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SOL

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

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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)
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
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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Alex Kruger

Economist Alex Krüger Unveils Election Prediction for Bitcoin, Says BTC Could ‘Shoot Straight Up’ – Here’s Why

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Economist Alex Krüger is revealing his scenarios for Bitcoin (BTC) during election night in the US, saying that a fast move could be coming for crypto markets.

The trader tells his 185,000 followers on the social media platform X that in the event of a Trump victory on election night, Bitcoin could “shoot straight up” immediately after.

If Kamala Harris comes out on top, Krüger says that Bitcoin will likely correct, but only temporarily before a move upward.

“Simple elections framework for Bitcoin

Trump win: BTC $90,000 by year-end, probability 55%.

Harris win: BTC $65,000 by year-end, probability 45%.

Weighted average: $79,000.

Expect the move to be fast if Trump wins. Markets rarely wait for laggards on binary events not largely front-run… 

Trump win: shoot straight up.

Harris win: down then up.

Timing matters greatly if running leverage or going in big.”

The economist says that in the event of a Trump victory, his main play for the night will be to go long on Solana (SOL), Ethereum’s (ETH) biggest rival.

“This is how I’m thinking about the market. A large number of people disagree. That’s why we have a market. I’m going into election night very long spot, with no leverage, mostly allocated to Bitcoin (and Nvidia). My main election night play if Trump wins will be long SOL.”

At time of writing, SOL is trading at $165.

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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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Bitcoin

SUI Eyes Potential Breakout Amid Market Retrace, Is $2.30 Next?

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Rubmar is a writer and translator who has been a crypto enthusiast for the past four years. Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology.

From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations.

In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn’t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored.

At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money.

After the failure of her home country’s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education.

Moreover, the peculiar nature of the crypto community sparked Rubmar’s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies ­–or her favorite memes.

In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school’s marching band.

She also has a passion for learning new languages and cultures, having set the goal to learn another six languages ­– currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats –hers or stray.

In summary, Rubmar seeks to present entertaining and educational pieces to be enjoyed by everybody, aiming to report on the latest news and offer a unique perspective while adding a meme or a pun whenever possible.



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Altcoins

Top Analyst Says ‘God Candle’ Loading on Solana-Based Altcoin, Updates Outlook on Bitcoin and Dogecoin

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A widely followed analyst and trader is leaning bullish on a blockchain oracle built in the Solana (SOL) ecosystem while offering his outlook on Bitcoin (BTC) and Dogecoin (DOGE).

Pseudonymous crypto trader Bluntz tells his 290,400 followers on the social media platform X that the native token of Solana-based blockchain oracle Pyth Network (PYTH) is primed for a strong bullish movement.

“God candle loading on PYTH.

Perfectly rounded bottom with three months of accumulation.

Currently flirting with the final boss as far as accumulation resistance goes [just below the $0.50 price] and once cleared, clear skies ahead.

Solana beta is about to start getting some love again in my opinion.”

Image
Source: Bluntz/X

PYTH is trading at $0.399 at time of writing.

Moving on to the flagship digital asset, Bluntz – who regularly utilizes Elliott Wave theory in his technical analysis – says that Bitcoin “should pop higher” after undergoing a brief correction in a three-wave pattern.

Elliott Wave theory states that the main trend of the price of an asset moves in a five-wave pattern while a correction occurs in a three-wave pattern.

Based on the analyst’s chart, it appears Bluntz is suggesting that Bitcoin could hit a new all-time high price of just under $80,000 in the first few days of November.

“I see lots of election volatility fear posts popping up and I don’t think the fear is unfounded, but I do think that election volatility will rear its head from higher up.”

Image
Source: Bluntz/X

Bitcoin is trading at $72,054 at time of writing.

Concluding with popular meme asset DOGE, the trader says its primed to go higher after enjoying an accumulation period of over two years.

“Many will succumb to selling DOGE too early, despite getting in at these low levels.

This is a consequence of 874 days of accumulation, recondition your brain, bullieve in something.”

Image
Source: Bluntz/X

Dogecoin is trading at $0.171 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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