As a crypto investor with some experience under my belt, I’ve seen my fair share of market volatility and support levels playing a crucial role in price action. Solana’s recent decline to $141.3, which is now testing major support at its 200-day moving average, has me intrigued.
As a researcher studying the cryptocurrency market, I’ve noticed that Solana’s price has been on a downward trend over the past month, with the coin currently trading at around $141.3 – its lowest point during this period. However, it’s important to note that Solana has now reached a significant support level, which could potentially lead to a price reversal and an uptrend for the next 30 days. Based on a recent social media post by crypto analyst Ali Martinez, there’s a possibility that Solana may exhibit bullish behavior if this support level holds firm in the coming days.
Solana Hits Major Support
In recent days, Solana, like many other altcoins, has faced diminished interest from traders as Ethereum garnered increased attention following the Securities and Exchange Commission’s (SEC) approval of Spot Ethereum Exchange-Traded Funds (ETFs). Consequently, Solana’s value dropped significantly, with a decline of approximately 24% from its $187 peak over the past three weeks.
As a crypto investor, I’ve noticed that this market downturn has been made worse by Bitcoin‘s recent dip below the $65,000 mark. Consequently, Solana took a hit and dropped down to $141, putting it to the test at its 200-day moving average.
I’ve observed that reaching the $141 support level appears to have sparked a reversal in Solana’s (SOL) price trend on a short-term basis, according to Martinez’s analysis. Moreover, the TD Sequential indicator has recently signaled a buy opportunity for SOL on the daily chart, implying that it might be an ideal moment to consider purchasing this altcoin as it recovers.
TD Sequential identifies trends by keeping track of the number of consecutive candles, be it nine periods of lower lows or higher highs. Once this threshold of nine is reached, there’s an increased likelihood that the trend might change direction.
#Solana has reached a significant support point at $141 according to technical analysis. The TD Sequential indicator on its daily chart indicates a buying opportunity for #SOL. If this level holds firm, a potential recovery of up to four consecutive daily price candles is possible.
— Ali (@ali_charts) June 15, 2024
Based on the analysis of the daily chart, it seems that after two straight red candles, SOL may be preparing to produce a green candle.
“If this support holds, #SOL could rebound for one to four daily candlesticks,” Martinez noted.
SOL Price Prediction
Currently, Solana is priced at $145.10 in my present narrative. It appears to be recovering after a dip. A broader perspective reveals that the last occasion Solana halted at $141, it experienced a robust rally of nearly 32%, reaching $186. If we see a similar pattern unfold this time, Solana could hit $186 once again in the upcoming week. The price behavior of Bitcoin at approximately $66,300 is crucial; if it maintains these support levels, it might contribute to noticeable bounces for Solana and other altcoins.
As an analyst, I’ve observed that not every Trade Volume (TD) indicator signal leads to a prolonged uptrend. For instance, if Solana can’t maintain its price above $140, it might trigger a downward spiral towards the next support level at $130. The Longs vs. Shorts data from Coinglass reveals that traders remain uncertain about Solana’s direction. In fact, out of the new positions opened within the last 24 hours, slightly more than half (50.95%) were short bets, while only 49.05% were long positions.
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2024-06-16 17:41