If there is a close below the $175 support, the price could decline toward the $162 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 – $195 and $188. Major Resistance Levels – $208 and $215.
Recent trading activities reveal that Solana (SOL) is showing signs of renewed strength as its price stages a notable recovery. After enduring a period of bearish dominance, SOL has found support at $164, sparking optimism among market participants. Currently, the cryptocurrency is approaching the critical $194 resistance level, a pivotal barrier that could determine the next phase of its trajectory. This recovery highlights the resilience of Solana’s bulls, who appear ready to reclaim control and push the price higher. However, the journey to surpass $194 is far from straightforward. Historical data reveals this level as a significant hurdle, where sellers have often mounted strong defenses. A successful breakout above $194 could signal a resurgence of bullish momentum, potentially propelling SOL toward new highs and reinforcing confidence in its long-term prospects. Solana Resilience Amidst Waning Market Condition The $164 level has proven to be a critical support zone for Solana, acting as a safety net against further declines. Historically, this level has facilitated strong buying pressure, signaling that bulls are vigorously defending this zone. Its ability to hold firm during recent market turbulence underscores its importance in SOL’s recovery narrative. Related Reading: Solana Price Continues Downward Slide — Is A Rebound Possible At $180? Additionally, the $137 level has emerged as another significant area of interest. Though the price has not revisited this mark in recent trading sessions, its historical role as a bounce-back point for SOL cannot be overlooked. The convergence of multiple support zones has created a robust foundation, enabling the asset to stabilize and regain momentum. Bullish Indicators Supporting Recovery Several technical indicators are aligning to suggest a potential continuation of upward momentum: Composite Trend Oscillator: Both the signal line and the SMA of this indicator are gradually climbing out of oversold territory, reflecting an increase in buying pressure and a shift toward positive sentiment. 100-Day Simple Moving Average (SMA): The price is approaching this key moving average, signaling a possible shift in the medium-term momentum. A successful breach above this level could solidify the recovery trend. Volume Profile: Trading volumes near the $185 support level have shown a significant uptick, indicating renewed interest among buyers and the possibility of sustained upward strength. In conclusion, SOL’s recovery from key support levels is a testament to the asset’s resilience in the face of adversity. If the bulls capitalize on this momentum and push the price beyond the $194 resistance, it could signal the start of a broader bullish rally, as the price will move to challenge the $209 resistance. Related Reading: Solana Holds Weekly Support At $180 – Analyst Expects $330 Mid-Term Conversely, If bearish action strengthens, Solana might face increased selling pressure, possibly pulling its price to the $164 support zone. A clear break below this critical threshold may pave the way for further declines, with the next significant support level situated at $137. Featured image from iStock, chart from Tradingview.com
Amid a crypto market mayhem over the past week, Solana (SOL) has suffered significant losses to the tune of 17.13%,. according to data from CoinMarketCap. This decline adds to the token’s steep price movement after it reached a new all-time high of $263.83 following the US Presidential elections in November. However, with the crypto bull cycle still in its early stages, analysts at Glassnode remain positive on the token’s ability to regain its bullish form despite not establishing any higher highs in the past three weeks. Related Reading: Solana Holds Monthly Support As Network Activity Grows – Time For A Breakout? More Room For SOL Price Growth, Analysts Say In a recent blog post on December 20, Glassnode in collaboration with crypto analysts UkuriaOC and CryptoVizArt shared vital insights on the current state of the Solana market. By analyzing the Net Realized Profit/Loss metric, these market experts discovered that Solana has experienced a positive net capital inflow since early September 2023, with a recorded peak inflow of $776 million of new capital per day. During this period, the SOL market witnessed minor inflows with the majority of the profit-taking volume coming from coins aged 1 day-1 week, 1 week-1 month, and 6 months-12 months, demonstrating the endearment of Solana to both long and short-term holders. To ascertain the status of Solana amidst these recent market activity, Glassnode employs the MVRV ratio to determine if the market is overheated. For context, the Market Value To Realized Value (MVRV) ratio is used to assess if an asset is potentially overvalued (>1) or undervalued (
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
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 (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
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, […]
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 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
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 started a fresh increase from the $215 zone. SOL price is rising and might aim for a move above the $240 and $250 resistance levels. SOL price started a fresh increase after it settled above the $222 level against the US Dollar. The price is now trading above $230 and the 100-hourly simple moving average. There was a break above a key bearish trend line with resistance at $232 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 $240 zone. Solana Price Eyes Fresh Surge Solana price formed a support base and started a fresh increase above the $220 level like Bitcoin and Ethereum. There was a decent increase above the $225 and $230 resistance levels. There was a move above the 50% Fib retracement level of the downward move from the $246 swing high to the $215 low. Besides, there was a break above a key bearish trend line with resistance at $232 on the hourly chart of the SOL/USD pair. Solana is now trading above $235 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $240 level or the 76.4% Fib retracement level of the downward move from the $246 swing high to the $215 low. The next major resistance is near the $246 level. The main resistance could be $250. A successful close above the $250 resistance level could set the pace for another steady increase. The next key resistance is $265. Any more gains might send the price toward the $280 level. Another Decline in SOL? If SOL fails to rise above the $240 resistance, it could start another decline. Initial support on the downside is near the $230 level or the 100-hourly simple moving average. The first major support is near the $220 level. A break below the $220 level might send the price toward the $215 zone. If there is a close below the $215 support, the price could decline toward the $200 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 – $230 and $220. Major Resistance Levels – $240 and $250.
Solana started a fresh increase from the $220 zone. SOL price is rising and aiming for a sustained upward move above the $250 resistance. SOL price started a fresh increase after it settled above the $225 level against the US Dollar. The price is now trading above $240 and the 100-hourly simple moving average. There was a break above a key bearish trend line with resistance at $240 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 $250 zone. Solana Price Eyes Sustained Increase Solana price formed a support base and started a fresh increase above the $225 level like Bitcoin and Ethereum. There was a decent increase above the $230 and $232 resistance levels. There was a move above the 50% Fib retracement level of the downward move from the $256 swing high to the $221 low. Besides, there was a break above a key bearish trend line with resistance at $240 on the hourly chart of the SOL/USD pair. Solana is now trading above $240 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $244 level or the 61.8% Fib retracement level of the downward move from the $256 swing high to the $221 low. The next major resistance is near the $248 level. The main resistance could be $250. A successful close above the $250 resistance level could set the pace for another steady increase. The next key resistance is $265. Any more gains might send the price toward the $278 level. Are Dips Supported in SOL? If SOL fails to rise above the $248 resistance, it could start a downside correction. Initial support on the downside is near the $240 level or the 100-hourly simple moving average. The first major support is near the $232 level. A break below the $232 level might send the price toward the $230 zone. If there is a close below the $230 support, the price could decline toward the $220 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 – $240 and $232. Major Resistance Levels – $248 and $250.
Solana started a fresh increase above the $240 zone. SOL price is consolidating gains and might aim for an upside break above the $255 resistance. SOL price started a fresh increase after it settled above the $220 level against the US Dollar. The price is now trading below $255 and the 100-hourly simple moving average. There is a short-term bearish trend line forming with resistance at $252 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 $255 zone. Solana Price Eyes More Upsides Solana price formed a support base and started a fresh increase above the $232 level beating Bitcoin and Ethereum. There was a strong move above the $245 and $250 resistance levels. The price even cleared the $260 level. A high was formed at $2648 and the price is now consolidating gains. There was a move below the $260 and $255 levels. The price dipped below the 50% Fib retracement level of the upward move from the $230 swing low to the $264 high. However, the bulls are active near the $242 support and the 61.8% Fib retracement level of the upward move from the $230 swing low to the $264 high. Solana is now trading below $255 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $252 level. There is also a short-term bearish trend line forming with resistance at $252 on the hourly chart of the SOL/USD pair. The next major resistance is near the $255 level. The main resistance could be $265. A successful close above the $265 resistance level could set the pace for another steady increase. The next key resistance is $275. Any more gains might send the price toward the $282 level. Are Dips Limited in SOL? If SOL fails to rise above the $255 resistance, it could start a downside correction. Initial support on the downside is near the $246 level. The first major support is near the $242 level. A break below the $242 level might send the price toward the $238 zone. If there is a close below the $238 support, the price could decline toward the $230 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 – $246 and $242. Major Resistance Levels – $255 and $260.
The Solana network remains one of the leading blockchains in the dynamic crypto sector, drawing in a significant number of users on a daily basis, which has led to a recent notable spike in its transfer volume to unprecedented levels. Solana Sets New Benchmark In Adoption Glassnode, a world-leading on-chain and financial platform, reported that the […]