Solana Suffers Pullback, Potential Support at $68

Solana is experiencing a decrease from the $115 resistance level. The SOL price is displaying some bearish indications and could potentially decrease significantly towards the $68 support level.

SOL Price Prediction – Solana’s Potential for Sharp Decline

Solana (SOL) is experiencing a downward correction from the $115 resistance level. As the price continues to show bearish signs, it may face a significant decline towards the $68 support level. Let’s take a closer look at the current situation and potential scenarios for SOL.

Solana Price Correction Begins

Following a period of steady growth, Solana bulls encountered difficulty in surpassing the $115 resistance level. As a result, SOL formed a short-term top and began a new descent, dropping below the $105 support.

The price witnessed a steady decline below the $100 pivot level, with bears successfully pushing it beneath the 50% Fibonacci retracement level of the upward move from the $71 swing low to the $108 high. Similar to Bitcoin and Ethereum, SOL is also exhibiting bearish signs from the $115 resistance zone.

At present, SOL is trading below $95 and the 100 simple moving average (4 hours). Additionally, there is a prominent bearish trend line forming, with resistance located around $92 on the 4-hour chart of the SOL/USD pair.

SOL Price Prediction Source: SOLUSD on TradingView.com

If a new uptrend emerges, immediate resistance can be found near the $92 level and the aforementioned trend line. The first major resistance lies at around $100 or the 100 simple moving average (4 hours). The primary resistance to overcome is currently around $105, and if successfully breached, it could pave the way for another significant rally. The subsequent key resistance level is near $115, and further gains may drive the price towards $125.

Possibility of Further Losses in SOL

Should SOL fail to rally above the $92 resistance, it may continue its downward trajectory. Initial support on the downside is expected around the $80 level, followed by the first major support near $72. If the price dips below this level, a test of the $68 support becomes likely. Lastly, if the $68 support is breached, the price may decline towards the $50 support in the near term.

Technical Indicators

The 4-hour Moving Average Convergence Divergence (MACD) for SOL/USD is currently showing an increasing bearish momentum, while the Relative Strength Index (RSI) hovers below the 50 level.

Major Support Levels: $80, $68

Major Resistance Levels: $92, $100, $105

Additional Q&A

Q: Is Solana a good long-term investment?

A: While Solana’s recent pullback may raise concerns, it’s essential to consider the broader context and Solana’s potential for future growth. Solana’s scalability, low transaction costs, and growing ecosystem make it an attractive choice for many investors. However, it’s crucial to conduct thorough research and assess the market conditions before making any investment decisions.

Q: How does Solana compare to other blockchain platforms?

A: Solana stands out in the blockchain space due to its high transaction throughput and low fees. In contrast to Ethereum, which has faced congestion and high gas fees during peak times, Solana offers fast and cost-effective transactions. Its unique design and innovative use of technology position it as a strong contender in the blockchain industry.

Q: What factors could potentially influence Solana’s future price movements?

A: Several factors contribute to Solana’s future price movements. These include market sentiment towards cryptocurrencies, technological advancements in the blockchain space, regulations, and overall market conditions. Additionally, investor demand, partnerships, and developments within the Solana ecosystem should also be monitored for potential impact on SOL’s price.

Conclusion and Final Thoughts

While Solana experiences a downside correction, cautious investors should keep an eye on potential support levels around $68. The ongoing trend line and resistance at $92 will be essential to monitor for any possible recovery. Ultimately, the broader market conditions and developments within Solana’s ecosystem will shape its future performance. Conducting thorough research and staying informed are crucial for making informed investment decisions.


References:

  1. Bitcoin Adoption Soars: In-Person Vendors Accepting Bitcoin to Triple by 2023
  2. Solana Price Prediction: Google Trends Show Rising Interest, Investors Shifting Focus to SOL
  3. A Strange Solana “Memecoin” Blasts 20,000%! Billionaire Justin Sun Stacking Coin
  4. Sol (SOLBTC) on TradingView.com
  5. Solana (SOLUSD) on TradingView.com
  6. Solana (SOLUSDT) on TradingView.com

📢 Share your thoughts on Solana’s current price movement and potential future outlook in the comments below! Don’t forget to share this article with your social media followers to spread the knowledge! 🚀

We will continue to update Phone&Auto; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

BlockChain

Grayscale abandons post-Merge PoW Ethereum tokens.

Grayscale generously relinquished all rights to the post-Merge proof-of-work Ethereum tokens, demonstrating their com...

Bitcoin

LianGuai Daily | US court orders Zhao Changpeng to stay in the US; AnotherBall completes $12.7 million seed round financing.

The Wall Street Journal reported that the US Securities and Exchange Commission (SEC) is still seeking evidence of fr...

Opinion

Blockchain Governance: Understanding the Coordination Mechanisms

Learn about the fascinating world of Ethereum governance and discover the intricacies of both on-chain and off-chain ...

News

Celsius, a crypto lender, plans to withdraw $470M worth of Ethereum before making repayments.

Celsius has taken the initiative to rebalance its crypto assets and begin unstaking its ETH holdings in order to effi...

Market

Costco's Q4 2023 Earnings Remain Strong Amid Evolving Shopping Trends

Costco, the American retail powerhouse, has achieved impressive quarterly earnings by successfully adapting to evolvi...

News

Starknet Token STRK Plummets in Price: Airdrop Farmers and Nethermind Dump Tokens

Despite an initial decrease of 60% since February 20th, Starknet's STRK token continues to hold significant value as ...