SOL

Solana ‘Must Break Descending Resistance’ To Regain Bullish Momentum – Analyst

Published

3 weeks ago

November 5, 2024

Este artículo también está disponible en español.

Solana is trading above a critical demand level of around $157, showing signs of a potential bounce after a recent pullback. This critical level has held firm despite market volatility, and now all eyes are on Solana as it attempts to regain bullish momentum.

With the U.S. election unfolding and the Federal Reserve’s interest rate decision just around the corner, this week promises to bring heightened volatility across the crypto market.

Top analyst and investor Carl Runefelt has shared a technical analysis indicating that Solana must break above a key resistance level in the coming days to regain a strong uptrend. Runefelt notes that this resistance has kept the price in check, and a breakout likely leads to renewed optimism for SOL investors.

However, the risk of further downside remains if Solana fails to secure a position above this critical resistance. As these significant macro events unfold, Solana’s next moves will be closely watched, as breaking resistance could signal a larger rally in the near term.

Solana Trading Within Bullish Pattern

Solana has been a standout performer in this cycle, showing resilience as it holds above a crucial support level that previously acted as resistance. This pivotal moment could determine Solana’s near-term trajectory as it battles to reclaim bullish momentum.

According to top analyst Carl Runefelt, who shared insights on X, Solana faces a critical test at a descending resistance level that has consistently capped its gains. Runefelt’s technical analysis, focused on the 2-hour SOL chart, highlights this resistance around the $164 mark.

Solana trading within a descending resistance (2H) | Source: Carl Runefelt on X

He suggests a confirmed breakout above this level would likely propel Solana higher, signaling a return to bullish price action.

However, there’s potential for sharp price swings this week, with the U.S. election and Federal Reserve interest rate decision creating an environment ripe for uncertainty and market manipulation. These macro events have the potential to significantly impact Solana’s movement, making the resistance break even more critical.

If Solana breaches this resistance and establishes support above $164, it could attract bullish sentiment, pushing the altcoin toward new local highs. However, failure to do so could lead to increased selling pressure and a risk of a retracement, especially if broader market volatility intensifies. As such, the upcoming days will be crucial for Solana’s path forward, with traders and investors closely monitoring this key level.

SOL Price Action: Key Levels To Watch

Solana (SOL) is trading at $161 after a recent bounce from local lows at $155. This move has established a strong support base of around $155, which has proven crucial in holding off further downside.

For bullish momentum to take hold, SOL now needs to clear the $165 resistance level, which would confirm the potential for upward price action. A sustained push above $165 could signal strength and encourage buyers, paving the way for further gains.

SOL testing crucial supply-to-demand levels | Source: SOLUSDT chart on TradingView

However, a retracement is likely if SOL fails to break above this critical level. In this scenario, the price could fall back to the subsequent demand zone around $150, which aligns closely with the 200-day moving average (MA). The 200-day MA is a widely observed indicator and often acts as a strong support level in technical analysis, reinforcing the $150 zone as a potential floor.

This consolidation phase places SOL in a pivotal position, with price direction largely dependent on its ability to overcome $165. As traders watch closely, this technical setup suggests that SOL’s next move will likely define its short-term trend, with $150 as a key fallback level if the bullish case doesn’t materialize.

Featured image from Dall-E, chart from TradingView

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Altcoins

This Solana Rival Is Looking Great Amid Bitcoin Pullback, Says Top Crypto Analyst

Published

1 day ago

November 27, 2024

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A closely followed crypto analyst says that one Solana (SOL) rival is exhibiting market strength despite Bitcoin’s (BTC) pullback to the lower $90,000 range.

Pseudonymous analyst Pentoshi tells his 822,400 followers on the social media platform X that the native token of the layer-1 blockchain Sei (SEI) is primed for another leg up.

“SEI is another one that not only looks great with a high timeframe flip and clear invalidation, but also holding up very well like many alts on this BTC pullback. Here is the daily and weekly. Just to compare to a similar setup shared [on November 23rd]. When BTC chills out, alts should continue up.”

SEI is trading for $0.69 at the of writing, up 12.9% in the last 24 hours.

The analyst is also bullish on the modular blockchain network Celestia (TIA) after the native token took out its resistance at around $7.00.

“Really strong, and we should see it continue higher.”

TIA is trading at $8.22 at time, up 3.9% in the last 24 hours.

The analyst believes that many altcoins may start outperforming Bitcoin. He shares a chart of the Bitcoin Dominance (BTC.D), which has suddenly dropped out of the 60% range. The BTC.D index tracks how much of the total crypto market cap belongs to Bitcoin. A bearish BTC.D chart suggests that altcoins are about to outshine Bitcoin.

“Looks a lot more convincing 1732712443 and our large/mid caps have made some decent moves in terms of both USD and BTC pairs.”

The BTC.D is hovering at 58.61% at time of writing.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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SOL

Solana ‘God Candle Is Close’ As It Breaks From Crucial Resistance – Top Analyst

Published

2 weeks ago

November 14, 2024

admin

Este artículo también está disponible en español.

Solana recently broke its yearly high at $210, sparking a surge in trading activity as the altcoin now attempts to consolidate above this key level. This period of volatile price action highlights Solana’s strong position within the market, as investors watch for signs of a further breakout.

Top analyst and investor Immortal recently shared an insightful technical analysis comparing Solana’s chart to Bitcoin’s historical price movements, suggesting that Solana’s next breakout may be imminent.

As the market reaches new highs, Solana’s ability to hold above $210 could indicate strength, drawing in additional interest from retail and institutional investors. In the coming days, Solana’s price action will likely clarify whether this consolidation phase is merely a pause before a more substantial move.

With the broader crypto market reaching unprecedented levels, Solana is positioned at a critical juncture, and traders will closely monitor its performance for signs of a continuation of its upward trajectory.

Solana Preparing For A Rally

Solana appears poised for a significant rally, having broken out of an 8-month accumulation phase that began in March. This critical development has caught the attention of top analyst and trader Inmortal, who shared an analysis on X, comparing Solana’s recent chart patterns to those of Bitcoin. His technical perspective suggests that Solana mirrors Bitcoin’s past price movement and could be on the cusp of a substantial surge.

Solana price chart compared to BTC | Source: Inmortal on X

Following its break above the yearly high of $210, Solana’s next target is likely to be its all-time high of $258. This level is viewed by many as a critical resistance, and a successful test could pave the way for even greater price gains. The breakout from such an extended accumulation phase has bolstered confidence in Solana’s bullish structure, and the market is closely watching for signs of sustained momentum.

The timing of this potential move is also strategic. As Bitcoin consolidates just below its all-time high, a period of stability could provide the perfect window for altcoins, particularly Solana, to gain traction. This pause in Bitcoin’s rally allows liquidity to shift toward other strong projects, positioning Solana well for a possible continuation of its upward trend.

The next few days will be pivotal for Solana as traders look to see if it can sustain support above $210. If Solana holds this level and momentum remains, a push toward the $258 all-time high could unfold rapidly, further solidifying its role as a leading altcoin in the market’s current bull phase.

SOL Testing Last Supply Levels Before ATH

Solana is currently trading at $220, having broken its yearly highs, yet it’s now encountering some volatility as traders assess the next move. With SOL just 17% away from its all-time high of $258, many are watching closely to see if it can sustain this momentum without giving traders any lower entry points.

SOL 17% away from ATH | Source: SOLUSDT chart on TradingView

The $210 support level is particularly crucial in the coming days. If SOL fails to hold above this mark, a short-term correction could drive prices lower, potentially offering some breathing room for buyers looking to enter before the next rally. However, should SOL remain steady above $210, the likelihood of a rapid push to new highs becomes even stronger, as it signals ongoing bullish strength in a market eager for upward movement.

As Solana continues to consolidate at these elevated levels, a decisive break could ignite a swift rally, drawing in both retail and institutional interest. Traders are preparing for either outcome: a brief correction as a buying opportunity, or a breakout that takes Solana into uncharted territory, setting new highs and reaffirming its place among top-performing altcoins this cycle.

Featured image from Dall-E, chart from TradingView

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Altcoins

Ethereum Rival Solana in All-Time High ‘Waiting Room,’ Says Crypto Analyst – Here’s His Outlook

Published

3 weeks ago

November 9, 2024

admin

A widely followed analyst and trader is leaning bullish on a large-cap altcoin amid a broader crypto market rally.

The analyst pseudonymously known as Pentoshi tells his 809,700 followers on the social media platform X that Solana (SOL) is in the “all-time high waiting room.”

On the weekly time frame, Pentoshi shares a chart suggesting that Solana has formed a double-bottom pattern, a technical analysis structure that’s typically considered bullish as buyers step in to keep an asset from printing new lows.

According to the widely followed analyst, Solana is on the cusp of taking out its resistance at around $204, which has kept SOL bearish since 2022.

“While there could be some short-term resistance ahead, I don’t expect to last too long.

Structurally this looks great, and in my opinion, dips are for buying.

It should be challenging all-time highs this month.”

The analyst also says his long-term target for Solana is a price around 110% above the current level.

“Above $200 and it likely sees all-time highs shortly after. Long-term target $420.69. Not a cent higher.”

Solana is trading at $200 at time of writing, up by around 20% this month.

Turning to the wider altcoin market, Pentoshi says that TOTAL3, which tracks the total market cap of all crypto assets excluding Bitcoin (BTC) and Ethereum (ETH) and stablecoins, is likely to rise by about 14% from the current level.

“Altcoins. I think we will see a breakout in the near future and move back towards the $760 billion mark. It keeps knocking at this and I believe the space got the green light.”

The market cap of TOTAL3 is hovering at $668 billion.

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