SOL price analysis
Solana (SOL) Consolidates in Symmetrical Triangle – Analyst Reveals $160 Target On Breakout
Published
1 day agoon
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adminSolana (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.
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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.
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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
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Why Is Solana Price Down Today?
Published
3 weeks agoon
September 5, 2024By
adminSince yesterday, the crypto market has officially entered the fear zone, hinting at the investor’s hesitation in placing trade. The result of these hesitations is the cryptos struggling in the market, especially altcoins like Solana, Ethereum, XRP, and many others. Out of these, Solana, which ruled the market thanks to heavy demand for Solana tokens, is struggling. It is because the Solana price dropped below $130 earlier in the day, concerning the holders for its further drop amid its ongoing week-long downtrend.
Solana has lost more than 8% of its value in the last week, currently at $133.28 after a minor recovery. However, with the high selling pressure, the downtrend may continue if the SOL price fails to surge above the pivot at 139.42.
Three Reasons Why Solana Price Is Struggling
Solana’s was booming at the beginning of the year, as its price surged to a high of $202.87. However, with the bulls losing their grip on the market, most of the altcoins began to struggle, especially as the market entered the fear zone yesterday, continuing even today.
Regardless, the biggest reason for Solana’s price is the Pump.fun selling nearly 50% of its accumulated assets. With this, the Solana-based meme coin deployer, Pump.fun has dumped 274,373 SOL ($42.64M) in recent Lookonchain reports.
Since its launch in January, the platform boomed in terms of popularity and token launch. It has hit the 680K $SOL($91M) mark in revenues and has accumulated more than 0.1% of Solana’s current supply. But at the same time, it sold its first share of 254,074 $SOL($40.26M) at an average price of $158.
The https://t.co/DrKlYnPPqY Fee Account sold 10,300 $SOL($1.38M) at $134.46 again 40 mins ago!https://t.co/DrKlYnPPqY has sold 264,373 $SOL($41.64M) at an average price of $157.5.https://t.co/dZDKPfB4vU pic.twitter.com/mRLYK100zl
— Lookonchain (@lookonchain) September 3, 2024
The second selling was on September 3, which dumped 10,300 $SOL($1.38M) at $134.46, resulting in an instant SOL price drop. A few have called it locking in the profits, whereas many called it offering the token at a low before the price boost.
However, this was not the end of the Solana’s struggles. Earlier DefiLlama reports revealed that Solana’s daily revenue also hit a six-month low on Monday due to the rise of the pump.fun competitors like Ethervista and SunPump. As per reports, the Solana revenue was only $190.7K on September 1, a 90% decline from March’s peak at $2.47 million.
The impact of this declining revenue and competition has also dropped the Solana price, especially with the launch of SunPump, which has already beaten Pump.fun in terms of popularity. The impact of this popularity is also its native token as analysts believe SUN Price Could Explode 300% in future.
Final Thoughts
Despite the 4% recovery in the Solana price, the token is struggling on the weekly charts, including its drop to $123K on August 4. This drop came after the Solana meme coins deployer, Pump.fun sold almost 50% of its accumulated SOL assets at an average price of $157.5. Moreover, with rising competition like Ethervista and SunPump, the altcoin’s suffering has increased.
Pooja Khardia
With years of love for reading and 5 years of content writing experience, I’m here, working on my favorite writings about cryptocurrency. I’m actively looking for trending topics and informational statistics to curate the best content pieces for crypto enthusiasts. Staying updated with trends and learning the basis and advancements of this field is the best part of the day.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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