Solana (SOL) Holds Steady After Decline—Breakout or More Downside?
Solana started a fresh decline below the $132 support zone. SOL price is now consolidating and might struggle to recover above the $126 resistance. SOL price started a recovery wave from the $122 support zone against the US Dollar. The price is now trading below $130 and the 100-hourly simple moving average. There is a key rising channel forming with support at $124 on the hourly chart of the SOL/USD pair (data source from Kraken). The pair could start a fresh increase if the bulls clear the $126 zone. Solana Price Faces Resistance Solana price started a fresh decline below the $135 and....
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Solana (SOL) has undoubtedly been one of the major winners of the recent crypto rally after notching over 60% gains on the weekly chart. Since it has grown so much, expectations of a downside are common. However, one crypto analyst is bucking this trend as they see a continued breakout for the altcoin. Solana To […]
Solana’s price action has shown some sort of resilience in the past few days while much of the cryptocurrency market turned red. After surging past $210 to reach as high as $218 on August 29, SOL briefly dipped below $200 but quickly stabilized, outperforming major large-cap assets such as Bitcoin, which has been locked in a decline since August 14. This has put Solana in an interesting position, and technical analysis shows its correction phase is constructive and could prepare the token for another breakout. Related Reading: A New Vision For Money: Hoskinson Predicts Bitcoin Will....
Solana market grapples with multiple bearish setups if it breaks below its key 50-week moving average. Solana (SOL) risks crashing 35% in the coming days as it comes closer to painting a so-called "megaphone" pattern.SOL price "megaphone" patternIn detail, megaphone setups consist of a minimum of lower lows and two higher highs and form during a period of high market volatility. But generally, these patterns consist of five consecutive swings, with the final one typically acting as a breakout signal.SOL has been sketching a similar pattern since the beginning of 2022, with the coin....
Solana (SOL) has struggled to maintain momentum after a rally that saw it peak around the $183 level on May 14. Since then, Solana’s price action on the 4-hour chart hasn’t given a clear direction, with the cryptocurrency pulling back to retest a key support zone near $166. Related Reading: Analysis: Crypto Heats Up As $35 Billion Enters Market In Under A Month At the time of writing, Solana is trading around $169.43, up slightly by 0.70% on the day, as it attempts to defend this crucial support level and build a foundation for another upward move. Interestingly, a technical....
Solana has faced intense selling pressure and price swings, with the asset losing over 57% of its value since January 13. Bulls have struggled to regain momentum, and market sentiment suggests that the crypto market is not in a healthy condition for a strong recovery. As uncertainty continues, investors remain cautious, watching for signals of a potential trend shift. Related Reading: Ethereum Holds Key Support Amid Volatility – Can Bulls Break $2.3K To Regain Momentum? However, despite the bearish outlook, some analysts believe that this correction could be nearing its end. Many are now....