|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cryptocurrency News Articles
Solana (SOL) Nears Critical Juncture As The Token Tests Crucial Resistance Levels
Sep 26, 2024 at 01:30 am
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
Solana (SOL) price is now at a critical juncture following last week’s market surge. The token has climbed over 20% from its recent local lows and is now testing a crucial supply level around $150.
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.
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.
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.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
-
- Uptober: MyTonWallet Adds Support for Tron-Based Assets as TON Coin (TON) and DTX Exchange (DTX) Prepare for Massive Gains
- Sep 26, 2024 at 04:20 am
- The best experts in the crypto market believe a rally is coming this year in October like it did in many previous years. Hence, the popular bullish term, “Uptober.â€
-
- Fantom (FTM): What It Is and What Its FTM Coin Is All About
- Sep 26, 2024 at 04:20 am
- Fantom is a high-performance Layer-1 blockchain platform built on a Directed Acyclic Graph (DAG) architecture designed to provide fast and low-cost solutions
-
- Visa Launches Platform to Help Banks Test Tokenised Assets
- Sep 26, 2024 at 04:20 am
- The financial services company's new platform will allow financial institutions to issue fiat-backed tokens and test out their use cases.
-
- Army veteran Bernard “Barney” Mayrsohn receives a replacement for the jacket he lost 80 years ago
- Sep 26, 2024 at 04:20 am
- At 101, Army veteran Bernard “Barney” Mayrsohn considers himself a lucky man. He has his health, his 77-year-old son, Mark, living nearby, and a comfortable home overlooking Miami's Bay of Biscayne.
-
- Vitalik Buterin Praises Celo's Growth, Surpassing Tron In Stablecoin Usage
- Sep 26, 2024 at 04:20 am
- The Celo blockchain has received a significant endorsement from Ethereum co-founder Vitalik Buterin, marking a pivotal moment in its ongoing development.
-
- Altcoin Season is Coming: Bitcoin (BTC) Steps Back, Altcoins Break Out of Falling Wedge
- Sep 26, 2024 at 04:20 am
- In recent weeks, many altcoins have started to outperform Bitcoin (BTC). This has sparked speculation that the market could be inching toward the anticipated altcoin season.
-
- Sui (SUI), Tron (TRX), Toncoin (TON), and DTX Exchange (DTX): The Altcoins Poised to Challenge Solana's Price Trajectory
- Sep 26, 2024 at 04:20 am
- This bull run has witnessed a massive surge in various altcoins, which are set to pose challenges to Solana’s price trajectory. Sui blockchain (SUI), Tron (TRX), Toncoin (TON), and DTX Exchange are the top altcoins seen as threats to the Solana ecosystem.
-
- TON, LINK Emerge as Key Market Movers as Crypto Space Turns Erratic; IntelMarkets (INTL) Hits a Milestone With Route X21 Protocol
- Sep 26, 2024 at 04:20 am
- As the crypto space becomes highly erratic with the fourth quarter of 2024 almost around the corner, some altcoins emerge as key players in the crypto space.
-
- The Best Cryptos to Buy in Q4 2023: Avalanche (AVAX), Binance Coin (BNB), or DTX Exchange (DTX)
- Sep 26, 2024 at 04:20 am
- Historically, the fourth quarter is when cryptocurrencies see their most explosive price increases. With 2024 being a bullish year, the trend is expected to repeat itself. Hence, this is the best time to buy cryptos.