Solana (SOL) is holding strong above the $160 mark after the broader market experienced a healthy dip to previous demand levels. Despite the dip, Solana has shown resilience, though the past few hours have been marked by short-term volatility with rapid price fluctuations. Investors are closely monitoring the next moves as Solana navigates this uncertain phase. Related Reading: 53% Of Binance Traders Are Shorting Bitcoin – What Does This Mean For Price Action? Top analyst Carl Runefelt recently shared a technical analysis suggesting a potential surge for SOL in the coming days, with a target of $176. His analysis highlights key bullish patterns, but concerns about the broader market correction could drag Solana down if the correction intensifies. With the market in flux, the next few days will be crucial for SOL. Investors watch closely for signs of strength or weakness that could influence the price action. While optimism remains for a potential surge, caution is warranted as the market correction unfolds. Solana Testing Previous Supply As Demand Solana is currently at a critical level, holding strong above $160, a price that had previously acted as resistance since early August. SOL has broken above this level and found support, so it signals a potential shift in the monthly trend that has kept the price suppressed. Investors are watching closely to see if this shift will lead to continued bullish momentum. Crypto analyst and investor Carl Runefelt recently shared a technical analysis on X, offering insight into Solana’s short-term outlook. He revealed a 1-hour chart showing a symmetrical triangle, a bullish pattern often preceding strong price movements. The upper line of this triangle sits around $168, and Runefelt suggests that if SOL manages to break above this level, the next target would be $176. This would mark a significant push to new local highs, further solidifying Solana’s bullish trend. As Solana continues to hold above $160, the market is waiting. Investors are exercising patience and are aware that the next few hours and days could be pivotal for SOL’s price action. Related Reading: XRP Network Activity Surges As Price Seeks To Break $0.55 Resistance If the bullish pattern materializes and the price breaks out, it could lead to a significant rally. However, until that breakout occurs, traders are cautious, knowing that short-term volatility could still impact Solana’s performance. Technical Levels To Watch Solana is currently trading at $165 after facing a rejection from the $171 mark, a key resistance level that may hold the price down for a few days or weeks. Despite this setback, SOL has shown resilience, rebounding strongly from the daily 200 moving average (MA) at $150 and successfully breaking past the $160 resistance. This breakout is a significant development, signaling a potential upside once the broader market begins pushing up again. Holding above the $160 level is crucial for SOL, reflecting investor confidence and signals strength in the price action. Holding this support level would signal optimism about Solana’s ability to rally and reach new yearly highs in November. Related Reading: Ethereum Bullish Breakout Confirmed – Top Analyst Predicts $3,400 Target The coming days will determine whether SOL can keep bullish momentum or if a prolonged consolidation below $171 is in. Investors are closely watching for signs of strength and a continued push higher. Featured image from Dall-E, chart from TradingView
After a brief retracement, the Solana price has found support at the $163 mark and is currently trading at approximately $168. The cryptocurrency is again approaching a significant resistance level at $170, which has posed a challenge for the token over the past month. Despite the recent fluctuations, bullish sentiment surrounding Solana remains strong among analysts. Many are projecting new all-time highs above its previous record of $259, set in November 2021. Analysts Eye Potential Bullish Breakout In the past 24 hours, Solana has rebounded nearly 3%, although trading volume has dipped by about 2%, according to data from CoinGecko. This decline in volume indicates that despite some profit-taking, bullish investors continue to show interest, particularly after the recent retracement. Related Reading: Solana Eyes New All-Time High Of $370 After Cup And Handle Breakout Crypto analyst Byzantine General has noted that buying pressure appears to be strengthening at lower support levels, with traders eager to capitalize on dips experienced by the Solana price in the short term. Looking at the bullish predictions, Captain Faibik recently suggested in a social media post on X (formerly Twitter) that Solana is poised for a “bullish pennant” breakout following a prolonged consolidation period observed on the 3-day SOL/USDT chart. Faibik believes that a successful breakout from this pattern could propel Solana to a new all-time high of $400 within the current bullish cycle, expected to last at least through the first quarter of 2025. However, this forecast is somewhat conservative compared to the more audacious prediction from market expert Crow. How The Solana Price Could Reach $800 In a separate social media post, Crow indicated that the Solana price could surge by approximately 400% during this bull run, recalling the previous price actions of the 2021 uptrend. The expert highlighted that the last bull cycle featured two distinct phases: the rise from $3 to $50 and another jump from $25 to $250. He notes that Solana has progressed from $16 to $200 this time, and he foresees a possible climb from $200 to $800. Despite the bullish predictions, it is important to recognize that bull cycles do not typically progress in a straight line. Historical data illustrates this point, with Solana experiencing significant retracements of over 20% on August 5 and September 6, respectively. Related Reading: Here’s Why The Bitcoin Price Saw Sharp Crash Below $67,000 To navigate these fluctuations effectively, it is essential to analyze SOL’s daily chart and identify key support levels that, if maintained by bullish investors, could help prevent further declines. In the event of a deeper correction, the first crucial support level to watch is the $160 mark. Additional support levels are identified at $153 and $145. The most significant support, however, is located in the $127 zone. This level has proven resilient throughout the token’s consolidation phase in past months, effectively halting further price declines and safeguarding the critical $100 mark. Featured image from DALL-E, chart from TradingView.com
Solana (SOL) has been experiencing significant volatility and choppy price action since Monday, testing a crucial supply level that will determine its direction in the coming weeks. As the market continues to push higher, most analysts and investors are anticipating a potential surge for SOL, especially with the $160 resistance level appearing to weaken under recent upward pressure. The crypto community is closely watching these developments, as breaking through this key resistance could lead to substantial gains for the altcoin. Related Reading: Bitcoin ETFs See $1.6B Inflows This Week – Is BTC Reaching A New ATH Soon? Top analyst and investor Carl Runefelt recently shared a technical analysis that paints an optimistic picture for Solana’s price action in the next few hours. According to Runefelt, the weakening resistance could pave the way for a breakout, with bullish momentum carrying SOL to higher targets. While the market remains volatile, confidence in Solana’s ability to overcome current challenges is growing. If the supply level is breached, it could mark the start of a new upward trend, making SOL a focal point for traders looking for opportunities in the current market landscape. The next few days will be critical in shaping Solana’s trajectory, as investors will closely monitor whether the price will confirm the anticipated rally. Solana Bullish Pattern Signals Momentum The entire crypto market is experiencing heightened volatility, and Solana has not been immune to it, with its price fluctuating between $148 and $160 since Monday. This consolidation phase has left traders eager to see which direction the altcoin will take in the coming days. Runefelt recently shared a technical analysis on X, highlighting that Solana is breaking out of a 1-hour Falling Wedge pattern, a bullish signal. The immediate upside target is $159.6, a level that, if broken and sustained, could lead to a massive surge toward $185—a significant move that would position Solana near its yearly highs. Despite this bullish setup, the market remains cautious, and there is still the risk that Solana could fail to reclaim key levels. If the price struggles to break and hold above the $159.6 resistance, the current consolidation could persist or even lead to a potential pullback, with downside targets near $148. Such a scenario would disappoint bulls looking for a rally and could dampen market sentiment temporarily. Related Reading: Ethereum Bullish Pattern Signals Upcoming Rally – Analyst Sets $2,870 Target A confirmed breakout and sustained momentum could signal the beginning of a new bullish phase, attracting both retail and institutional investors. However, the risk of a failed breakout looms, keeping market participants on edge. Traders are watching closely as Solana’s next move will likely set the tone for its performance over the next few weeks. If it breaks through resistance, SOL could be well on its way to challenging yearly highs. Technical Levels To Watch Solana is currently trading at $154 after finding support at the 200-day moving average (MA) at $150.7, a critical level that signals long-term strength if it holds as a demand zone. This MA has historically acted as a key indicator for market trends, and holding above it would reinforce the bullish outlook for SOL. For bulls to maintain momentum, the price must stay above the 200-day MA and push to break the crucial $160 resistance, a level that has capped Solana’s upward movement since early August. Breaking through this resistance would signal a potential surge in price, opening the door to further gains in the coming weeks. However, if SOL fails to hold above the 200-day MA and cannot overcome the $160 resistance, it risks a corrective move. A drop below the 1D 200 MA could lead to a decline toward $140, a level that will play a pivotal role in determining the next phase of Solana’s price action. Related Reading: Strong Buy Signal For DogWifHat (WIF) – Key Indicator Hints At Rally To $4 Bulls and bears alike are closely watching these key levels, as the next move could set the tone for Solana’s performance in the near term. Featured image from Dall-E, chart from TradingView
Solana is testing a crucial supply level around $160 following a strong 15% surge since last Friday. The crypto market is experiencing heightened volatility as optimism grows, increasing token prices. In recent weeks, Solana and other major cryptocurrencies have been on a rollercoaster ride, and the coming weeks promise continued uncertainty as volatility shows no signs of slowing down. Related Reading: On-Chain Metrics Reveal Bitcoin Demand Is Growing – Can BTC Break ATHs In Q4? Key metrics from DefiLlama reveal that Solana’s total value locked (TVL) has reached a new yearly high, now at around $6 billion, its highest level since September 2022. This TVL increase signals confidence in Solana’s ecosystem and decentralized finance (DeFi) offerings. Investors and traders are closely watching the market, with Solana’s performance likely to serve as a key indicator for broader market sentiment. As Solana tests this crucial resistance level, the next few days will determine whether the token continues its upward momentum or faces another round of volatility. Solana Testing Crucial Resistance Solana is flirting with a 5% surge, poised to challenge local highs and potentially confirm a long-term uptrend. As the broader crypto market experiences a shift, investors and traders are eagerly searching for signals that Solana is ready to break into new highs. Key data from DefiLlama shows that Solana’s total value locked (TVL) has reached a new yearly high of $6 billion. TVL measures the total value of assets deposited into a blockchain project and is a key indicator of user confidence and engagement. A rising TVL suggests that more users are locking their funds into Solana’s decentralized applications, a sign of growing trust in its ecosystem. This increase in TVL further supports the bullish outlook that many investors hold for Solana. The platform’s expanding DeFi offerings and solid infrastructure make it a strong contender in the altcoin space. As Solana continues to push toward new highs, such fundamental data reinforces optimism about its future price action. Related Reading: Ethereum Could Target $3,400 Once It Breaks Above Bullish Pattern – Details A confirmed surge above key resistance levels could begin a sustained upward trend for Solana, positioning it as one of the top performers in the market. Investors are watching closely to see if the current price movement can translate into a longer-term rally. Key Levels To Watch Solana is currently trading at $155 after a volatile session yesterday. The price successfully retested and now holds above the 200-day moving average (MA) at $151, signaling strong support for the asset. This level has been a key indicator for traders, and maintaining it is crucial for sustaining the current bullish momentum. For bulls to keep the momentum going, SOL must stay above this 200-day MA and break through the $160 level. Such a move would likely confirm a bullish trend and propel Solana to test its yearly highs around $210. This would mark a significant upward move, reflecting optimism in the market and increasing confidence among traders and investors. However, the bullish momentum could weaken if the price fails to close above $160 and holds above the 200-day MA. In this case, a retracement is likely, with the price potentially dropping to lower demand levels around $140. Related Reading: Active Dogecoin Addresses Reach Highest Level In 8 Months – Is DOGE About To Rally? This correction would serve as a consolidation phase before any further upward moves. Traders are closely watching these key levels as they will dictate Solana’s next major move in the market. Featured image from Dall-E, chart from TradingView
Among the various altcoins in the market, the Solana price has been performing relatively well, experiencing slight price surges here and there. Based on a crypto analyst’s prediction, Solana could be creating up for a major bull flag that could send its price to new all-time highs above $1,000. It’s important to note that Solana is currently trading at less than one-ninth of this projected price target of $1,400. SOL Bull Flag Points To $1,400 Price Increase A crypto analyst on X (formerly Twitter) identified as ‘Titan of Crypto,’ has shared a bullish forecast for Solana, predicting its rise to astronomical highs. The analyst predicted that Solana could see its price jump to $1,400 soon. Related Reading: Over $182 Million Wiped Out As Bitcoin Price Breaks $64,000 And Sends Bears To The Gallows In a comprehensive chart analysis of Solana’s price movements from 2023 till date, the analyst identified a well-defined bull flag pattern, which he described as “massive.” According to Titan of Crypto, the formation of this bull flag signals the potential for a major rally in the coming weeks and months. In the Solana price chart, the analyst traced the unique flag pattern, which began forming before October 2024. He extended the pattern into 2025, emphasizing that the flag would likely emerge around the end of 2024 or the beginning of the next year, before continuing its development through to October 2025. If SOL can successfully complete this pattern without experiencing significant price declines, the crypto analyst expects the top altcoin to reach new all-time highs at $1,429 by 2026. However, a more conservative price projection was given by another crypto analyst, who suggested that a $1,000 price surge based on the Heads and Shoulders technical indicator was a more realistic price target for Solana. Echoing this sentiment, Titan of Crypto disclosed that Solana’s Fibonacci extensions currency suggests a potential move towards the $1,400 price mark. While maintaining his bullish outlook for SOL, the analyst acknowledged that a $1,000 price target is also possible. He adjusted his previous forecast, stating that he expects Solana to see a price increase around the $1,000 range. Titan of Crypto has also confirmed that if Solana can pull off this projected price surge, its current market capitalization of $72.7 billion could potentially double, surpassing Ethereum’s market cap, which currently stands at $315 billion. Related Reading: Crypto Analyst Predicts ‘Giga Pump’ For XRP Price, Here’s The Target Solana Price Fundamentals Remain Strong While analysts expect Solana to experience a bullish move soon, the cryptocurrency has also been showcasing strong price fundamentals amidst market volatility and previous declines in the Bitcoin (BTC) price. The price of Solana is currently trading at $154.92, marking an 8.59% increase over the past week. The popular altcoin has already experienced another 1.75% price surge in the last 24 hours, underscoring investors’ positive outlook and sentiment for Solana. Featured image created with Dall.E, chart from Tradingview.com
Solana (SOL) has continued its recent bullish wave during the last 24 hours with a surge of 4%, but the trend in this social media-related metric could be to watch out for. Traders May Have Become Too Hyped Around Solana On Social Media Recently According to data from the analytics firm Santiment, the positive sentiment around SOL on social media has shot up to a nine-month high following the latest bullish momentum that the coin has seen. Related Reading: Bitcoin Whales Are Going Through A ‘Generational’ Shift, CryptoQuant CEO Reveals The indicator of relevance here is the “Positive Vs. Negative Sentiment,” which, as its name suggests, keeps track of the ratio between the amount of positive and negative comments related to Solana that are appearing on social media. This metric works by analyzing the posts/threads/messages on various social media platforms (X, Reddit, Telegram, 4Chan, and BitcoinTalk) and running them through a machine-learning model to determine which ones relate to positive sentiment and which ones relate to negative sentiment. When the indicator has a value greater than 1, it means the number of positive posts are outweighing the negative ones right now. On the other hand, it being under the mark implies the dominance of bearish comments. Now, here is a chart that shows the trend in the Positive Vs. Negative Sentiment for Solana over the last few months: As displayed in the above graph, the Solana Positive Vs. Negative Sentiment has registered a large spike as the latest recovery in the asset’s price has taken place. With this spike, the indicator has reached a value of more than 5.6, which means social media users are making over 5.6 times as many bullish posts as bearish ones. This is the highest that the metric has been in around nine months, so the traders are clearly quite optimistic about the current SOL rally. While some bullish moods can be conducive to rallies, an excess of them can actually prove to be an obstacle. Historically, cryptocurrencies like Solana have tended to show moves that are opposite to what the crowd is expecting. The probability of a contrary move rises the more sure the traders become of a direction, so a highly bullish market can lead to tops in the price. Related Reading: Spot Bitcoin ETFs Back To Positive Returns With $308 Million Inflows – Details This effect is also visible in the chart, as some past spikes in the Positive Vs. Negative Sentiment had occurred around local tops in Solana’s value. So far, SOL has only continued to rally further despite the investor FOMO, but considering the historical pattern, it’s possible a top may be hit before long, should hype on social media maintain at high levels. SOL Price Solana has continued its latest run with a 4% surge over the past day, which has taken its price above the $153 level. Featured image from Shutterstock.com, Santiment.net, chart from TradingView.com
Solana is currently trading above the $140 mark, showing signs of strength as it prepares for a potential move to higher levels. After a modest 5% pump on Friday, investors and analysts are increasingly optimistic about the direction Solana could take in the coming months. One prominent analyst, Carl Runefelt, has shared a technical analysis predicting a 20% surge for SOL in the next few weeks, citing bullish patterns and favorable market conditions. His analysis suggests that Solana could reach $176 by the end of the year if current momentum holds. Related Reading: Dogecoin Targets $0.11 As Short-Term Traders Fuel DOGE Price – Details However, Solana still faces key resistance levels that could challenge its upward trajectory. Despite the recent surge, some market participants are cautious, given the overall volatility in the crypto space. If Solana manages to maintain its current support and break through resistance, the next few months could be pivotal for the asset’s long-term price action. Can SOL capitalize on its recent gains and reach new highs, or will it struggle to maintain momentum in the face of market headwinds? Investors are eager to see how this plays out as we approach the end of the year. Solana Testing Supply Levels Solana has been trading within a range of $210 to $110 since mid-March, leading to mixed opinions among investors. While some see this price action as a consolidation phase, others believe it could signal an upcoming breakout. Notably, top analyst and entrepreneur Carl Runefelt recently shared a technical analysis on X, revealing a bullish triangle pattern forming for SOL. According to Runefelt’s analysis, if Solana breaks out of this triangle pattern, it could experience a sharp upward movement, potentially reaching $176 in the coming weeks. This would represent a significant surge from its current trading levels and a key milestone for SOL. The price has struggled to break through the $160 resistance level since early August, but Runefelt suggests that a breakout from the triangle could push the price well beyond this resistance. Related Reading: Cardano (ADA) Testing $0.34 Support – On-Chain Data Suggests Price Consolidation A successful break above these critical levels would mean a 20% surge for Solana, with bullish momentum potentially driving it even higher. Investors are closely watching these movements, as a breakout could signal the end of Solana’s extended sideways trading and mark the start of a new upward trend. If SOL can maintain support and continue this rally, it may soon test new highs and solidify its position as one of the top-performing altcoins. SOL Technical Analysis: Zones To Watch Solana (SOL) is currently trading at $145, following a 7% surge from local lows at $135. The price has managed to rise above the daily 200 exponential moving average (EMA) at $140, a key indicator of short-term trend strength. However, SOL is still 4% away from the crucial 200 moving average (MA) at $152, which represents a stronger, longer-term trend signal. A breakout above both the EMA and MA levels is essential for bulls to fully regain control and reclaim the trend. Surpassing these indicators could pave the way for a move to the $160 supply zone, where sellers are expected to be more active. This would signal a continuation of bullish momentum, with potential for further gains. Related Reading: XRP Will Jump 75% If It Holds Current Demand Level – Details On the other hand, if the price fails to hold above the $140 mark, this recent surge could be short-lived, and a deeper correction might follow. A break below this level could drive SOL down to $110, which is a significant demand zone that buyers may defend. Traders are keeping a close eye on these levels as the next few days will determine SOL’s s`hort-term direction. Featured image from Dall-E, chart from TradingView
Solana trimmed gains and declined below the $146 support. SOL price is consolidating and might aim for a fresh increase unless there is a break below $140. SOL price started a fresh decline below the $146 zone against the US Dollar. The price is now trading near $145 and the 100-hourly simple moving average. There was a break below a key bullish trend line with support at $149 on the hourly chart of the SOL/USD pair (data source from Kraken). The pair could start a fresh increase if it stays above the $140 support zone. Solana Price Corrects Gains Solana price climbed above the $145 and $146 levels before the bears appeared. SOL traded as high as $152 and recently started a downside correction like Bitcoin and Ethereum. The price declined below the $150 and $146 support levels. There was a break below a key bullish trend line with support at $149 on the hourly chart of the SOL/USD pair. The pair slipped below the 23.6% Fib retracement level of the upward move from the $133 swing low to the $152 high. Solana is now trading near $145 and the 100-hourly simple moving average. The bulls seem to be active above the $142 support and the 50% Fib retracement level of the upward move from the $133 swing low to the $152 high. On the upside, the price is facing resistance near the $146.50 level. The next major resistance is near the $150 level. The main resistance could be $152. A successful close above the $150 and $152 resistance levels could set the pace for another steady increase. The next key resistance is near $160. Any more gains might send the price toward the $172 level. More Downsides in SOL? If SOL fails to rise above the $146.50 resistance, it could start another decline. Initial support on the downside is near the $142 level. The first major support is near the $140 level. A break below the $140 level might send the price toward the $132 zone. If there is a close below the $132 support, the price could decline toward the $120 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 – $140 and $142. Major Resistance Levels – $150 and $152.
Solana is testing a crucial level after weeks of volatile price action and market uncertainty. Following the Federal Reserve’s interest rate cut announcement, Solana surged 26% but quickly retraced 17%, reflecting the ongoing turbulence in the broader crypto market. This rollercoaster price movement has left many investors on edge as they wait for the next clear signal. Related Reading: Can SUI Fall To $1.40? On-Chain Data Exposes Declining Demand Amidst this uncertainty, top analysts are closely monitoring Solana’s next move, with one in particular pointing to the $160 mark as the decisive level that could determine its direction. A breakout above this level could reignite bullish momentum, while failure to do so may lead to further downside pressure. The coming days will be critical for Solana as investors assess the market’s trajectory and brace for potential volatility. With SOL standing at a pivotal point, both bulls and bears are watching closely to see whether the price can break through key resistance or succumb to further correction. Solana Testing Liquidity Below $160 Solana has experienced significant ups and downs over the past couple of weeks, leaving investors uncertain after the latest dip. Many were anticipating further gains before the retrace, which has now sparked caution in the market. With Solana trading in this volatile environment, the focus has shifted to key technical levels that could determine the next big move. Top crypto analyst Daan has shared his insights on X, noting that Solana has formed three nearly equal highs around the $160 level. He also highlights that SOL is consistently making higher lows, a sign of potential bullish momentum building up. According to Daan, this gradual upward drift suggests that Solana could eventually break through the $160 resistance level, which would be a pivotal moment for the cryptocurrency. Related Reading: Chainlink (LINK) Bullish Pattern Could Ignite A Breakout: Analyst Sets $15 Target The reaction at $160 will be crucial. If Solana manages to break above this level, it could signal a push to new highs and reignite bullish sentiment in the market. However, if the price fails to maintain momentum, Solana might remain range-bound between $120 and $160, continuing its sideways movement. Investors are closely watching these levels as Solana’s next direction could define its performance for the rest of the year. Price Action: Supply Levels To Break Solana (SOL) is currently trading at $143 after experiencing a few days of choppy price action. The market has been volatile, and SOL is now testing the critical 4-hour 200 exponential moving average (EMA) at $144.55. This level serves as a key resistance point, and a breakout above it could signal a bullish continuation for Solana. If SOL manages to break and hold above the 4-hour 200 EMA, the next target for bulls would likely be the $160 level. A move above $160 could reignite positive sentiment, potentially setting the stage for further gains. However, if SOL fails to break above the $144.55 resistance, a retrace to lower demand zones is expected. Related Reading: XRP Price Bullish Potential Grows – A Surge Above $0.65 Will Trigger Buyers In the event of rejection at the 4-hour 200 EMA, Solana could dip to the $127 support level, where traders and investors will closely monitor for signs of strength or further downside risk. The price action over the next few days will be crucial in determining whether SOL can resume its bullish trajectory or if a deeper retracement is on the horizon. Featured image from Dall-E, chart from TradingView
Solana has hit the key $137 support level, and the bulls are now facing intense pressure to prevent a downward breakout. With the market momentum hanging in the balance, all eyes are on whether the bulls can defend this critical zone and spark a potential rebound. A strong defense at this level could signal renewed bullish strength, while a breakdown could pave the way for further declines. As traders anticipate Solana’s next move, this article aims to explore its crucial test at the $137 support level, focusing on whether the bulls can withstand increasing pressure. It will evaluate the potential for either a breakout or a rebound, offering insights into SOL’s short-term price direction by delving into key technical indicators and market sentiment. Analyzing the RSI And Moving Averages: Bullish Or Bearish Outlook? Recently, after struggling to break above the $164 resistance level, Solana has adopted a negative trajectory on the 4-hour chart. The price is currently trading below the 100-day Simple Moving Average (SMA), suggesting a shift in market sentiment, as SOL now targets a potential bearish breakout at the $137 level. If the price continues to decline and breaches this support, it could trigger extended selling pressure and open the door to additional losses. Also, an analysis of the 4-hour Relative Strength Index (RSI) reveals that the RSI has fallen to around 33%, indicating that the buying pressure is diminishing, reflecting a shift in market dynamics. An RSI below 40% often signifies that an asset may be entering oversold territory, which can lead to potential further declines. Related Reading: Solana (SOL) Failure To Break $154 Could Lead To $85 Correction – Analyst On the daily chart, SOL is displaying notable negative movement, evident from a series of bearish candlesticks. This persistent downward trend underscores the prevailing selling pressure in the market, indicating that bears are firmly in control. Additionally, Solana is trading below the 100-day SMA, suggesting a lack of bullish momentum and reinforcing the likelihood of continued declines. Finally, on the 1-day chart, a closer look at the RSI formation shows that the RSI signal line has fallen to 43%, having recently breached the crucial 50% threshold. An RSI reading below 50 typically reflects a bearish sentiment, signaling that the asset is losing strength. Such a drop could imply further downside potential for SOL unless a reversal occurs. Key Support Level At $137: Can Solana Bulls Hold The Line? The $137 support level is crucial for Solana, representing a significant battleground between bulls and bears. If bulls succeed in defending this support, it could instill confidence in the market and pave the way for a potential recovery toward the $164 resistance level. Related Reading: Solana (SOL) Could Crash 40% If It Stays Below $140 – Top Analyst Shares Insights Nonetheless, a breach below the $137 support level could trigger significant selling pressure, resulting in additional declines toward the $118 support level. When this level is breached, it may lead to more losses, with potential targets including lower support areas around the $99 mark. Such a scenario would intensify bearish sentiment and could lead to a more pronounced downtrend in Solana’s price. Featured image from Unsplash, chart from Tradingview.com
Solana (SOL) is currently trading near a critical support zone at $145, following a 26% surge since the Federal Reserve announced interest rate cuts on September 18. After this sharp rise, SOL experienced a slight 10% dip, but the overall market sentiment remains optimistic. Many analysts and investors hope Solana will reach new all-time highs by the end of the year, driven by positive macroeconomic trends and the growing confidence in the crypto market. Related Reading: Cardano (ADA) Faces Risk Of 30% Drop – On-Chain Metrics Confirm A Slow Demand Key data from Coinglass reveals a rising funding rate, which indicates increasing bullish sentiment among traders. This suggests that the recent price correction might only be a temporary pause before another leg higher. Investors are closely monitoring SOL’s price action, with expectations that a sustained break above $150 could pave the way for a new rally toward uncharted territory. All eyes are now on Solana as it navigates this crucial support level, with both short-term traders and long-term holders anticipating a positive outlook in the coming weeks. Solana Is Preparing For A Rally Solana (SOL) is currently holding firm above a crucial support level following a small dip that affected the entire market yesterday. Despite this minor setback, the sentiment among investors and traders remains overwhelmingly positive. Many expect SOL to rally and surpass multi-month highs, given the recent strength in its price action. Key data from Coinglass highlights that Solana’s funding rate has been on an upward trend since mid-September. Yesterday, it reached 0.0127%, the highest level since late July. A rising funding rate is typically a bullish indicator, signaling growing demand for a token. The funding rate is a mechanism used in perpetual futures contracts, where it can be either positive or negative. It adjusts based on the price difference between the perpetual contract and the spot price, along with interest rates. When the funding rate is positive, buyers (longs) are paying sellers (shorts), which encourages futures and spot prices to converge. Related Reading: Dogecoin Could Target $0.20 Soon, Analyst Predicts – Is DOGE Primed For A Rally? This rising funding rate for SOL suggests that more traders are betting on the token’s future appreciation, expecting higher prices in the coming weeks. With Solana maintaining its current support and displaying strong market fundamentals, the potential for a significant rally remains high. Investors are now watching closely to see if Solana can break through its next resistance levels and confirm the start of a new bullish phase. SOL Testing Demand Solana (SOL) is currently trading at $145, holding strong above the daily 200 exponential moving average (EMA) at a critical support level of $140. This key area has proven to be a solid foundation for the price, and if bulls want to ignite an upward rally, they must defend this support zone. For momentum to shift decisively upward, SOL needs to break past the daily 200 moving average (MA), which sits at $154. A close above the 200 MA would likely trigger a bullish rally, potentially pushing the price toward higher targets. However, failure to maintain this key support and close above these levels could result in extended sideways consolidation or, worse, a deeper correction. In such a scenario, the next demand zone would be around $110, a significant support level that could attract buyers if the market enters a bearish phase. Related Reading: SUI Ready To Test $2 Resistance – Bullish Pattern Suggests New ATH Soon For now, the $140 support level remains the line in the sand for Solana’s price action. Traders are closely monitoring whether SOL can break through key resistance levels and continue its ascent, or if a potential correction is on the horizon. Featured image from Dall-E, chart from TradingView
Following the Solana 1,000% run-up in 2023 and its re-entry into the crypto top 10 by market cap, it has been pitched against Ethereum once again. This was further propelled by the fact that Solana saw its blockchain activity surpass Ethereum’s, and even bringing in more revenue at a time. However, one place where Ethereum […]
Solana (SOL) is now trading at a critical juncture following last week’s market surge. The token has climbed over 20% from its recent local lows, now testing a crucial supply level around $150. Related Reading: XRP $0.60 Triangle Breakout Could Ignite Parabolic Rally – Key Levels To Watch This resistance zone has drawn the attention of analysts and investors, with many believing Solana is on the verge of a rally to higher price levels. Among those who are bullish on SOL is prominent analyst Carl Runefelt, who recently shared a detailed analysis, predicting that Solana could reach new highs within days if the current momentum continues. As the broader market continues to gain strength, investors are eagerly awaiting Solana’s next move. A successful breakout above $150 could signal a confirmed uptrend, paving the way for a potential rally. However, the coming days will be pivotal for SOL as it approaches this key level, with the market closely watching whether it will reclaim higher ground or face renewed resistance. Solana Bullish Pattern About To Break Solana (SOL) is currently testing crucial supply levels that could pave the way for a significant rally to higher prices. After days of consolidation, the altcoin looks ready to break out and confirm a daily uptrend. Many analysts and investors are closely watching for the next move. This potential shift comes as the entire crypto market has turned from fear to optimism, spurred by the Federal Reserve’s recent decision to cut interest rates, which has breathed new life into the market. Analyst Carl Runefelt, one of the prominent voices in the crypto space, has shared his technical analysis on X, revealing that Solana has formed a symmetrical pattern. According to Runefelt, if SOL breaks out of this pattern, it could trigger a substantial upward move, with price targets around $160. The symmetrical triangle, a key technical formation, typically signals a strong price movement after a prolonged period of consolidation. Related Reading: Crypto Analyst Predicts Dogecoin Will Surge 1,000% Past ATH – Price Targets Revealed As Solana hovers near this critical level, the market eagerly awaits confirmation of a breakout. Investors expect a move above $150, confirming the uptrend and likely leading to higher price levels in the coming weeks. For now, all eyes remain on Solana’s ability to break through this resistance and potentially rally to new heights. SOL Technical Analysis: Price Levels To Watch Solana (SOL) is currently trading at $150 after testing the daily 200 moving average (MA) at $154 as resistance. This key technical level has kept the price in check, and SOL is now entering a consolidation phase. Investors are optimistic, and rising demand could soon trigger a breakout from this consolidation. To keep momentum, SOL must reclaim the 1D 200 MA and target new highs beyond $164. This price has worked as a crucial resistance; if broken, it would confirm the continuation of a daily uptrend. A successful breakout at this level could push SOL toward even higher prices, potentially setting the stage for a run to challenge its all-time highs. Related Reading: SUI Price Sits 40% Below All-Time High As TVL Approaches $1 Billion However, failure to break above the daily 200 MA could signal a shift in sentiment. In this case, SOL could retrace to key support levels, with potential targets around $140 or even lower. This would indicate a short-term correction before another attempt at reclaiming higher price levels. Investors are closely watching SOL’s next moves to determine the coin’s near-term direction. Featured image from Dall-E, chart from TradingView
Some top coins of Solana, Bitcoin, and even Ethereum are edging higher. However, while holders are barely up double digits over the past week, a meme coin trader on Solana is swimming in profits at spot rates. MooDeng Trader Turns $800 To $1.3 Million According to Arkham, a blockchain intelligence platform, the trader, who got in early, scooping $800 worth of MooDeng, a meme coin in Solana, has seen the investment swell to over $1.3 million roughly two weeks after buying. Related Reading: Analyst Warns Of Short Squeeze as Bitcoin Futures Market Heats Up The address, also the largest holder of the MoonDeng meme coin, had already seen the initial investment soar by over 500X by September 17, rising to nearly $400,000. However, a week later, that same investment is up, rising to $1.3 million on September 24. A glance at MooDeng’s price action shows that the token is inching higher. Notably, this superb performance coincides with a sharp change in fundamental factors following the interest cut by the United States Federal Reserve. Following the 50 basis point reduction, Ethereum, Solana, and Bitcoin have been firm, shaking off weakness. Specifically, the revival of Solana prices from September lows has been a reprieve for some of its ecosystem tokens, especially meme coins. Solana Meme Coin Ecosystem Recovering Over the last week, Solana has added nearly 11%, according to Coingecko data. The expansion has also seen the total market cap of Solana meme coins rise to $7.2 billion, adding 8% in the past 24 hours. Out of this, DogWifHat (WIF) is the largest meme coin on Solana, commanding a market cap of over $1.8 billion. However, the only other meme coin on this network with a market cap exceeding $1 billion is Bonk, at $1.2 billion. Related Reading: Bitcoin (BTC) On Track For ‘Strongest September Performance’, Is $90,000 Next? Interestingly, scanning through the top 50 meme coins on Solana, MooDeng, despite its performance, doesn’t feature. Currently, looking at Coingecko, MooDeng is up 48% over the last day, attracting a 24-hour trading volume of over $29.4 million. Gecko Terminal data shows over 9,800 holders, and each token is changing hands at around $0.06, translating to over $63 million in market cap. Even with the uptick in trading volume and prices, MooDeng is mostly traded on Raydium, a DEX on Solana. Feature image from DALLE, chart from TradingView
The latest weekly digital asset fund flows from CoinShares shed light on the ongoing dynamics among institutional investors when investing in altcoins such as XRP, Solana, and Cardano. Most of the inflow activity went into Bitcoin, but the report also highlights a diverse set of trends among altcoins to show preferences and strategies investors are […]
Solana is holding the $140 support zone. SOL price is rising and might aim for a fresh increase above the $152 resistance zone. SOL price started a fresh increase from the $142 zone against the US Dollar. The price is now trading near $1465 and the 100-hourly simple moving average. There is a connecting bearish trend line forming with resistance at $148 on the hourly chart of the SOL/USD pair (data source from Kraken). The pair could gain bullish momentum if it clears the $152 resistance zone. Solana Price Eyes Fresh Surge Solana price extended its increase above the $142 resistance like Bitcoin and Ethereum. SOL even spiked above $150 before the bears appeared. A high was formed at $152 and the price started a downside correction. There was a move below the $148 and $145 levels. The price dipped below the 23.6% Fib retracement level of the upward move from the $127 swing low to the $152 high. However, the bulls were active near the $142 support zone. The price is stable above the 50% Fib retracement level of the upward move from the $127 swing low to the $152 high. Solana is now trading near $146 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $148 level. There is also a connecting bearish trend line forming with resistance at $148 on the hourly chart of the SOL/USD pair. The next major resistance is near the $152 level. A successful close above the $150 and $152 resistance levels could set the pace for another steady increase. The next key resistance is near $164. Any more gains might send the price toward the $172 level. Another Decline in SOL? If SOL fails to rise above the $148 resistance, it could start another decline. Initial support on the downside is near the $144 level. The first major support is near the $142 level. A break below the $142 level might send the price toward the $134 zone. If there is a close below the $134 support, the price could decline toward the $128 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 – $142 and $134. Major Resistance Levels – $148 and $152.
Following the success of multiple tokens launched on the blockchain in 2023, Solana meme coins have become a major staple of the crypto investing community. With the likes of Dogwifhat, BONK, and POPCAT recording major gains for investors, it has led to the hunt for other tokens that could replicate the same success. So, here […]
As the cryptocurrency landscape continues to evolve with numerous layer-1 and layer-2 blockchains, the decentralized finance (DeFi) platform Drift is making significant advancements on the Solana (SOL) blockchain. Recently, Drift announced a successful $25 million Series B funding round led by crypto venture firm, Multicoin Capital. This funding will help propel Drift’s vision of becoming […]
Solana (SOL) joined the recent crypto market pump after climbing 10% on Thursday. SOL’s price broke above a key resistance level, reigniting the bullish sentiment among investors and traders who believe the cryptocurrency is soon poised to reclaim higher targets. Related Reading: October To Remember: Descending Broadening Wedge Says Bitcoin Is Going To $90,000 Solana Breaks Above Key Resistance Level Following the highly anticipated US Federal Reserve (Fed) rate cuts, the crypto market rebounded 5% in the last 24 hours. Most cryptocurrencies have registered green numbers in the past day, recovering from their performance in the past few weeks. Solana, the fifth-largest cryptocurrency by market capitalization, regained momentum on Thursday after reclaiming a key level. The token had failed to break about the $140 resistance level throughout September, consolidating between the $130-$139 price range in the last few weeks. SOL had registered a 7% weekly drop by Wednesday, which alarmed many investors and market watchers. Some crypto analysts considered the token’s recent performance hinted at a possible correction that could drive the token’s price to a yearly low. Seasoned trader Peter Brandt suggested that the cryptocurrency could face a significant correction to the $80 support zone if it unsuccessfully continued retesting this resistance level. Nonetheless, SOL’s price recovered from its disappointing performance, jumping over 10% in the last 24 hours. The cryptocurrency moved past the $140 mark on Thursday morning, breaking out of a two-month downtrend. The price surge represented a 5.4% and 8.3% increase in the weekly and biweekly timeframes. Additionally, its daily market activity soared 81.3% in the past day, with a daily trading volume of $3.76 billion. Experts Set Next Targets For SOL Some analysts highlighted Solana’s performance, suggesting that the cryptocurrency is ready to aim for higher targets. Crypto analyst Jelle stated that, in the higher timeframes, Solana has performed considerably better than most altcoins. Other market watchers previously noted Solana’s strength since Q3 started. During the market retraces, the cryptocurrency was deemed “one of the strongest assets” after moving sideways while other tokens made new lows. Jelle highlighted that SOL’s price still held “all key support levels even though most altcoins are down >50% from the highs.” Effectively, Solana has remained above the $120 support zone since March, currently being 31% down from March’s highs. Related Reading: Will Bitcoin Bullish Swing Continue? Top Analyst Says Yes Similarly, crypto analyst Yuriy considers SOL’s recent performance has set the stage for a breakout above the $150 resistance level. However, he warned that bulls must hold the $138 mark, as failing to maintain this support could lead to a correction to the $120 level. The analyst believes a successful breakout will send SOL’s price to the $160 resistance zone next, potentially moving toward the $180-200 targets. As of this writing, SOL is trading at $143.3, a 12.2% increase in the last 24 hours. Featured Image from Unsplash.com, Chart from TradingView.com
Meme coins have been sliding in recent weeks. According to Coingecko, all meme coins’ total market cap is around $42 billion. Dogecoin remains the most valuable, with a market cap of over $15.4 billion, followed by Shiba Inu, which has a market cap of around $8 billion. It has been a turbulent few trading months for meme coins, whose valuation is down from over $65 billion in Q2 204. WIF Struggling, Is This The “Most Bearish Meme Coin”? Though Bitcoin is turning the corner, a development that can yank top altcoins like Solana and meme coins higher, one analyst is bearish on DogWifHat (WIF). According to Coingecko, WIF is one of the top meme coins on Solana, commanding a market cap of over $1.5 billion and a slot in the top 5. Related Reading: POPCAT Jumps 20% As Whales Load Their Bags, Is A ‘Cat Season’ Ahead? While WIF might be up over 98,000% after dropping to all-time lows of $0.00155 in December 2023, the token is down 68% from recent all-time highs. WIF prices exploded, riding on Solana expansion and the meme coin fever that swept across the industry in the first half of the year. The analyst now thinks WIF will likely dump in the coming sessions. Driving this outlook is the state of the chart pattern, which points to weakness all through. From how the WIFUSDT chart is aligned, the token, the analyst claims, could be the “most bearish of all major meme coins.” Bulls Have A Chance If Bitcoin Recovers, DogWifHat Finds Resistance At $2 While there is optimism that WIF could bounce and benefit from the market-wide recovery, the current bearish structure damps optimism. From the analyst’s assessment, buying the meme coin at spot prices is risky. The only time traders can consider loading WIF is once it breaks out from the descending wedge, as is evident in the daily chart. Related Reading: Legendary Bitcoin Puell Multiple Finally Enters ‘Buy’ Territory In summary, WIF is down nearly 50% from July highs. Although prices recovered after the bounce in early August, buyers didn’t build sufficient momentum to reverse losses. The immediate resistance is $1.99, while support is $1.30. For the uptrend to take shape, WIF bulls must break above $2, ideally with rising trading volume. In turn, this may set the momentum for another leg up that could see the token expand to as high as $3–or July highs in a bull bar continuation formation. Feature image from iStock, chart from TradingView
Solana started a recovery wave from the $120 zone. SOL price is rising and might aim for a move toward the $150 resistance level. SOL price started a recovery wave above the $125 level against the US Dollar. The price is now trading above $128 and the 100-hourly simple moving average. There is a connecting bullish trend line forming with support at $130 on the hourly chart of the SOL/USD pair (data source from Kraken). The pair could gain bullish momentum if it clears the $138 resistance zone. Solana Price Extends Losses Solana price formed a support base above the $120 level and started a recovery wave like Bitcoin and Ethereum. SOL traded above the $125 and $128 resistance levels. The price even climbed above $132 and tested the key barrier at $138. A high was formed at $137 and the price is now consolidating gains. There was a minor decline below $135 and the 23.6% Fib retracement level of the upward move from the $120 swing low to the $137 high. Solana is now trading above $130 and the 100-hourly simple moving average. There is also a connecting bullish trend line forming with support at $130 on the hourly chart of the SOL/USD pair. On the upside, the price is facing resistance near the $135 level. The next major resistance is near the $138 level. A successful close above the $135 and $138 resistance levels could set the pace for another steady increase. The next key resistance is near $142. Any more gains might send the price toward the $150 level. Another Decline in SOL? If SOL fails to rise above the $138 resistance, it could start another decline. Initial support on the downside is near the $130 level and the trend line. The first major support is near the $126 level and the 61.8% Fib retracement level of the upward move from the $120 swing low to the $137 high. A break below the $126 level might send the price toward $120. If there is a close below the $120 support, the price could decline toward the $110 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 – $130 and $126. Major Resistance Levels – $135 and $138.
Three major crypto exchanges teased the launch of new Solana-based products. The trading platforms shared mysterious hints on their official X accounts, suggesting their entry to Solana’s Liquid Staking ecosystem. The news received a positive reaction from the crypto community, seemingly fueling a bullish sentiment among SOL investors. Related Reading: TON-Based Memecoin DOGS Becomes Top 100 Largest Gainer With 30% Jump Exchanges Hint At New Solana-Based Products On Thursday, crypto exchanges Binance, Bybit, and Bidget created a buzz among crypto investors after hinting at the launch of new Solana-based products. Binance, the largest crypto exchange by trading volume, was the first to announce the mysterious partnership with two X posts stating “BNSOL,” and “Coming soon.” The crypto community quickly speculated about the meaning of the post, wondering about the collaboration. Soon after, Bybit and Bitget posted similar messages. Bybit stated it was “welcoming a new baby to the family” named bbSOL, while Bitget teased that “something BG is coming #BGSOL.” Despite not having further details, the community concluded the exchanges will launch Liquid Staking Tokens (LSTs), based on Sanctum’s comments. The Solana-based Liquid Staking Protocol replied to the news, hinting at its involvement in the project. In a reply to Bybit’s post, the Liquid Staking protocol said it was “ready to help this bbSOL grow big and strong.” This suggests that the exchanges are entering the Solana Liquid Staking ecosystem. The BNSOL, BGSOL, and bbSOL LSTs would allow users to stake their tokens and receive rewards while continuing to participate in other DeFi projects. The tokens would offer investors flexibility, as they would have access to liquidity without unstaking their tokens. Major Boost For SOL Price Coming? Following the announcements, the crypto community expressed a positive sentiment towards SOL. Many shared their excitement about the products, calling them “bullish” for the Solana ecosystem. Meanwhile, others suggested that positive competition was brewing in Solana’s Liquid Staking sector. The bullish sentiment seemingly translated to CLOUD, Sanctum’s governance token. The Liquid Staking protocol’s token soared 56% following the announcement. CLOUD saw a massive surge from the $0.16 price range to the $0.25 mark before stabilizing above the $0.24 level. Similarly, some community members noted that the crypto exchanges appear to see significant potential in SOL’s performance. SOL quickly surged to the $147 range, a 4.2% increase from Wednesday’s lows. Despite the positive sentiment, the price retraced to the $145 support zone before unsuccessfully retesting the daily high a second time. Nonetheless, investors believe that the recently announced tokens could bring a significant inflow of liquidity as the crypto exchanges have a massive user base. Moreover, the TSLs could accelerate Solana’s Liquid staking sector’s expansion and boost its adoption by retail users. The fifth-largest cryptocurrency by market capitalization had its price recovery halted by the most recent market shakeout. SOL’s price lost the $160 support zone and revisited the $140 level as Bitcoin slipped to $58,000 two days ago. Related Reading: RENDER Soars 30% In A Week, Here’s Why Experts Forecast A Massive Pump As a result, some market watchers remain cautious about the token’s short-term performance but suggest that SOL might aim for new heights in the coming months. As of this writing, the cryptocurrency trades at $145, a 2% increase in the last 24 hours. Featured Image from Unsplash.com, Chart from TradingView.com
Solana started a fresh decline below $155 and $150. SOL price tested $140 and is currently struggling to start a recovery wave. SOL price started a fresh downward move below $150 against the US Dollar. The price is now trading below $148 and the 100-hourly simple moving average. There is a short-term declining channel forming with resistance at $145.50 on the hourly chart of the SOL/USD pair (data source from Kraken). The pair could start a recovery wave if it clears the $148 resistance zone. Solana Price Revisits $140 Solana price started a fresh decline from well above $155 like Bitcoin and Ethereum. SOL gained pace and traded below the $150 level. It even tested the $140 support level. A low was formed at $140.53 and the price is now consolidating losses. There was a minor upward move above the $142 and $143 levels. The price climbed above the 23.6% Fib retracement level of the downward move from the $161.95 swing high to the $140.53 low. Solana is now trading well below $150 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $146 level. There is also a short-term declining channel forming with resistance at $145.50 on the hourly chart of the SOL/USD pair. The next major resistance is near the $148 level. A successful close above the $148 and $150 resistance levels could set the pace for another steady increase. The next key resistance is near $152 or the 50% Fib retracement level of the downward move from the $161.95 swing high to the $140.53 low. Any more gains might send the price toward the $162 level. More Downsides in SOL? If SOL fails to rise above the $146 resistance, it could start another decline. Initial support on the downside is near the $142 level. The first major support is near the $140 level. A break below the $140 level might send the price toward $132. If there is a close below the $132 support, the price could decline toward the $125 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 – $142 and $140. Major Resistance Levels – $146 and $148.
Solana (SOL), currently positioned as the fifth largest cryptocurrency by market capitalization, is mirroring Bitcoin’s (BTC) recent pattern of recovery, exhibiting a positive trajectory over the past couple of weeks. Friday’s recent price spike comes on the heels of positive macroeconomic developments from the US Federal Reserve (Fed), which have had a positive impact on the broader cryptocurrency market. 7% Weekly Uptick Amid Economic News In the last 24-hour window, SOL has surged by nearly 4%, showcasing a 7% uptick over the past week. This rebound comes after SOL plummeted to the $110 mark on August 5, marked by overall market turbulence triggered by adverse economic news impacting risk assets. Contrary to the negative economic backdrop previously witnessed, the recent scenario has taken a turn for the better following a noteworthy statement by Fed Chair Jerome Powell. Related Reading: Bitcoin Price Breaches $62,000: Market Reacts To Powell’s Speech In a speech delivered earlier today, Powell hinted at the likelihood of an interest rate cut by the central bank in September. While specifics regarding the magnitude of this move were not explicitly disclosed, Powell emphasized the Fed’s readiness to adjust policies to safeguard the job market from further deterioration and to ensure a smooth economic transition. “The time has come for policy to adjust,” remarked Powell during the Kansas City Fed’s annual conference in Jackson Hole, Wyoming. He emphasized the clarity of the direction for policy adjustments, highlighting that the timing and scale of rate cuts would hinge on incoming data, evolving economic forecasts, and risk evaluations. Solana Price Projection The market response to Powell’s statements has been palpable, with Bitcoin surging to the $63,000 mark at the time of reporting. Additionally, Ethereum (ETH) has seen a 4.4% upsurge to reach the $2,730 level, a height not observed since the end of July. Related Reading: Cardano Investors React To 14% ADA Price Surge To $0.37 In addition, a recent observation from crypto analyst Ali Martinez suggests that Solana may be forming an Adam & Eve pattern, hinting at a potential surge towards $164 if SOL manages to breach this resistance level. In the event of a successful breakthrough, a substantial 33% increase towards $220 could be on the horizon. Should this projection materialize, SOL’s price would fall just shy of its previous all-time high of $259 recorded during the 2021 bull run, which peaked in November of that year. This expected spike would also put SOL well above its annual high of $210, which was reached five months ago. In the near term, however, the SOL price must first overcome the $151 resistance wall that has prevented the token from moving higher since August 11. Should the price break through this level, it would favorably position the token to potentially retest and consolidate above its next major resistance at the $161 zone. Featured image from DALL-E, chart from TradingView.com
Solana (SOL) is trading at $145.02, and investors are buzzing with speculation about its potential gains in 2025. Since hitting its low at $8 in June 2023, SOL has surged over 1,400% to its March high of around $209 this year, demonstrating incredible growth and resilience in a volatile market. Related Reading: Spot Solana ETFs […]
The crypto ecosystem has seen a surge in memecoins and their popularity over the past year. Still, the craze has ushered in a wave of scams and rug pulls targeting unsuspecting investors. The latest victim of this trend is the Solana-based GRIMACE coin, which was the subject of a rug pull. GRIMACE Surges 400% After McDonald’s Instagram Hack The incident began when hackers accessed the official McDonald’s Instagram account and used the platform to promote the GRIMACE token. The hackers spread misinformation, falsely claiming that McDonald’s had issued the GRIMACE memecoin on the Solana blockchain. Related Reading: Here’s What’s Going On With The Shiba Inu Price This had the desired effect, as investors rapidly piled into the GRIMACE token, driving its market capitalization from a modest $500,000 to a substantial $25 million in 30 minutes. At its peak, the token’s price skyrocketed by nearly 400%, reaching $0.02500 from an initial value of just $0.0005110. However, the euphoria was short-lived. After the token’s rise, the anonymous developers behind GRIMACE executed a classic rug pull, abruptly abandoning the project and absconding with over $700,000 in investor funds. The hackers even posted a message on the McDonald’s Instagram bio, brazenly stating, “Thank you for the $700,000 in Solana.” Solana Price Analysis On the other hand, the Solana price has been relatively stable since Monday, trading within a newly formed range between $138 and $142 after recovering from the drop at the beginning of the month toward the $109 level, which was the lowest point since March this year. Over the past 24 hours, SOL has recorded almost no changes compared to Tuesday’s price, experiencing a slight 0.9% drop despite Bitcoin (BTC) and Ethereum (ETH) surging nearly 3% and 2%, respectively. This lack of price movement suggests little demand for the fifth-largest cryptocurrency in the market over the past week, further evidenced by a 14% drop in trading volume to $2.2 million in the last 48 hours, according to CoinGecko data. Related Reading: Tron Rises 24% Amid New Developments – Will The Uptrend Continue? The consolidation in Solana’s price is also concerning for bullish investors, as the token has failed to overcome its key technical indicators. Currently trading at $142, SOL has not breached its 50-day and 200-day exponential moving averages (EMAs), which are positioned at $143 and $151, respectively. Overcoming these levels would be crucial for sustained price recovery and provide important support floors in the event of potential corrections. However, it is worth noting that after the broader cryptocurrency market crash on August 5, SOL found significant support at the $129 level, representing a critical near-term defense for Solana’s price action. Featured image from DALL-E, chart is from TradingView.com
Solana remains one of the top-performing crypto assets over the past year. Even though there is a retracement from the 2024 highs, the coin is still multiples higher than the 2022 lows. Traders are upbeat about what lies ahead, with some convinced the coin will easily break $260 and register all-time highs in the coming months. Like Bitcoin, Ethereum, and other top altcoins like Cardano, SOL faces determined sellers. From the daily chart, SOL is moving sideways in a possible accumulation, considering the current primary trend remains upward. However, on lower time frames, one trader thinks SOL might struggle in the coming few sessions. SOL Holders To Prepare For More Pain? Taking to X has picked out a head and short formation in the hourly chart. Technically, this candlestick pattern is associated with weakness. Of note is that this formation prints when the coin consolidates inside the bear range from July 28 through August 5. Related Reading: HODLing Resurgence? 374,000 Bitcoin Transfer Ignites Crypto Recovery From the daily chart, SOL faces strong resistance at an August 8 high of $162. On the lower end, support is at $142. The sideways movement and fluctuation inside this range have formed a bear flag–another selling signal, especially if sellers of late July and early August press on. In the hourly chart, the immediate resistance is around $150, marking the tip of the head. However, the top of the shoulder is at around $146. Meanwhile, the baseline of this pattern is at $142, coinciding with the critical support in the daily chart. Therefore, reading from the above candlestick formation means that traders should prepare for more pain unless Solana bulls push higher. A break below $142 in the daily chart sets the ball rolling for aggressive sellers targeting June and July lows of around $120. Solana Challenges: Centralization Claims, High Transaction Processing Failure Rate The upside momentum, looking at other developments besides candlestick formation, is fizzling out. Last week, a severe security flaw was discovered and quickly patched. Related Reading: Bitcoin Poised To Reach New All-Time Highs: Expert Dives Into Tether’s Role As The Key The critical vulnerability, analysts said, had the potential to cripple the whole network. What’s concerning is that even considering the severity of the flaw, the Solana Foundation and developers chose a “quiet” fix, calling into question Solana’s decentralization level. Additionally, Solana has been struggling with high transaction processing failures. According to trading data from Jupiter, a top DEX on Solana, only about 35% of all transactions posted go through. A big chunk, or 65% of all transactions, fail. The high failure rate significantly undermines some of the platform’s key selling points, mainly its low fees and high scalability. Feature image from DALLE, chart from TradingView
Solana (SOL), one of the largest digital assets in the market by market capitalization, has been in a period of price consolidation, oscillating between the $140 and $150 price range. This period follows a significant drop that saw SOL plummet to $109 on August 5th, with a modest recovery since then. However, despite its resurgence, Solana has struggled to break above upper resistance levels, reflecting a pattern reminiscent of Bitcoin’s (BTC) price movements for the past week. Solana Price Forecast According to crypto analyst “XForce,” Solana is currently positioned in a way that is strikingly similar to Bitcoin’s price action, just on a different scale. Related Reading: Will The Bitcoin Price Return To $20,000? Crypto Analyst Provides Answers The analyst contends that Solana is likely in the midst of a “wave 4” consolidation phase and is poised to enter a “wave 5” that could potentially double its current all-time high of $259, reached during the November 2021 bull run. This would imply a price target of approximately $400-$500 for Solana at the top of this market cycle, which could represent a price increase of nearly 250% from current market levels. However, the analyst also warns that in the near term, Solana could experience a deeper correction, with targets potentially as low as a 22% drop to $110 or even a sharper decline to the $75 mark. This scenario is based on the analyst’s belief that Solana could enter in a “wave Y” correction. Bearish Pattern Emerge, Threatening $100 Support Adding to the technical analysis, Ali Martinez has recently spotted a potential head and shoulders pattern forming on Solana’s hourly chart. This pattern suggests that a breach below the $141 level could trigger a correction, sending Solana down to the $122 range. This level is of particular importance for Solana bulls, as a breach below $141 could potentially jeopardize the token’s year-to-date macro uptrend, which has been in place since February. If the $122 level is lost, the theory put forth by XForce, the first analyst, could come into play, with Solana potentially retesting the crucial $100 support floor. This would be a significant test for the token’s long-term prospects, as a breach of this level could have broader implications for Solana’s overall market sentiment and investor confidence. Related Reading: Ethereum Price To Hit New All-Time High If This Happens: Crypto Analyst Currently, SOL is trading at $144, down over 2% in the 24-hour time frame, mirroring the broader market’s price action. However, in the case of further catalysts for the token’s price action, there are also crucial levels to overcome if the bulls want to get past the $200 mark. On the SOL/USDT daily chart, the first hurdle that led to the current consolidation range for SOL was at $153, as the first barrier that prevented a test of the next obstacle at $163. Gaining these two levels in the short term will be key to anticipate a move towards $183 before a leg up to the $200 mark. Featured image from DALL-E, chart from TradingView.com
Over the last year or so, since crypto prices began bouncing strongly from late Q3 2024, interest has spiked, drawing attention to low-fee and scalable alternatives to Ethereum. These blockchains, mainly Solana, allow users to deploy smart contracts cheaply, all while remaining trustless and, to some extent, reliable. Bot Activity Is Not After All Bad–Here’s […]
The Solana meme coin ecosystem has been one of the major talking points in this bull run, as crypto investors continue to bet on tokens that launch from the meme coin generator Pump.fun. However, Solana traders might be having a rethink as data from the on-chain analytics platform Dune shows a dwindling interest in these […]