Solana eyes 40% jump in August despite long-term bearish signals
The bear flag setup for SOL price could result in another interim relief rally amid macro headwinds. Solana (SOL) dipped to a two-week low at around $35.50 on July 26, mirroring downside moves elsewhere in the crypto market. Nonetheless, the technicals suggest that Solana's price flirts with the prospects of rising 40% in August.SOL hits key inflection pointIronically, the bullish setup for Solana emerges out of a classic bearish continuation pattern.On the daily chart, SOL's price has been consolidating inside what appears to be a "bear flag," a technical pattern that develops during a....
Related News
Solana network and Jump Crypto has recently collaborated to improve Solana network’s stability. Solana network especially this year has fallen prey to numerous network outages and congestion which has frequently caused slowing down of the network. Jump Crypto, a Web3 infrastructure developer and investor has decided to partner its efforts in order to improve decentralization […]
USD Coin price is currently trading at $0.999137, down 0.2 percent in the last seven days, data from Coingecko show, Saturday. USDC hit its all-time high three years ago or on May 8, 2019, at $1.17. The coin registered its all-time low last year on May 19, 2021, at $0.891848. It has a total of 55 billion coins in circulation and has a trading volume of $5,576,310,766. Suggested Reading | Solana (SOL) To Hit $166 By 2025, Despite Current Bearish Conditions USD Coin Remains Bearish With LTT Score Of 23 The long-term technical score of USDC is now at 23 which gives away a weak and....
SOL price is down 29% since August, and three key metrics suggest bulls are in no rush to return. The past eighty days have been moderately bearish for cryptocurrencies as the altcoin market capitalization declined by 16%. The downside movement can be partially explained by the United States Federal Reserve’s quantitative tightening, rising interest rates and the halting of asset purchases. Although they are aimed at curbing inflationary pressure, the policy also increases borrowing costs for consumers and businesses.The downfall of Solana’s SOL (SOL) token has been even more brutal, with....
Solana (SOL) has found itself under the shadow of a foreboding technical pattern known as the “Death Cross.” This ominous occurrence, defined by the 50-day moving average crossing below the 200-day moving average, has historically heralded significant price downturns. Investors are now eyeing the charts as SOL grapples with this pattern once again, raising questions about its future trajectory. For the uninitiated in the intricacies of technical analysis, the Death Cross is akin to a storm warning on the horizon. It emerges when a short-term moving average dives beneath a....
In last week’s post we concluded with the following statement: With our Bearish stance we were expecting to see lows in the vicinity of the U$440-450 zone. Price did fall immediately after the publication but made what can be considered a higher low at US$456 and then another one at US$459 the next day. The big question now is: Are these lows in the Mid US$450’s here to stay for a while or is more downside on the way? So on that note, let’s take a look at the long term picture. We are now changing our view point to Long-Term (tentatively) Bullish, Intermediate -Term Bearish, and Short-Term....