Solana (SOL) Could Go Parabolic Once It Breaks $200 Resistance Analyst

Solana (SOL) is now trading around a crucial supply zone after an impressive 26% surge since September 18, following the Federal Reserve’s announcement of interest rate cuts. This sharp rally has sparked optimism among analysts and investors, who hope Solana could soon reach new all-time highs. Related Reading: SUI Ready To Test $2 Resistance Bullish Pattern Suggests New ATH Soon Many in the crypto space believe Solana is primed for further gains, with some expecting it to outperform the broader market in the coming months. One prominent analyst, Carl Runefelt, has shared a technical analysis on X, highlighting the potential for a parabolic move once SOL breaks through its yearly high. With growing attention to Solanas strong fundamentals and technical strength, the market is closely watching to see if SOL can maintain its upward trajectory and deliver the explosive gains many anticipate.  As Solana hovers near these key levels, the next few days could be critical in determining whether it will continue its upward march or face renewed selling pressure. Solana To $200 Before New ATH Solana (SOL) is now testing a key liquidity area, and investors are closely watching for the next price move. After a bullish run over the past two weeks, many expect a surge that could push SOL higher. However, some concerns remain that Solana might underperform this cycle compared to other leading altcoins, which have shown stronger market activity. Prominent crypto analyst Carl Runefelt recently shared a detailed analysis on X, highlighting a bullish “cup and handle” pattern forming in Solanas price action. This pattern, often seen as a signal for continued upward momentum, has a clear resistance level of around $200. Runefelt believes that once Solana breaks past this key level, the price could go parabolic, with the next major target being the all-time high (ATH) of around $260. In his analysis, Runefelt emphasizes that breaking through the $200 resistance will be crucial for Solanas price action. Once this happens, he predicts a rapid and aggressive move to new highs. The cup and handle formation is a classic bullish continuation pattern frequently leading to sharp price increases, suggesting that Solana could be set for a major breakout. Related Reading: Dogecoin Could Target $0.20 Soon, Analyst Predicts Is DOGE Primed For A Rally? With the market sentiment still bullish and Solana testing critical levels, the next few weeks could determine whether the asset will achieve the explosive gains many anticipate. SOL Testing Crucial Supply Solana (SOL) is trading at $156, following a 13% move from last week’s lows. The price has successfully reclaimed the daily 200 moving average (MA) at $154, holding it as supporta bullish signal that could propel SOL to higher levels shortly. However, SOL is facing resistance at the $163 local high, where it has been struggling to break through. Bulls need to push the price past this critical level to trigger a rally toward the yearly high of around $210. This would further strengthen the positive sentiment around Solana as investors and traders look for confirmation of a larger upward move. On the downside, if SOL fails to break past the $163 resistance, a retracement to lower demand levels around $140 becomes more likely. This would represent a critical test for the asset, as a failure to hold support at these lower levels could weaken the bullish momentum built over the past few weeks. Related Reading: Cardano (ADA) Eyes 20% Price Surge Funding Rate Suggests Increasing Demand With SOL hovering near key levels, the next price move could set the stage for a rally toward new highs or a deeper pullback. Featured image from Dall-E, chart from TradingView

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Solana Poised for Breakout As Key Price Levels Hold In 2024

Solana (SOL) has been trading between $115 and $200 in 2024, with clear reactions at both levels. These price levels are considered as strong support and resistance levels and many traders focus on the results of such a consolidation. On Monday, in an X post, Daan Crypto Traders revealed that the price ranging from $115-$200 […]

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Solana (SOL) Is Truly In Limbo If This Happens, Warns Crypto Analyst

A recent statement made by Austin Federa, a strategist at the Solana Foundation, has sparked a widespread debate within the crypto community. On Monday, Federa proposed a novel conceptualization for several enhancements on the Solana blockchain via a post on X, suggesting that “most of the L2-ish things on Solana are better thought of as Network Extensions.” While the underlying tech stack might resemble Bitcoin or Ethereum L2s, the function and role is so radically different I think founders would best be served by Network Extensions. Network Extensions extend the Solana network to new places, or bring new execution environments, specialized processing, etc to the Solana network. State Compression, cNFTs, Neons EVM layer, maybe even Phoenix all fit this mental framing imo, Federa wrote. Why This Could Put Solana In Limbo Responding to this post, Ignas, a popular crypto analyst and co-founder of Pinky Brains, voiced his analysis and concerns to his 105,000 followers on X. Ignas highlights the critical nature of the ongoing debate about Solana’s developmental strategy. He raises a fundamental question about whether the crypto community will embrace the new “Network extension” terminology or continue to favor the Layer 2 framing. Related Reading: Solanas Surge: Heres Why This Analyst Is Predicting A Rise To $360 Ignas elaborates on the potential risks associated with Solanas rebranding of its scalability solutions as Network Extensions. He cautions that if Solana’s transition leads to negative outcomes similar to those experienced by Ethereumsuch as liquidity fragmentation and a degraded user experience due to the complexities of bridging between layersthen the future of SOL could be jeopardized, leaving it in a state of limbo. ETH was stuck between BTC and SOL during this bull run. BTC was better money for less conservative and institutional investors, and SOL as a faster, simpler, and cheaper smart contract platform with higher upside than ETH. If Solana narrative shifts from a monolithic model to scaling with L2s (like Ethereum), SOL could become the new ETH. [..] then SOL is truly in limbo, Ignas warns. The impact on the Solana price could be significant. According to Ignas, Ethereum would remain the safer option for long-term investors because of its higher decentralization and no downtimes. Plus, if degens start chasing network extension tokens for SOL beta instead of buying SOL, it could stagnate SOL’s price growth, the analyst added. Related Reading: Analysts Unanimous: Solana (SOL) To Soar 100% Details Meanwhile, Ignas did not dismiss the potential advantages of Solana’s strategy entirely. He acknowledged that integrating Network Extensions from the outset, with aggregation layer solutions already in placea step Ethereum had not taken during its initial Layer 2 rolloutscould mitigate some of the common challenges associated with Layer 2 solutions. This proactive integration could preserve a unified user experience and prevent the fragmentation of liquidity. As a result, Solana could maintain the monolithic narrative while benefiting from modular approach solutions. The network extension narrative could then prevail, Ignas concludes. However, if the Solana narrative shifts to L2s, there could be an empty void for a new monolithic champion. The crypto analyst concluded: Solana’s shift to a modular scaling approach creates an opportunity for a new monolithic scaling champion in the eyes of crypto community. Could this be the perfect moment for Monad to launch? Or will another Layer 1 blockchain seize the monolithic chain crown from Solana? Exciting! At press time, SOL traded at $134. Featured image from Solana.com, chart from TradingView.com

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VanEck eyes $350 Solana price, Tornado Cash dev to face criminal trial: Finance Redefined

Solanas market cap could reach 50% of Ethers due to its superior transaction throughput, according to asset management giant VanEck.

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VanEck Predicts Solana Could Reach 50% Of Ethereums Market Cap, Targeting $330 Per SOL

Currently, Solana (SOL) is the fifth-largest cryptocurrency, with a market capitalization of approximately $71 billion. Following the recent decision by the US Federal Reserve to cut interest rates by 0.50% on September 18, the cryptocurrency market has seen a resurgence in investor confidence, leading to notable price increases for SOL. In light of these developments, [...]

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Solana (SOL) Consolidates in Symmetrical Triangle Analyst Reveals $160 Target On Breakout

Solana (SOL) is now trading at a critical juncture following last weeks market surge. The token has climbed over 20% from its recent local lows, now testing a crucial supply level around $150.  Related Reading: XRP $0.60 Triangle Breakout Could Ignite Parabolic Rally Key Levels To Watch 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 Solanas 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. Related Reading: Crypto Analyst Predicts Dogecoin Will Surge 1,000% Past ATH Price Targets Revealed 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 Solanas 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. Related Reading: SUI Price Sits 40% Below All-Time High As TVL Approaches $1 Billion 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 SOLs next moves to determine the coin’s near-term direction. Featured image from Dall-E, chart from TradingView

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Solana (SOL) Failure To Break $154 Could Lead To $85 Correction Analyst

Prominent altcoin Solana was one of the major headliners recently, notching an 8.22% gain in the last seven days, according to data from CoinMarketCap. This positive performance saw Solana climb as high as $150, a price mark last seen in late August. The sentiments around the fifth-largest cryptocurrency are largely bullish, however crypto analyst Ali Martinez has released certain cautionary notes for investors. Related Reading: Solana Liquid Staking Could Touch $18 Billion Will It Benefit These Altcoins? Solanas Price Breakout Crucial To Avoid Slip To $85 In an X post on Sunday, Ali Martinez noted that Solana is currently headed for major price resistance at the $154 price zone. The analyst warns the altcoin must not suffer a rejection at this price level to avoid a major price crash.  In the crypto market, price rejections at certain price marks occur for various reasons including historical evidence of resistance at said price level. According to Solanas daily chart, the $154 price zone presents a strong resistance level stretching as far back as May. If a rejection occurs at this level, Solana could likely fall to around $128 in a best-case scenario. However, the presence of massive selling pressure could drive the altcoins price as low as $85, indicating a potential 44.1% decline from Solanas current price. Alternatively, If Solana breaks past $154, it could attain a market price of $190, at which lies its next major resistance. Such price gain would represent a 23.37% increase in the assets present market valuation.  At the time of writing, Solana continues to trade at $147.37 with a 1.24% gain on the last day, amid a 58.13% decline in trading volume activity. Also, the altcoin remains one of the market’s most resilient assets with 7.65% and 2.27% in the past seven and thirty days respectively despite long periods of market downturn. As the final quarter of 2024 approaches, Solana remains one of the favorite coins for profitability based on historical price data. This bullish stance is further strengthened by a robust meme market valued at $6.56 billion and continuous network development.   Solana To Soon Host cbBTC – Coinbase In other news, American crypto exchange Coinbase has unveiled a plan to integrate its newly launched wrapped Bitcoin asset- cbBTC – with the Solana network. This development was revealed by Coinbase executive Hassan Ahmed while speaking at the Breakpoint conference who cited interest in the Solana network from the exchange customers. Coinbase launched cbBTC on September 12 as a new digital product pegged 1:1 ratio with Bitcoin held in the exchange reserves. The wrapped Bitcoin asset was initially launched on the Ethereum and Base network with availability to customers in the United Kingdom, Australia, Singapore, and the United States barring New York.  Featured image from ProRealCode, chart from Tradingview

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Solana prepares for possible sizable move after defending $120 support

SOL price bounced off the $120 support multiple times since April, leading traders to believe that the current market recovery will lead to an explosive rally.

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Analyst Predicts A Solana Price Crash To $80 If This Happens

Veteran crypto analyst, Peter Brandt has unveiled a new bearish forecast for Solana (SOL), predicting a massive price crash to new lows around $80. Despite this grim outlook, there remains a potential for a price recovery as other analysts foresee Solana jumping as high as $208. SOL Heading For $80 Price Crash As of writing, the price of Solana just hit $150, up from an initial value of $148 and successfully breaking past resistance levels around $149. This significant price increase represents an 8.49% surge, underscoring investors’ strong interest and demand for the altcoin.  Related Reading: Dogecoin Forming First Golden Cross In 4 Years, Is A 3700% Rally To $3.8 Possible? Despite the recent bullish performance, Brandt has issued a bleak forecast for Solana, anticipating a steep 46.67% price crash in its price from current levels. The crypto analysts pessimistic prediction on X (formerly Twitter) is grounded on the possibility of Solana failing to break through key support levels. Brandt points out that if Solanas price falls below the $129 support mark, and this support gives way, then a large rectangle pattern would be complete. This concluded rectangle could lead to a significant price drop, with a potential downward spiral to $80.  Following his post, a crypto community member questioned Brandt on why he refers to the pattern as a rectangle, rather than a descending triangle. He also inquired if the wick of the July high was influencing his classification of this rectangle.  Responding, Brandt clarified that the interpretation of whether it is a rectangle or a descending triangle depends on how the boundaries of the chart pattern are drawn. He stated that regardless of wicks, closing prices, real body and candle sticks, both shapes could lead to similar expectations in terms of price movements.  In his Solana price chart, Brandt also noted a new resistance level around the $204 mark has emerged for the altcoin, suggesting a possibility for the cryptocurrency to reach that threshold.  Moving forward, the implications of an $80 price decline for Solana would reflect a considerable downside risk that could be financially detrimental for investors. As Solana continues to navigate the volatile market, investors can monitor key changes in the cryptocurrencys trajectory to make more informed investment decisions.  Solana Price Decline To Spark $208 Rally While analysts like Brandt are anticipating a price crash for Solana, another market expert identified as TraderXO on X has provided a more conservative price decline that would precede a major bull rally.  Related Reading: Is This The End For Ethereum Or A Generational Opportunity? Essentially, TraderXO is bullish on the long-term outlook of Solana. The analyst revealed that the price of Solana could begin trading into the $120s again, declining from its present price of $150.  However, the analyst revealed that he would be considering longing again around this declined level, anticipating a major bull run to $208 for the cryptocurrency. For this to happen, Solana will have to experience a significant 38.67% increase from its current price.  Featured image created with Dall.E, chart from Tradingview.com

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Is Solana price dropping under $100 in September?

SOL price has lost support and closed multiple daily candles below the 200-day EMA for the first time since September 2023. 

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Solana (SOL) Could Crash 40% If It Stays Below $140 Top Analyst Shares Insights

Solana (SOL) faces significant risk as the broader cryptocurrency market rebounds from local lows, yet SOL struggles to break above the crucial $140 resistance level. This underperformance has raised concerns among investors, with many worried about Solana’s inability to keep up with the markets recent surge.  Some analysts are even predicting a deep retrace to [...]

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Is Solana following Ethereum? SOL price continues slump vs. Bitcoin

Solana needs to hold above the crucial $120 support to avoid a potential correction below $100, according to market analysts.

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Solana (SOL) Surges Past $130 Resistance As Funding Rate Signals Bullish Momentum

The crypto market experienced a notable surge yesterday, with Solana (SOL) breaking past the crucial 4-hour resistance at $130. This breakout has caught the attention of investors, who now anticipate a potential price surge in the coming months as market sentiment remains optimistic. Related Reading: Solana (SOL) 180-Day Consolidation Set to Break: Massive Rally Just Around the Corner? Many analysts are forecasting further gains, pointing to Solanas recent performance as a key indicator of its strength. Investors are particularly focused on SOL’s ability to maintain its momentum, with growing demand and increased interest fueling bullish predictions for the altcoin. In addition to market enthusiasm, Coinglass’s on-chain metrics reveal a positive outlook for Solana. These metrics reinforce the bullish momentum, suggesting a potential Solana rally. As more investors look to capitalize on these trends, Solana’s performance could soon play a crucial role in determining the overall market direction for altcoins. Solana On-Chain Metrics Suggest Strength   Solana is currently testing local supply and attempting to break past a crucial daily resistance level at $137l, as on-chain metrics from Coinglass reveal a strong bullish sentiment among traders and investors.  One key metric highlighting this bullish sentiment is Solana’s Open Interest (OI)-Weighted Funding Rate, which currently stands at +0.0068%. When the funding rate is positive, traders holding long positions pay funding fees to those with short positions, which typically indicates expectations for rising prices. This suggests bullish momentum is building, with traders anticipating a short-term rally in Solanas price. The growing interest from long positions further supports the thesis that Solana may be gearing up for a price surge. Bulls dominate the asset, and the data indicates a strong possibility that SOL could break out of its current trading range if the market conditions remain favorable. However, for this bullish outlook to hold, Solana must break through its current resistance level at $138 and close a daily candle above this key point. If the price breaks and holds above $138, it could signal a potential move toward higher price targets in the coming weeks. Related Reading: Avalanche (AVAX) Ready To Target $28: Investors Expect A Reversal As the market evolves, traders will closely watch Solanas price action and market structure to gauge whether a significant rally is imminent. In the meantime, Solana continues to show promise, with bullish indicators supporting a positive short-term outlook for the asset. SOL Price Action Solana (SOL) is currently trading at $135, just 4.5% away from a crucial technical indicator: the 4-hour 200 exponential moving average (EMA), which sits at $141.14. This level is a key marker of strength for SOL, and reclaiming it would signal that the bulls are gaining momentum. If SOL successfully breaks through the $135 resistance level and reclaims the 4-hour 200 EMA, it could trigger a significant upward move toward the $160 supply zone. This would mark a major recovery for the asset, potentially attracting more buyers and pushing the price higher. Related Reading: Cardano (ADA) Rally Brewing? On-Chain Metrics Suggest Investors Optimism However, if Solana fails to break past the $135 resistance, a retracement to lower demand levels is likely. $126 is the buyers’ next potential support level to step in and prevent a price drop. As SOL continues to test these key levels, traders are watching closely to see whether the bulls can maintain control or if a correction is on the horizon. Featured image from Dall-E, chart from TradingView

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XRP Has Surpassed Bitcoin, Ethereum, And Solana Combined In This Metric

The long-standing legal battle between Ripple and the US Securities and Exchange Commission (SEC) has finally made significant progress in court, and the case may be nearing its end, with a surge for XRP. As expected, this development revitalized interest in XRP, Ripple’s native cryptocurrency, which in turn led to a noticeable surge in XRP’s activity across the crypto industry.  On-chain data reveals a surge in the number of transactions and trading volumes for XRP on major cryptocurrency exchanges. One of the most noteworthy instances of this trend can be seen on the South Korean exchange, Upbit, where XRP trading volume has surged dramatically. This surge has been so pronounced that XRP’s trading volume on Upbit has eclipsed that of major cryptocurrencies like Bitcoin, Ethereum, and Solana. The price of XRP experienced a rapid surge in the immediate aftermath of a pivotal court ruling by Judge Analisa Torres, a decision that Ripple executives and the community interpreted as a positive outcome for the payments technology company. As reported by Bitcoinist, the federal judge ordered Ripple to pay $125 million in civil penalties to the U.S. Securities and Exchange Commission (SEC), which is significantly lower than the $2 billion initially sought by the regulator.  Related Reading: CryptoQuant CEO Says Bitcoin Price Could Reach New ATH If It Holds This Level In reaction, XRP surged from $0.50 to $0.6368 in less than two hours, according to data from Coinmarketcap. This sharp increase in value was accompanied by an extraordinary spike in trading activity, particularly on the South Korean-based exchange Upbit. During this period, Upbit’s trading volume reached an astounding 746 million XRP, valued at over 610 billion KRW within a 24-hour time frame.  At the height of this trading frenzy, XRP accounted for more than 30% of the total volume on the exchange. This huge trading volume was enough to account for 14% of the total transactions worldwide after the court ruling. Chad Steingraber, a fervent XRP enthusiast, shared this statistic on social media platform X.  Bithumb, another prominent cryptocurrency exchange in South Korea, also witnessed a dramatic increase in XRP trading volume. The altcoin’s trading volume surged past other major cryptocurrencies, including Bitcoin, Ethereum, and Solana, accounting for 22% of the total trading volume on the exchange. Whats Next For XRP? The recent ruling means XRP is now free from the burden of the lawsuit that has hampered its price growth for the past four years. However, despite this positive development, the case could continue to cast a shadow over XRP if the SEC decides to appeal the ruling. An appeal could extend the legal proceedings, thereby prolonging the uncertainty that has followed its price performance. Related Reading: Ethereum Vs. Solana: Legendary Trader Peter Brandt Reveals The Clear Winner At the time of writing, XRP is trading at $0.6046. The recent price surge means the cryptocurrency has broken out of a descending triangle pattern again. According to a recent technical analysis, a significant breakout from this pattern could translate into an extended XRP price surge into new all-time highs. Featured image created with Dall.E, chart from Tradingview.com

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Ethereum Vs. Solana: Legendary Trader Peter Brandt Reveals The Clear Winner

A crypto analyst has reignited the debate between Ethereum (ETH) and Solana (SOL), evaluating which cryptocurrency was more superior. Considering recent market trends and performances of both altcoins, the analyst has finally identified a clear winner in the competition.  Solana Wins Battle Against Ethereum In a recent X (formerly Twitter) post, legendary crypto trader and [...]

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Solana Faces Uncertainty: Expert Explains Impact Of Jumps Rumored Exit

Solana, Bitcoin, Ethereum, and the broader crypto market experienced a tumultuous start to the week, with one of the most severe price crashes since the collapse of FTX. While macroeconomic factors were primarily responsible for this downturn, substantial sell orders from Jump Crypto, a division of the prominent Chicago-based quantitative trading firm Jump Trading Group, [...]

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Solana Price Crashes Below $160 Amid Revelations Of FTXs Hidden SOL Stash

The Solana price has been rocked by the latest bombshell revelations surrounding the collapse of crypto exchange FTX. According to a whistleblower claiming inside knowledge of FTX’s operations, the now-bankrupt company is secretly holding a massive stash of Solana tokens – up to 8% of the entire SOL supply. Triggering Fears Of Massive Sell-Off By the numbers, if these allegations are true, this would equate to approximately 46.5 million SOL tokens worth about $7 billion at the current market price, which is $155 at the time of this writing.  Related Reading: Cardano Goes Toe-To-Toe With Ethereum As Whales Scoop Up 120 Million ADA “I’m not saying Solana will go to zero, but if this news is true and FTX starts to sell the tokens in the open market, then it could dump the price of Solana significantly,”  warned a crypto user who spread the news on social media site X, known only as Wise Advice. In the wake of the news, Solana’s price plummeted below the critical $160 support level, dropping over 9% in the past two weeks and nearly 4% in the past 24 hours as rumors of FTX’s secret SOL holdings circulated.  Solana Price Risks Freefall The revelations come on the heels of the FTX estate’s previous sell-off of discounted SOL tokens to repay creditors affected by the exchange’s collapse. Just two months ago, Bitcoinist reported that the estate offloaded a $2.6 billion trove of SOL at around $102 per token. Venture capital firms like Pantera Capital and Figure Markets scooped up large portions of this discounted SOL allocation. It is worth noting that these tokens remain subject to a multi-year vesting period, limiting their immediate impact on Solana’s market dynamics. On the other hand, the alleged hidden FTX stash, if true, could overshadow the impact of these sales and pose a formidable challenge to the Solana price in the near term.  Related Reading: Bitcoin Down But Not Out: BTC To $700,000 Highly Probable Says Analyst With the potential for over $7 billion in Solana tokens to eventually hit the market, the cryptocurrency’s price may face intense selling pressure that could undermine its bullish prospects.  Still, it is imperative to note that these are only rumors and have not been confirmed by the exchange’s bankruptcy state, and that no further information has been released on the matter, including whether the state overseeing the exchange’s repayment operations plans to sell these tokens to repay creditors, if true. Potential $140s Plunge In terms of immediate price action, crypto analyst Pratty Crypto has highlighted several technical factors that could signal further downside continuation for the cryptocurrency in the coming days.  Pratty Crypto contends that Solana is facing a “lot of confluence” that points to a potential move towards the $140 zone. This includes Solana trading at a discount to the previous quarter’s mid-range, testing a key quarterly open level, and retracing 62% of its recent price run-up. In addition, Pratty Crypto warns that the deeper Solana’s price goes into the $130-$150 order block, the less likely it is to hold, potentially leading to more substantial losses.  Featured image from DALL-E, chart from TradingView.com

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Solana (SOL) Ripe For Price Discovery, Analyst Eyes $600 Target

Market watchers have praised the Solana (SOL) price action throughout the month. The fifth-largest cryptocurrency by market capitalization has displayed a strong performance despite the market shakeouts, recently reclaiming the $160 support level. Analysts suggest that SOL might repeat history and kickstart a rally toward a new all-time high (ATH) soon. Solana Breaks Out Of [...]

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Solana Eyes Price Surge To $220: Breaking Through This Resistance Is The Key

Solana (SOL), currently positioned as the fifth largest cryptocurrency by market capitalization, is mirroring Bitcoin’s (BTC) recent pattern of recovery, exhibiting a positive trajectory over the past couple of weeks.  Friday’s recent price spike comes on the heels of positive macroeconomic developments from the US Federal Reserve (Fed), which have had a positive impact on the broader cryptocurrency market. 7% Weekly Uptick Amid Economic News In the last 24-hour window, SOL has surged by nearly 4%, showcasing a 7% uptick over the past week. This rebound comes after SOL plummeted to the $110 mark on August 5, marked by overall market turbulence triggered by adverse economic news impacting risk assets. Contrary to the negative economic backdrop previously witnessed, the recent scenario has taken a turn for the better following a noteworthy statement by Fed Chair Jerome Powell.  Related Reading: Bitcoin Price Breaches $62,000: Market Reacts To Powells Speech In a speech delivered earlier today, Powell hinted at the likelihood of an interest rate cut by the central bank in September. While specifics regarding the magnitude of this move were not explicitly disclosed, Powell emphasized the Fed’s readiness to adjust policies to safeguard the job market from further deterioration and to ensure a smooth economic transition. “The time has come for policy to adjust,” remarked Powell during the Kansas City Fed’s annual conference in Jackson Hole, Wyoming. He emphasized the clarity of the direction for policy adjustments, highlighting that the timing and scale of rate cuts would hinge on incoming data, evolving economic forecasts, and risk evaluations. Solana Price Projection The market response to Powell’s statements has been palpable, with Bitcoin surging to the $63,000 mark at the time of reporting. Additionally, Ethereum (ETH) has seen a 4.4% upsurge to reach the $2,730 level, a height not observed since the end of July. Related Reading: Cardano Investors React To 14% ADA Price Surge To $0.37 In addition, a recent observation from crypto analyst Ali Martinez suggests that Solana may be forming an Adam & Eve pattern, hinting at a potential surge towards $164 if SOL manages to breach this resistance level.  In the event of a successful breakthrough, a substantial 33% increase towards $220 could be on the horizon. Should this projection materialize, SOL’s price would fall just shy of its previous all-time high of $259 recorded during the 2021 bull run, which peaked in November of that year.  This expected spike would also put SOL well above its annual high of $210, which was reached five months ago. In the near term, however, the SOL price must first overcome the $151 resistance wall that has prevented the token from moving higher since August 11. Should the price break through this level, it would favorably position the token to potentially retest and consolidate above its next major resistance at the $161 zone.  Featured image from DALL-E, chart from TradingView.com

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Solana Dump Far From Over? Whales Continue To Dump SOL

The Solana dump looks far from over as whales continue offloading their SOL holdings during this market downtrend. The recent shakeup in the crypto space might have also contributed to these whales bearish sentiment towards Solana.  Crypto Whale Offloads $16 Million Worth Of Solana In an X (formerly Twitter) post, the on-chain analytics platform Lookonchain [...]

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