Solana is now in price discovery as SOL shows strength below $70 all-time highs
Optimism keeps flowing around Solana, with even current record levels still attractive as a buy-in. Solana (SOL), the in-house token of decentralized computing platform Solana, continued major gains on Tuesday to become a top 10 cryptocurrency.SOL/USD 1-hour candle chart (FTX). Source: TradingViewSOL becomes top-10 market cap cryptoData from Cointelegraph Markets Pro and TradingView showed SOL/USD gain another 15% on Tuesday, briefly passing $72.Against weekly returns of nearly 70%, attention from traders was firmly focused on SOL, which on the day had delivered the third-best weekly....
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Solana had witnessed strong bullish force in the past seven days, however, the bulls lost steam at the time of writing. Over the last 24 hours, the coin depleted by 9%. The current support level for SOL stood at $38. The price of the asset registered a month high after the massive rally that took place on July 13 . Technical outlook for Solana pictured the bears taking over. After Bitcoin dipped on its chart by 6% over the last day, altcoins too had the same effect on their charts. Buying strength of Solana depreciated considerably flashing negative price action. After a relief rally, it....
Crypto analyst Ali Martinez has highlighted a crucial moment for the price action of Solana, pointing to a key support level within a parallel channel. His technical analysis, which is based on SOL price action on the daily candlestick timeframe, shows that the altcoin has been trading in an uptrend channel since July 2024. Notably, this uptrend channel has been highlighted by the formation of higher lows and higher highs as Solana continued to push to new all-time highs. Now, Martinez noted that holding above a key support level could reinforce the altcoin’s uptrend towards the....
Solana has extended its price decline below $200, but technical analysis shows that it continues to trade within a bullish setup. At the time of writing, Solana finds itself trading close to a support level that could determine its next major move. This is because technical analysis shows that Solana is currently trading in a parallel channel that could drive prices to new highs, but holding above the $190 support level is crucial to this outlook. Related Reading: XRP To 3 Digits? The ‘Signs’ That Could Confirm It, Basketball Analyst Says Solana’s Parallel Channel Supports Bullish....
Bitcoin price still continues to climb despite seven solid weeks of positive price momentum. Whether or not the cryptocurrency has already returned to price discovery mode or not, is debatable. But even if it isn’t, this latest push has brought the first-ever cryptocurrency to its final resistance level before setting a new record. When the […]
SOL price is 87% down from its all-time high, but do improving fundamentals strengthen its investment thesis? The crypto sector is caught in a deep correction and recent reporting shows that a majority of altcoins are more than 70% down from their 2021 highs. Solana is on that list and investors are on the fence about whether the token has strong enough fundamentals to warrant buying Solana (SOL) at its current value. Data from Cointelegraph Markets Pro and TradingView shows SOL is down 87.5% from its all-time high and given the current state of the market, most price breakouts fail to....