The cost of SOL in the cryptocurrency market took a hit again on Wednesday, as global markets responded to news about persistent inflation in the US. After the publication of the Consumer Price Index (CPI), both SOL and Bitcoin prices experienced significant declines, with SOL testing support at $160 and Bitcoin dropping to $67,500. At present, Solana boasts a market worth of $171, reflecting mounting curiosity among traders who believe that these dips will eventually pay off before the upcoming Bitcoin halving event.
SOL Price Forecast With Volume Surging To $2.1B
Recently, Solana experienced a slight uptick in trading activity despite an early-day price decrease. This trend suggests heightened trader curiosity. Notably, the market capitalization continued to thrive, gradually climbing up to $75 billion according to CoinMarketCap figures.
In simpler terms, the price of Solana has bounced back to $160 multiple times recently, suggesting that it may recover soon. A developing four-hour candlestick pattern on the graph could provide additional evidence for this potential rebound.
If the RSI, or Relative Strength Index, isn’t yet signaling an oversold condition with a reading of 35, investors might think about entering into brief buy positions to amplify any potential market rebound.
Assessing Solana Price Impending Rebound
An upward slanting triangle shape in Solana’s price chart, known as a falling wedge pattern, is another optimistic indication that could entice traders to buy more SOL. This pattern emerges following a significant price surge, providing an opportunity for a pause as sellers cash out their profits.
The trendline at the bottom represents the buyers’ determination, while the one on top reflects the increasing impact of the sellers. A potential shift may occur when these trendlines intersect, leading to a possible breakout.
To successfully implement this trading strategy, it’s essential to exercise considerable patience. The uptrend’s legitimacy remains unconfirmed until the price surpasses the upper trendline. Consequently, an optimal time to purchase Solana would be just above the trendline’s resistance level, aiming for a potential 10% price increase.
Moving ahead, there are several key levels to keep in mind. The first is the “green band,” which signifies a level of support. Next, we have the 200-day Exponential Moving Average (EMA), priced around $172. Additionally, the previous day’s opening price falls within this vicinity.
In simpler terms, having four candlesticks each lasting four hours close above the purple 200-day moving average would strengthen the bullish trend. Additionally, the Relative Strength Index (RSI) recovering in the neutral zone and heading towards the overbought region above 70 is another promising sign.
Traders might consider taking profits when Solana’s (SOL) price reaches the $185 resistance point. However, more aggressive investors are looking for SOL to surpass the $200 threshold in order to fuel a fear of missing out (FOMO), potentially propelling the price to a new record high above $260.
Read More
- BTC PREDICTION. BTC cryptocurrency
- LUNC PREDICTION. LUNC cryptocurrency
- SOL PREDICTION. SOL cryptocurrency
- USD COP PREDICTION
- Ethereum (ETH) Crashes Dramatically, What’s Next? Solana (SOL) Can Still Reach $200, XRP Struggling Before $0.63 Test
- Cardano Enters Chang Hard Fork Era With Node 9.1.0 Upgrade
- Profit from the Dip: Hong Kong To Debut Asia’s First Inverse Bitcoin ETF — Here’s When
- US Govt Dumps $4M In Bitcoin Again, Another BTC Selloff Ahead?
- Bitwise Ether ETF Reveals 10% Profit Donation To Ethereum Developers
- Survival Horror Games With an Unkillable Enemy
2024-04-10 20:49