SOL
Solana Struggles To Break $160 Resistance As Top Analyst Predicts A Coming Surge
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5 hours agoon
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adminSolana (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.
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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.
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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.
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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
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5 Reasons Why Solana Price Could Hit $180 By October End
Published
6 days agoon
October 13, 2024By
adminThe first two weeks of October remained neutral for most major altcoins following the geopolitical tension in the Middle East. Amid this consolidation, the Solana price managed to stabilize above $135 and the 200-day Exponential moving average for a bullish reversal. Here are five reasons why SOL could extend recovery in October.
Solana Price Set for October Surge with Historical 14% Return
Following the broader market sentiment, the Solana price typically records a bullish trajectory in October. According to Cryptorank, SOL records an average monthly return of 14.% this month, considering the data from the last four years.
If history repeats, the layer-1 cryptocurrency could drive a bullish reversal in October’s second half.
SOL Set to Outperform BTC and ETH as Trump’s Return Spurs Innovation
Standard Chartered Bank predicts that Solana (SOL) may outperform both Bitcoin (BTC) and Ethereum (ETH) if Donald Trump is re-elected as U.S. President. According to the bank’s digital assets chief, Geoffrey Kendrick, a pro-innovation regulatory environment under Trump’s leadership will boost the border crypto market and enhance Solana’s appeal due to its high scalability and fast transaction speeds.
Kendrick predicts a potential 100x to 400x price increase for SOL, driven by Solana’s growing ecosystem and anticipated political support for emerging technologies.
Solana Meme Coins to Fuel Early 2024 Rally
Based on historical trends, the crypto market witnessed a major recovery in October. This bullish turnaround could significantly impact the meme cryptocurrency sector due to its volatile nature and attraction for speculative trading.
As a result, renewed interest in Solana meme coins could significantly boost Solana’s network activity and revenues, potentially setting the stage for an early 2024-like rally.
According to data from Dune Analytics, the Solana meme crypto generator, Pump.fun, has recorded a cumulative revenue of $127.8 million, underscoring the growing popularity and economic impact within the Solana ecosystem.
Solana Active Addresses Surge 15%: User Engagement on the Rise
As per TheBlock data, the Solana active addresses witnessed a sudden jump from 3 Million to 3.47 Million, registering a 15% jump. The increase indicates highlighted user activity and engagement within the network.
In general, the growth in active addresses is marked among the core fundamental growth of a network that drives natural demand for its native cryptocurrency.
Bullish Pennant Pattern Points to SOL Price Surge Toward $180
In the daily chart, the Solana price prediction shows the formation of a bullish pennant pattern. Generally, the chart setup resembles a dominant trend with a pole, followed by two downsloping trendlines to recuperate the bullish momentum.
By press time, the SOL price had traded at $145, with a market cap of $68.27 billion. Following the chart setup, the asset price will likely surge 24% to challenge the pattern overhead trendline at $180.
A potential breakout will signal the end of seven months of consolidation and drive a sustained rally.
However, if the downsloping trendline remains intact, the sellers could bolster a prolonged sideways trend.
Frequently Asked Questions (FAQs)
Solana is 24% away from testing the pennant pattern resistance, with historical data showing an average 14% monthly return in October
Standard Chartered Bank predicts that under Trump’s administration, a pro-innovation environment could boost Solana’s performance
Active addresses on the Solana network have surged by 15%, indicating growing user engagement, which is crucial for driving demand for the SOL token
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
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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What Made Solana Memecoins The Cycle’s Top Narrative
Published
2 weeks agoon
October 8, 2024By
adminDuring this cycle, Memecoins, especially Solana-based ones, became the leading narrative of the crypto market. These tokens have eclipsed investors’ attention and overshadowed the performance of many large-cap altcoins.
Some experts weighed in on the market’s performance over the last year, discussing what made meme-based tokens the cycle’s top-leading narrative, and what could be next for the industry.
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The Value Of Solana ‘Interjective Culture Coins’
Qiao Wang, co-founder of Alliance DAO, shared his thoughts on the market dynamics that led to each cycle’s top narrative. In the X post, he noted how there’s “an opportunity for retail to outperform professionals” every cycle.
The alpha is for retail to get involved at a time when there’s too much career risk for professionals to get involved.
Retail investors outperformed professionals during the first cycle with “simply” Bitcoin, Wang explained. In the second cycle, investors took advantage of Ethereum’s narrative, while Decentralized Finance (DeFi) and Non-Fungible Tokens (NFTs) became the leading retail opportunities during the third one.
Solana and the “intersubjective culture coins,” as Wang called memecoins, have dominated the ongoing cycle. The meme-based tokens’ popularity has often been criticized for a lack of utility and “substance,” frequently resulting in a “quick buck” for their creators and a few early buyers.
Nonetheless, Wang seemingly suggests that these tokens’ value relies on the shared culture behind them, an argument that experts and industry figures have discussed before.
As reported by NewsBTC, crypto traders Ansem and Kel debated the value of memecoins in the Unchained podcast. In the interview, the traders explained there’s value in memes and culture on the internet, which makes a comparison with other altcoins “pointless.”
They added that the crypto community is “very internet-centered” as its members understand the financial aspect and are very knowledgeable about online culture. As such, crypto investors realized there’s an opportunity to “financialize” meme virality in the industry.
Additionally, they pointed out that the “shared experience of relating” is another crucial factor driving the craze of meme-based tokens, as seen with the communities of Solana-based memecoins like dogwifhat (WIF) and Popcat (POPCAT).
Memecoins ‘Absorbed’ The Market’s Energy
On Sunday, Chris Burniske, the co-founder of Placeholder, also took X to weigh in on the memecoins frenzy. To him, “Memecoins’ tendency to trigger is all you need to observe to know they’ll be bigger than we expect in the expansion ahead.”
In the post, Burniske revealed that he considers the “trend is clear” as the cultural relevance NFT collections had in 2021 will be surpassed by some of the memecoin sensations of this cycle.
It is worth noting that, on October 7, the total market capitalization of Solana memecoins surpassed $10 billion, as SolanaFloor reported.
Solana co-founder Anatoly Yakovenko replied to Burniske, sharing his theory for why memecoins became the leading narrative. Yakovenko considers that the previous cycles “were also 90% memes and 10% products.”
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However, he suggests that today, the sector has monopolized the energy that propelled different narratives during other cycles: “My theory is that memecoins today have completely absorbed the meme energy that drove other cycles, like DeFi summer,” Solana’s co-founder noted.
Based on it, Yakovenko believes that products must “make it purely on value” now, which could be a positive thing for the broader industry.
As of this writing, Solana (SOL) is trading at $151, a 4% surge in the last 24 hours.
Featured Image from Unsplash.com, Chart from TradingView.com
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Solana Could ‘Go Nuts’ As SOL Price Retests $160 Resistance
Published
3 weeks agoon
September 28, 2024By
adminSolana (SOL) broke above a key resistance level on Friday, fueling the bullish sentiment that reignited over a week ago. As a result, some analysts think the fifth-largest cryptocurrency by market capitalization could be about to see a massive bull run as “Uptober” approaches.
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Solana Retests $160 Resistance
Solana’s rally started last week following the market surge driven by the US Federal Reserve’s rate cuts. The jump pushed the cryptocurrency’s price above the $140 resistance level, successfully turning it into support.
SOL had failed to break above this key level throughout the past month, consolidating between the $130-$139 price range. This performance alarmed many investors and market watchers, who considered the cryptocurrency was in danger of facing a massive correction.
Since the bullish catalyst, Solana has seen a 23% surge, breaking above the $150 barrier this week. Some analysts asserted that reclaiming this mark would propel the price toward the next key resistance level.
On Friday, Solana broke above the crucial resistance level for the first time in a month, hitting $160 for the first time since late August. As of this writing, SOL reached a daily high of $160.68, momentarily holding the above the key level.
This performance was seemingly fueled by the “bullish vibes” surrounding the early release from prison of Binance’s founder Changpeng Zhao (CZ). The expectation of his release further inspired a bullish market sentiment among investors, driving SOL’s 4% jump in an hour and Bitcoin’s price to $66,000.
Is SOL Price About To “Go Insane”?
Analyst Crypto Horn Harris noted Solana’s price action on the weekly chart, claiming it “looks nothing short of insane right now.” He underscored that SOL’ retested the Relative Strength Index (RSI) “properly” while doing a “perfect reset” of the 50-day Moving Average (MA).
To the analyst, this performance hints that the cryptocurrency will challenge the cycle’s high above $200 and move to higher targets soon. WiseAnalyze claimed that SOL’s price “is still very low,” suggesting that investors still can “jump on that trend.”
The trader set his target for the cycle’s final breakout at $400, “but it might grow higher.” However, he didn’t rule out the possibility of another rejection, with a pullback to the $108-$120 support zones.
Similarly, Matthew Dixon also forecasted a retrace for Solana. The analyst believes a pullback is due, as multiple indicators suggest the correction. However, the “jury is out on the scope of the decline.”
Dixon stated that SOL’s price targets will depend on whether “the price action from the low is in the form ABC Or 123.” But “either way, the retrace is likely.”
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Crypto analyst Byzantine General considers SOL’s chart to look “pretty crazy.” The trader highlighted that Solana appears to be printing an Adam and Eve (A&E) double-bottom pattern, with the confirmation line around the $160 price range.
Based on this, Solana’s price “could go really nuts,” as it has the potential for a breakout toward the $200 resistance level if it successfully reclaims the key support level.
Featured Image from Unsplash.com, Chart from TradingView.com
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