As a seasoned researcher with years of experience in the ever-evolving world of cryptocurrencies, I find myself intrigued by Solana’s current predicament. The resurgence of the market and the launch of the Solana Seeker mobile have certainly added fuel to SOL‘s upward momentum, but the SOL/ETH trading pair presents a more complex picture.
In the midst of a comeback for cryptocurrencies, Solana’s price stands at a crucial juncture. Bitcoin‘s recovery and the introduction of the Solana Seeker mobile app are fueling optimism, causing SOL to display strong upward trends. Yet, in its attempt to surpass Ethereum (ETH), which is currently stable around $2,662, showing resilience against Solana, the SOL/ETH trading pair presents a more intricate scenario for Solana. Will Solana’s price seize this bullish market and new technology to reach $200?
Solana Price Seeks 35% Gains Amid Struggle With Ethereum
The cost of SOL relative to ETH is decreasing as it has dropped below the recent support point approximately 0.05600 ETH. There’s evident resistance at the previous resistance level around 0.05900 ETH, indicating that sellers are dominating the market. The general trend for SOL/ETH appears to be turning bearish after a prolonged period of consolidation and failing to rise further.
As a researcher examining the cryptocurrency market, I would caution potential Solana investors not to fixate on Ethereum (ETH) heading into the 2024 bull run. In my analysis of the 2021 bull run, it appears that overemphasizing ETH may have contributed to Solana’s lackluster gains.
Interestingly, despite the year 2024, SOLETH seems to be performing relatively low, and on a risk-adjusted scale, SOL‘s performance has been quite modest with a Sharpe ratio approximately 0.7 since January 1st.
It’s advisable for Sol Maxis to concentrate more on the development of Solana instead of frequently comparing it with Ethereum. Last year, Eth Maxis managed to thrive by focusing solely on its own growth, and it didn’t lead to any unfavorable outcomes.
— Alex Krüger (@krugermacro) September 23, 2024
The graph demonstrates a “bearish engulfing” candlestick formation close to the peak at $0.05900 ETH, suggesting a possible reversal following the previous bullish trend. This reinforces the downward momentum’s strength.
Key Support and Resistance Levels:
- 0.05900 ETH: Strong resistance after the rejection. Price spiked to this level but failed to hold, triggering a selloff.
0.05800 ETH: Immediate resistance zone, acting as the top of the recent range before the breakdown.
0.05200 ETH: Immediate support, highlighted by the downside projection and previous lows. This marks a possible target zone for the bearish move.
As a researcher examining Solana’s (SOL) price dynamics, I’ve observed an interesting pattern: Although SOL didn’t fare well against Ethereum, it’s exhibiting a strong performance against USDT. This trend appears to be forming a double-bottom bullish reversal pattern, which typically indicates a change in the asset’s direction. If this pattern continues, we could see SOL price rising by approximately 35% to reach around $165 – a significant increase. Beyond that, the next major resistance is situated at $200.
Derivative Traders Preparing to Launch SOL Price to $160
Even though Solana’s price is currently lagging behind Ethereum’s, the high level of long positions among Futures traders hints at an upcoming price surge. According to Coinglass Liquidation Map data, more traders are holding long positions on Solana ($144 million) compared to those with short positions ($100 million), and this gap widens significantly when looking at the weekly timeframe where $584 million is in long positions versus $338 million in short positions.
This imbalance indicates that a positive, or bullish, outlook is prevalent in the market because traders believe Solana’s price will increase rather than decrease.
An in-depth examination of the SOL liquidation map reveals a significant number of buy orders falling within the range of $140 to $145. This suggests it could be challenging for the price to drop significantly below this potential support zone.
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2024-09-23 10:30