ReportWire

Tag: SOLUSD

  • Solana Remains Institutional Investors’ Favorite, YTD Flows Ramp Up To $29 Milion

    Solana Remains Institutional Investors’ Favorite, YTD Flows Ramp Up To $29 Milion

    Solana (SOL) is rapidly gaining the attention of institutional investors, who are increasingly showing a strong interest in this crypto token. This trend underscores the possibility that Solana could be the next in line to launch its Spot ETF, a development that could significantly impact the crypto token’s price. 

    Solana Investment Funds Record Year-To-Date Inflows Of $29 Million

    According to CoinShares’ latest weekly report, Solana investment products currently boast a year-to-date (YTD) net inflows of $29 million. Last week, these funds saw net inflows of $8 million. Meanwhile, these Solana funds have recorded net inflows of $19 million this month alone. 

    Related Reading

    This development highlights the significant demand for Solana among institutional investors. It also strengthens the case for SOL as the next crypto asset to have its own Spot ETF following the approval of the Spot Ethereum ETFs. 

    Fund issuers are bound to weigh the popularity of other crypto tokens (besides Bitcoin and Ethereum) when deciding which Crypto ETF to apply for next. Solana is undoubtedly the clear favorite, as it has recorded the most YTD flows among other crypto investment funds, excluding Bitcoin and Ethereum. 

    The demand for Solana among these institutional investors is also evident, given how notable institutions like asset management firm Pantera Capital actively bidded and purchased some of the discounted SOL tokens, which formed part of FTX’s bankruptcy estate. 

    Brian Kelly, founder of digital assets investment firm BKCM, had recently predicted that a Solana Spot ETF was likely next in line, considering that Bitcoin, Ethereum, and Solana are the ‘Big 3’ for this cycle. As such, it is only logical that a SOL ETF comes next since Bitcoin and Ethereum Spot ETFs have been approved. 

    Asset manager Franklin Templeton also backed the Solana narrative, predicting that the crypto token would soon become the third-largest crypto token by market cap behind Bitcoin and Ethereum. Meanwhile, Bloomberg analyst James Seyffart also weighed on the possibility of a Solana ETF being next, stating that this fund will see more demand than other digital assets besides Bitcoin and Ethereum. 

    Digital Asset Products Record Third Consecutive Week Of Inflows

    Last week was a good one for crypto asset investment products in general. These investment products recorded net inflows for the third consecutive week, with $1.05 billion flowing into these funds. Most of these inflows went into Bitcoin investment products, which recorded net inflows of $1.01 billion last week.

    Related Reading

    Meanwhile, Ethereum recorded $36 million in net inflows last week. This figure represents the highest inflow that Ethereum investment products have seen since March. CoinShares noted that this was likely an early reaction to the approval of the Spot Ethereum ETFs in the United States. 

    Besides Solana, which saw a net inflow of $8 million, Litecoin, XRP, and Chainlink were the other altcoins that recorded notable flows, with $2.8 million, $400,000, and $600,000 flowing into these crypto assets, respectively. 

    SOL price recovers amid institutional interest | Source: SOLUSDT On Tradingview.com

    Featured image created with Dall.E, chart from Tradingview.com

    Scott Matherson

    Source link

  • SOL Price Crosses $200 Milestone, What’s Next For Solana?

    SOL Price Crosses $200 Milestone, What’s Next For Solana?

    Solana is gaining bullish momentum above $200. SOL price is still showing positive signs, and it could even surpass the $220 resistance in the near term.

    • SOL price gained bullish momentum and cleared the $200 resistance against the US Dollar.
    • The price is now trading above $200 and the 100 simple moving average (4 hours).
    • There is a connecting bullish trend line forming with support at $195 on the 4-hour chart of the SOL/USD pair (data source from Kraken).
    • The pair could continue to rally if it clears the $205 and $212 resistance levels.

    Solana Price Extends Rally

    Solana price remained strong above the $150 level and extended its rally. There was a decent increase above the $165 and $180 levels.

    The price is up nearly 20% and there was a move above the $200 level, outperforming Bitcoin and Ethereum. A new multi-month high was formed near $204, and the price is now consolidating gains. It is stable above the 23.6% Fib retracement level of the upward move from the $142 swing low to the $204 high.

    There is also a connecting bullish trend line forming with support at $195 on the 4-hour chart of the SOL/USD pair. Solana is now trading above $200 and the 100 simple moving average (4 hours).

    Source: SOLUSD on TradingView.com

    Immediate resistance is near the $205 level. The next major resistance is near the $212 level. A successful close above the $212 resistance could set the pace for another major increase. The next key resistance is near $220. Any more gains might send the price toward the $232 level.

    Are Dips Supported in SOL?

    If SOL fails to rally above the $205 resistance, it could start a downside correction. Initial support on the downside is near the $195 level and the trend line.

    The first major support is near the $175 level or the 50% Fib retracement level of the upward move from the $142 swing low to the $204 high, below which the price could test $165. If there is a close below the $165 support, the price could decline toward the $150 support or the 100 simple moving average (4 hours) in the near term.

    Technical Indicators

    4-Hours MACD – The MACD for SOL/USD is gaining pace in the bullish zone.

    4-Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.

    Major Support Levels – $19, and $175.

    Major Resistance Levels – $205, $212, and $220.

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

    Aayush Jindal

    Source link

  • Solana Drops Below 100-Day MA On 4-Hour Chart, SOL Price In Danger?

    Solana Drops Below 100-Day MA On 4-Hour Chart, SOL Price In Danger?

    Having failed to break its previous high for the year, the price of Solana has continued to move downward. From the height of $118.88, the coin, which is currently ranked 5th in the crypto space with a total supply of 440,961,455 SOL and a market capitalization of $58.2 million,  has made a drop of over 25% and is not showing any signs of stopping.

    As of the time of writing, the price of SOL was up by 2.76% and trading around $102.63, below the 100-day moving average in the last 24 hours. Meanwhile, in the daily timeframe, the price has dropped a bearish candlestick, indicating that the price is still bearish.

    The moving average indicator generally is used to determine the trend of an asset, which could be an uptrend or downtrend. Since the price of Solana is trading below the 100-day moving average, could this mean that the price has changed from an uptrend to a downtrend?

    Solana On The 4-Hour Chart

    A technical examination of the chart from the 4-hour timeframe and with the help of a trend line we can see that two resistance levels of $118.88 and $114.87 have been created by previous price movement. We can also see that the price has broken the support level of $103.57. Therefore, the price for the next destination might be the $92.84 support level. 

    This can be seen in the image below:

    Source: Tradingview.com

    Also, taking a look at the 4-hour timeframe chart with the help of the MACD indicator in the above image, we can see that the MACD histogram is trending below the MACD zero line. Both the MACD line and the signal line have crossed and are trending below the MACD zero line, suggesting that the price of SOL is bearish and could continue to move downward.

    A final look at the chart with the help of the Bull Power Vs. Bear Power Histogram indicator, we can see that the histograms are trending below the zero line. This suggests that buyers have completely lost momentum in the market, and sellers have taken over it. Thus, the price will tend to move downward. 

    We can see this in the image below:

    SOL price

    Source: Tradingview.com

    Possible Outcomes If The SOL Price Continues To Drop

    If SOL continues to drop, we might see the price moving toward the support level of $92.84. Also, if it manages to break below this level, the price might move further downward toward the $79.32 support level.

    Presently, Solana is seeing minor upsides of 1.3% in the last 24 hours, according to data from CoinMarketCap.

    Solana price chart from Tradingview.com (SOL price)

    SOL bulls struggle to maintain price at $102 | Source: SOLUSD on Tradingview.com

    Featured image from Coinfomania, charts from Tradingview.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

    Scott Matherson

    Source link

  • Crypto Report Suggests Solana A Main Focus For Next Bull Market

    Crypto Report Suggests Solana A Main Focus For Next Bull Market


    A recent ‘Navigating Narratives’ report by K33 Research provided insights on how to trade altcoins. Interestingly, as part of their analysis, they highlighted Solana (not ETH) as the main focus and elaborated on why this was so. 

    Why Solana Is The Main Focus

    The report, written by DeFi Analyst David Zimmerman, stated that they were focusing primarily on buying SOL if there was an opportunity to buy lower. They claim the reason for this is that “SOL has solidified its place in the market as one of the market leaders.” They also expect that SOL’s outperformance of ETH will continue in this market cycle. 

    Meanwhile, Zimmerman highlighted how SOL’s on-chain activity has continued to flourish and noted that the narrative of SOL being ETH’s main competitor was still intact. The Solana network has long been dubbed the “Ethereum Killer,” with the belief that the former will dethrone the latter at some point. 

    Indeed, Solana has gone toe-to-toe with Ethereum in recent times, momentarily surpassing it in significant metrics. Back in December, Solana ranked above Ethereum in seven-day DEX volume for the first time in history and outperformed it in NFT trading volume during that same period. More recently, Solana’s Jupiter outranked Ethereum’s Uniswap in daily trading volume. 

    Solana currently trading at $98.9700 on the daily chart: TradingView.com

    SOL also outperformed ETH last year, with the former seeing a gain of about 1000%. Crypto analyst Santiago Santos also recently gave his opinion on Solana and Ethereum’s fight for dominance. Comparing Ethereum’s run during the ICO boom to Solana’s current run, he noted that Solana had an edge since it has “applications seeing meaningful usage and growth.” 

    This happens to be one of the reasons he believes that Solana will “converge on Ethereum faster than most believe.”

    What Price Levels Present Buying Opportunities For SOL

    Having explained why SOL was the main focus among altcoins, the Navigating Narratives report highlighted price levels they were eyeing in case in case the market gives deeper pullbacks for SOL. These levels include the $70, $50 and $30 price range. 

    However, they noted that they weren’t expecting the $30 buy order to be filled since it would require a crash like the one that happened in March 2020. This was the period when Bitcoin lost almost half of its value in a two-day plunge. Other crypto tokens also experienced similar pain then.

    Meanwhile, if SOL continues to rally, K33 Research highlighted the $115 and $140 price ranges as ideal areas for selling and taking profits. 

    At the time of writing, SOL is trading at around $99, up in the last 24 hours according to data from CoinMarketCap. 

    Featured image from Adobe Stock, chart from TradingView

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.



    Scott Matherson

    Source link

  • SOL Price Faces Big Move – Can Bulls Send Solana To $120?

    SOL Price Faces Big Move – Can Bulls Send Solana To $120?


    Solana is attempting a fresh increase from the $92 zone. SOL price could gain bullish momentum if it manages to clear the $100 and $104 resistance levels.

    • SOL price started a fresh decline from the $106 resistance against the US Dollar.
    • The price is now trading above $92 and the 100 simple moving average (4 hours).
    • There was a break below a key bullish trend line with support at $100 on the 4-hour chart of the SOL/USD pair (data source from Kraken).
    • The pair could start another increase if it surpasses the $100 and $104 levels.

    Solana Price Faces Key Test

    Solana price started a fresh decline after it struggled to clear the $106 level like Bitcoin at $43,800. There was a clear move below the $102 and $100 support levels.

    Besides, there was a break below a key bullish trend line with support at $100 on the 4-hour chart of the SOL/USD pair. However, the bulls were active near the $92 level and the 100 simple moving average (4 hours). The price is now attempting a fresh increase above the $95 level.

    The price retested the $100 zone and the 50% Fib retracement level of the downward move from the $106.41 swing high to the $92.95 low. SOL is now trading above $95 and the 100 simple moving average (4 hours).

    Source: SOLUSD on TradingView.com

    Immediate resistance is near the $100 level. The next major resistance is near the $104 level or the 76.4% Fib retracement level of the downward move from the $106.41 swing high to the $92.95 low. A successful close above the $104 resistance could set the pace for another major increase. The next key resistance is near $112. Any more gains might send the price toward the $120 level.

    Another Decline in SOL?

    If SOL fails to rally above the $100 resistance, it could start another decline. Initial support on the downside is near the $92 level and the 100 simple moving average (4 hours).

    The first major support is near the $90 level, below which the price could test $85. If there is a close below the $85 support, the price could decline toward the $78 support in the near term.

    Technical Indicators

    4-Hours MACD – The MACD for SOL/USD is gaining pace in the bullish zone.

    4-Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.

    Major Support Levels – $92, and $92.

    Major Resistance Levels – $100, $104, and $112.

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.



    Aayush Jindal

    Source link

  • Solana (SOL) Bulls Imminent: Analyst Predicts Price Surge To $113

    Solana (SOL) Bulls Imminent: Analyst Predicts Price Surge To $113


    In the ever-fluctuating world of cryptocurrencies, Solana (SOL), which has witnessed a significant decline in price in the past few days, might be poised for a breakout soon toward the upward trajectory.

    Solana Set To Hit The $113 Price Mark Soon

    As the development unfolds, Ali Martinez, a well-known cryptocurrency analyst, has revealed his short-term price predictions for Solana. The analyst took to the social media platform X (formerly Twitter) to share his latest projections with the crypto community. 

    In the X post, Ali Martinez has identified a notable shift in the direction of Solana. According to him, “SOL seems to be breaking out from a descending parallel channel.”

    As a result, Martinez has predicted the price of Solana to reach a new yearly high of $113. However, this is anticipated to take place if SOL manages to hold its position “above the $94” price mark.

    The post read:

    Solana appears to be breaking out from a descending parallel channel. If SOL can hold above $94, it has a great chance of advancing toward $113.

    Martinez’s price predictions for SOL came amidst the present market volatility, which is believed to be triggered by the Bitcoin Spot ETFs. Since the approval of the products, the larger crypto market has gone through a difficult time.

    SOL breaking out of the descending parallel channel | Source: Ali_charts on X

    Major cryptocurrency assets in the market have witnessed a major decline in value over time. Nonetheless, the expert’s recent price overview has sparked new hope for SOL traders and investors.

    Martinez’s positive price forecast for Solana has caused quite a frenzy in the entire crypto community. With SOL breaking free from a parallel channel that was falling, everyone is now talking about the token’s possible rise.

    It is noteworthy that Solana has experienced a significant upswing in popularity in recent years, especially in 2023. Due to this, the project has become a preferred investment option for crypto aficionados and investors.

    As of the time of writing, Solana was trading at $96.63, demonstrating a 10% increase in the past week. The digital asset boasts of a 47% rise in daily trading volume valued at $2.30 billion.

    The SOL Ecosystem Buzzing With Activity

    Lately, several exciting developments have put Solana’s ecosystem in the spotlight. One of the recent events is the introduction of the SOL-based meme coin Wen (WEN), which has seen a notable rise in its daily trade.

    According to a report, the meme coin’s 24-hour trading volume has elapsed that of the popular Shiba Inu (SHIB) token. The token has had a remarkable rise in its daily trade, recording over 40% increase.

    Data from the report shows that WEN recorded a whopping $115 million in its 24-hour trading volume. Meanwhile, Shiba Inu recorded a whopping $88 million in its daily trading volume.

    Currently, the daily trading volume of the coin is sitting at $123 million, indicating a 76% increase. This suggests increased trader interest, which could be connected to the recent market activities specific to the coin.

    Solana
    SOL trading at $96.86 in the 1D chart | Source: SOLUSDT on Tradingview.com

    Featured image from Shutterstock, chart from Tradingview.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.



    Godspower Owie

    Source link

  • SOL Price Reaches Make-or-Break Levels – Can Solana Pump Again?

    SOL Price Reaches Make-or-Break Levels – Can Solana Pump Again?

    Solana is moving lower from the $120 resistance. SOL price is showing a few bearish signs and might decline sharply toward the $80 support.

    • SOL price started a fresh decline from the $120 resistance against the US Dollar.
    • The price is now trading below $102 and the 100 simple moving average (4 hours).
    • There is a key contracting triangle forming with resistance near $102 on the 4-hour chart of the SOL/USD pair (data source from Kraken).
    • The pair could continue to move down toward the $85 support or even $80.

    Solana Price Faces Uphill Task

    After a steady increase, Solana bulls struggled to clear the $120 resistance. SOL price formed a short-term top and started a fresh decline below the $112 support, like Bitcoin and Ethereum.

    There was a steady decline below the $105 level. The bears pushed the price below the $100 level. It tested the $91.50 support. A low is formed near $91.38, and the price is now consolidating losses. There is also a key contracting triangle forming with resistance near $102 on the 4-hour chart of the SOL/USD pair.

    SOL is now trading below $102 and the 100 simple moving average (4 hours). Immediate resistance is near the $97.40 level. It is close to the 50% Fib retracement level of the downward move from the $103.39 swing high to the $91.38 low.

    The first major resistance is near the $100 level or the 76.4% Fib retracement level of the downward move from the $103.39 swing high to the $91.38 low.

    Source: SOLUSD on TradingView.com

    The main resistance is now near $102. A successful close above the $102 resistance could set the pace for another major rally. The next key resistance is near $112. Any more gains might send the price toward the $120 level.

    More Losses in SOL?

    If SOL fails to rally above the $102 resistance, it could continue to move down. Initial support on the downside is near the $92.00 level.

    The first major support is near the $85.20 level, below which the price could test $80. If there is a close below the $68 support, the price could decline toward the $74.50 support in the near term.

    Technical Indicators

    4-Hours MACD – The MACD for SOL/USD is gaining pace in the bearish zone.

    4-Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.

    Major Support Levels – $85, and $80.

    Major Resistance Levels – $97.40, $102, and $112.

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

    Aayush Jindal

    Source link

  • Crypto Analyst Says A Solana Price Will Climb To $750, Here's When

    Crypto Analyst Says A Solana Price Will Climb To $750, Here's When

    Crypto YouTuber Jake Gagain has shared his “insane price prediction” for Solana (SOL) as he said that the crypto token will climb to $750. The crypto analyst didn’t stop there as he also provided a timeframe for when this price level would be attained. 

    Solana Price To Rise To $750 In 2025

    Gagain said that he expects Solana to hit this price level by 2025 in an X (formerly Twitter) post. In the accompanying video, he outlined several reasons for this bullish sentiment. For the first, he alluded to the fact that the Solana network happens to be “quicker, safer, and much more affordable” than Ethereum. 

    According to him, more users from Ethereum and other networks are likely to migrate to the Solana network as more projects get built on it. This is based on his expectation that Solana will be the “top competitor” for Ethereum in the next bull run. Gagain further asserted that SOL will end up becoming the third largest token by market cap, only behind Bitcoin and Ethereum.

    The second reason why the analyst is bullish on SOL is because of how it has impressively recovered from the FTX scandal. Solana was at the heart of it as the crypto exchange’s founder, Sam Bankman-Fried (SBF), was one of the token’s biggest backers. SOL dropped below $10 as a result of this while being in the middle of a bear market. 

    However, it has recovered nicely since then, climbing above $100 towards the end of last year. That is why Gagain believes that the crypto token could go as far as hitting its all-time high of $260 and surpassing it. 

    SOL price drops to $95 | Source: SOLUSD on Tradingview.com

    SOL Is Also Making Its Way Into The Traditional Market

    Jake Gagain also highlighted the fact that Solana was making its way into the traditional market as another reason he was so bullish on SOL. Solana’s entry into the traditional market is said to be happening through its partnerships with notable brands. One of them, which the crypto analyst mentioned, was its partnership with Shopify. 

    Back when the partnership was confirmed, NewsBTC highlighted how it could help onboard more users into crypto and specifically into the Solana ecosystem. The network was projected to see more activity, considering the number of users Shopify already has. 

    Interestingly, the number of transactions Solana records daily is another reason why Gagain is most bullish on SOL. Network activity is known to be another factor that can affect a token’s price. 

    At the time of writing, SOL is trading at around $95, down over 2% in the last 24 hours, according to data from CoinMarketCap.

    Featured image from Analytics Insight, chart from Tradingview.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

    Scott Matherson

    Source link

  • Solana: Analyst Sees Bull Flag That Will Trigger Rally Above $150

    Solana: Analyst Sees Bull Flag That Will Trigger Rally Above $150

    Solana (SOL) could well be on course to continue its remarkable run from 2023, going by a recent analysis by crypto analyst Ali Martinez. The analyst laid out a certain condition that could see SOL rise to as high as $150 soon enough. 

    How Solana Could Rise To $150

    Martinez noted in an X (formerly Twitter) post that Solana was breaking out from a bull flag that had developed on the 4-hour chart that he shared. According to him, the crypto token could rally towards the $150 to $165 price range if there was a sustained close above $106. However, that hasn’t been the case as SOL has declined to price levels far from that since then. 

    At the moment, SOL looks to be moving with the tide in the broader crypto market, which has been on a decline since the approval of the Spot Bitcoin ETFs. This decline is believed to be a result of Bitcoin being priced in before the approval order came in. As such, traders may be looking to take profits from the flagship crypto token and altcoins like SOL which they may have been invested in. 

    SOL market cap currently at $39.974 billion. Chart: TradingView.com

    Despite this occurrence, the general outlook on SOL looks bullish as there is the possibility that the crypto token could once again hit its all-time high of $260 this year. This looks more feasible, considering that the next bull run has been predicted to begin this year, possibly after the Bitcoin Halving.

    In the meantime, SOL’s investors might see the current dip as an opportunity to load up on more of the tokens, especially considering that it is currently trading below the psychological price level of $100. 

    ETH Could Usher In The Altcoin Season

    Crypto analyst Jaydee recently hinted that ETH could usher in the Altcoin season. This is known to be when other crypto tokens begin to outperform Bitcoin. Analyzing the Ethereum to Bitcoin price chart, the analyst noted that the “real altcoin season” begins when the Relative Strength Index (RSI) breaks above the 20 level. 

    His theory about Ethereum ushering in the altcoin season is also backed by recent sentiments in the crypto market. All attention looks to be turning to Ethereum in anticipation of a potential approval of the Ethereum Spot ETFs. Market intelligence platform Santiment recently noted how traders are particularly bullish about Ethereum. 

    With this in mind, ETH could begin to post significant gains against Bitcoin in the coming weeks, setting the tone for other altcoins. ETH already showed huge strength post the Spot Bitcoin ETF approval as it rallied to $2,700, the first time it has attained this level since May 2022. 

    Featured image from iStock

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

    Scott Matherson

    Source link

  • SOL Price Prediction – Why Solana Could See Sharp Downside Thrust

    SOL Price Prediction – Why Solana Could See Sharp Downside Thrust

    Solana is moving lower from the $115 resistance. SOL price is showing a few bearish signs and might decline sharply toward the $68 support.

    • SOL price started a fresh decline from the $115 resistance against the US Dollar.
    • The price is now trading below $100 and the 100 simple moving average (4 hours).
    • There is a key bearish trend line forming with resistance near $92 on the 4-hour chart of the SOL/USD pair (data source from Kraken).
    • The pair could continue to move down toward the $80 support or even $68.

    Solana Price Starts Downside Correction

    After a steady increase, Solana bulls struggled to clear the $115 resistance. SOL price formed a short-term top and started a fresh decline below the $105 support.

    There was a steady decline below the $100 pivot level. The bears pushed the price below the 50% Fib retracement level of the upward move from the $71 swing low to the $108 high. The price is now showing a few bearish signs from the $115 resistance zone, like Bitcoin and Ethereum.

    SOL is now trading below $95 and the 100 simple moving average (4 hours). There is also a key bearish trend line forming with resistance near $92 on the 4-hour chart of the SOL/USD pair.

    Source: SOLUSD on TradingView.com

    If there is a fresh increase, immediate resistance is near the $92 level and the trend line. The first major resistance is near the $100 level or the 100 simple moving average (4 hours). The main resistance is now near $105. A successful close above the $105 resistance could set the pace for another major rally. The next key resistance is near $115. Any more gains might send the price toward the $125 level.

    More Losses in SOL?

    If SOL fails to rally above the $92 resistance, it could continue to move down. Initial support on the downside is near the $80 level.

    The first major support is near the $72 level, below which the price could test $68. If there is a close below the $68 support, the price could decline toward the $50 support in the near term.

    Technical Indicators

    4-Hours MACD – The MACD for SOL/USD is gaining pace in the bearish zone.

    4-Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.

    Major Support Levels – $80, and $68.

    Major Resistance Levels – $92, $100, and $105.

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

    Aayush Jindal

    Source link

  • SOL Price Corrects Gains But The Rally Is Far From Over – Here’s Why

    SOL Price Corrects Gains But The Rally Is Far From Over – Here’s Why

    Solana rallied above the $100 and $110 levels. SOL price is now correcting gains, but the bulls might remain active near the $100 level.

    • SOL price started a fresh rally above the $100 resistance against the US Dollar.
    • The price is now trading above $100 and the 100 simple moving average (4 hours).
    • There is a key bullish trend line forming with support near $102 on the 4-hour chart of the SOL/USD pair (data source from Kraken).
    • The pair could start a fresh rally unless there is a close below the $100 support.

    Solana Price Remains In Uptrend

    In the past few days, Solana saw a major upward move above the $90 and $100 levels, unlike Bitcoin and Ethereum. SOL even rallied above the $120 level.

    A new multi-week high was formed near $126.13 and the price is now correcting gains. There was a move below the $115 and $112 levels. The price declined below the 23.6% Fib retracement level of the upward move from the $67.25 swing low to the $126.13 high.

    SOL is now trading above $100 and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support near $102 on the 4-hour chart of the SOL/USD pair.

    Source: SOLUSD on TradingView.com

    On the upside, immediate resistance is near the $112 level. The first major resistance is near the $120 level. The main resistance is now near $125. A successful close above the $125 resistance could set the pace for another major rally. The next key resistance is near $132. Any more gains might send the price toward the $145 level.

    More Losses in SOL?

    If SOL fails to rally above the $120 resistance, it could continue to move down. Initial support on the downside is near the $100 level.

    The first major support is near the $90 level or the 61.8% Fib retracement level of the upward move from the $67.25 swing low to the $126.13 high, below which the price could test $80. If there is a close below the $80 support, the price could decline toward the $68 support in the near term.

    Technical Indicators

    4-Hours MACD – The MACD for SOL/USD is losing pace in the bullish zone.

    4-Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.

    Major Support Levels – $100, and $92.

    Major Resistance Levels – $115, $120, and $125.

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

    Aayush Jindal

    Source link

  • Solana Soars Above $117, Meme Coin Craze Extends Momentum

    Solana Soars Above $117, Meme Coin Craze Extends Momentum

    The native cryptocurrency of Solana continued a spectacular climb that has already lasted three weeks by breaking beyond the $110 mark on Sunday morning. This is a strong demonstration of resilience.

    The price of SOL has surged, reaching a level not seen since the night before Terra collapsed a year and a half ago. This coincides with a substantial uptick in meme coin activity in the cryptocurrency space, which is helping to increase the platform’s acceptance and appeal.

    Solana Surges: 400% Rally Sparks Crypto Renaissance

    The remarkable rise of Solana over the last six months has been nothing short of spectacular, as the cryptocurrency has seen an incredible 400% rally.

    As of this writing, Coingecko data indicates that SOL is holding a fluctuating position in the $110–$117 price range, up 21% over the past seven days and sustaining a strong 60% increase over the past week.

    Part of the reason for the current increase in Solana’s value is the industry’s general rebound in cryptocurrency. A considerable rise in market capitalization and a revival of market sentiment have characterized the whole digital asset space’s upward trend.

    SOL market cap currently at $48.296 billion. Chart: TradingView.com

    The market capitalization of the token as a whole has increased by an astounding 40 percent, which suggests that investors are once again feeling confident and interested in the digital asset field.

    The total value of tokens locked on Solana applications also increased concurrently, reaching levels last seen in July 2022 with a rally to $1.3 billion from $400 million in November.

    SOL’s year-to-date gains have reportedly increased to over 830% thanks to these factors, with the majority of the growth occurring in the last two months alone. The network’s TVL was last at this height in October 2022.

    Solana TVL. Source: DefiLlama

    Solana: On-Chain Triumph, $120 Target

    The price action on Sunday brought an end to weeks of frenetic trade that had propelled the Solana blockchain to the top of the list for on-chain activity, at least momentarily. DefiLlama reports that decentralized exchanges located in Solana are getting close to Uniswap’s trading volumes, which amount to billions of dollars.

    There has been a notable increase in demand for the network thus far this month. The chain’s daily count of active addresses reached a year-to-date high of 1.26 million on December 18, according to an evaluation of network activity.

    Source: Artemis

    As interest in Solana grows, attracting developers and investors alike, the blockchain’s thriving ecosystem and its function as a hub for speculation should soon boost SOL into the much-coveted $120 level.

    The combination of increased activity in the Solana ecosystem and increased speculative interest in the cryptocurrency market provides a convincing story for the continuous increase in SOL’s value.

    Featured image from Shutterstock

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

    Christian Encila

    Source link

  • Solana Saga Orders Scrapped As $30 Million BONK Token Package Overshadows Device's Value

    Solana Saga Orders Scrapped As $30 Million BONK Token Package Overshadows Device's Value

    Solana (SOL) and its associated meme coin, Bonk (BONK), have witnessed remarkable surges in value, with SOL recording gains of over 71% and Bonk experiencing an astonishing 342% increase over the past 30 days. 

    The positive growth within the Solana ecosystem has resulted in a surge in demand for the flagship mobile device, Solana Saga. However, the Solana Mobile team recently addressed challenges in meeting the “overwhelming demand” and explained order cancellations and inventory management issues.

    Solana Mobile Faces Inventory Mishap

    Over the past month, SOL has seen a significant uptrend, inching closer to the $100 mark, a level not reached since April 2022. Additionally, Bonk has experienced an extraordinary surge reaching a trading value of $0.00001896.

    The 1-day chart shows BONK’s price correction. Source: BONKUSDT on TradingView.com

    Given these developments and the social buzz within the blockchain and its mobile device, the Solana Mobile team confirmed that their limited inventory of 20,000 devices worldwide has sold out, with both the US and EU markets experiencing high demand.

    According to a recent statement on X (formerly Twitter), in the process of fulfilling orders, the Solana Mobile team encountered an “inventory management issue” with their third-party distributor. This issue resulted in an inaccurate representation of the available inventory.

    Consequently, the team was unable to fulfill orders placed after the inventory was depleted. Additionally, orders suspected of suspicious activity, such as excessive device orders or payment risks, were flagged and subsequently canceled. 

    According to the announcement, the objective behind these measures is to ensure that as many users as possible can enjoy the Solana Saga mobile device.

    Customers affected by the order cancellations have been promptly notified, and they will receive refunds within the coming days. 

    Solana’s DEX Volume Overtakes Ethereum And Arbitrum

    The Solana ecosystem, together with its native token SOL, has recently achieved significant milestones. Notably, Solana’s 24-hour decentralized exchange (DEX) volume has exceeded that of Ethereum (ETH) and Arbitrum (ARB) combined, surpassing the $2 billion mark. 

    Additionally, Solana has emerged as the third-largest altcoin (only behind BNB) by market capitalization. These achievements reflect the growing popularity and success of Solana within the cryptocurrency market.

    According to Token Terminal data, SOL’s market cap (circulating) stands at $41.05 billion, reflecting a remarkable increase of 46.98%, flipping XRP’s market cap by over $7 billion.  

    The revenue generated has also witnessed substantial growth, with an 80.43% increase to $2.39 million. Furthermore, SOL’s fully diluted market cap has reached $54.31 billion, showcasing a significant rise of 45.60%.

    The revenue generated on the Solana platform, when annualized, amounts to an impressive $29.13 million, signifying a substantial increase of 94.75%. 

    Examining SOL’s financial ratios, the price-to-fully diluted ratio stands at 796.78x, indicating the market’s high expectations for future growth. However, this ratio has experienced a recent decrease of 19.3%. 

    Solana
    SOL’s price inching closer to the $100 mark on the daily chart. Source: SOLUSDT on TradingView.com

    Featured image from Shutterstock, chart from TradingView.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

    Ronaldo Marquez

    Source link

  • SOL Price Soars 8%, Solana Indicators Suggest Breakout Above $80

    SOL Price Soars 8%, Solana Indicators Suggest Breakout Above $80

    Solana stayed above the $67.50 support and started a fresh increase. SOL price is gaining pace and might soon attempt a move above $80.

    • SOL price started a fresh rally above the $72 resistance against the US Dollar.
    • The price is now trading above $74 and the 100 simple moving average (4 hours).
    • There is a key bullish trend line forming with support near $70.00 on the 4-hour chart of the SOL/USD pair (data source from Kraken).
    • The pair is up nearly 8% and might rally further above the $80 resistance zone.

    Solana Price Resumes Increase

    In the past few days, Solana saw a downside correction from the $80.00 zone, like Bitcoin and Ethereum. SOL declined below the $77.50 and $75.00 support levels.

    However, the bulls were active above the $67.50 support. A low was formed near $67.25, and the price is now attempting a fresh increase. There was a move above the $70 and $72 resistance levels. The price is up nearly 8% and there was a move above the 50% Fib retracement level of the downward move from the $79.45 swing high to the $67.25 low.

    SOL is now trading above $74 and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support near $70.00 on the 4-hour chart of the SOL/USD pair.

    On the upside, immediate resistance is near the $76.50 level. It is near the 76.4% key bullish trend line forming with support near $70.00 on the 4-hour chart of the SOL/USD pair. The first major resistance is near the $80.00 level.

    Source: SOLUSD on TradingView.com

    The main resistance is now near $82.0. A successful close above the $82.0 resistance could set the pace for another major rally. The next key resistance is near $88.00. Any more gains might send the price toward the $92.00 level.

    Another Decline in SOL?

    If SOL fails to rally above the $80.00 resistance, it could start a fresh decline. Initial support on the downside is near the $72.00 level.

    The first major support is near the $70.00 level or the trend line, below which the price could test $67.50. If there is a close below the $67.50 support, the price could decline toward the $65.00 support in the near term.

    Technical Indicators

    4-Hours MACD – The MACD for SOL/USD is gaining pace in the bullish zone.

    4-Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.

    Major Support Levels – $72.00, and $70.00.

    Major Resistance Levels – $76.50, $80.00, and $88.00.

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

    Aayush Jindal

    Source link

  • Analyst Says Solana At Risk Of Pullback: Here Is The Target

    Analyst Says Solana At Risk Of Pullback: Here Is The Target

    An analyst has explained how Solana may be at risk of a correction based on the data of two SOL technical indicators.

    Solana Has Recently Observed The Formation Of Two Bearish Signals

    In a new post on X, analyst Ali has discussed why SOL could be at risk of seeing a retracement shortly. The analyst has referred to two technical indicators for the coin: the TD Sequential and RSI.

    The first of these, the Tom Demark (TD) Sequential, is a metric generally used for spotting probable reversal points in any asset’s price. The indicator has two phases, the first of which is a nine-candles-long “setup” phase.

    When nine candles of the same polarity are in following a reversal in the price, the TD Sequential setup is said to be complete, and the asset could be assumed to have reached a likely point of a trend shift.

    Naturally, if the candles are green, the setup’s completion would point towards a top, while red candles would imply a bottom formation. Once the setup is over, a thirteen-candles-long countdown phase starts. At the end of these thirteen candles, another probable change of direction happens for the chart.

    According to Ali, a setup phase has recently formed for Solana. Below is the chart shared by the analyst that shows this TD Sequential pattern in the weekly price of the cryptocurrency.

    The trend in the 1-week price of the asset | Source: @ali_charts on X

    The graph shows that the TD Sequential setup has recently been completed with green candles, implying that the price may have already reversed toward a bearish trend.

    In the same chart, Ali has also attached the data for the second relevant indicator: the Relative Strength Index (RSI). The RSI is a momentum oscillator that keeps track of the speed and magnitude of the recent changes in an asset’s price.

    This indicator determines whether the asset is undervalued or overvalued at the moment. When the metric has a value greater than 70, it can be a sign that the asset is overbought, while it being under the 30 mark suggests an oversold condition.

    As is apparent from the graph, the Solana RSI recently broke above the 70 mark and has remained inside the territory, suggesting that SOL has been overvalued recently.

    This would mean that two bearish signals are looming over the cryptocurrency’s head right now. “A spike in profit-taking could trigger a retracement to $47.6,” says the analyst. From the current price, such a potential correction to $47.6 would mean a drawdown of over 20%.

    Solana’s fate may yet be averted; however, as the analyst explains, “SOL would have to print a weekly candlestick close above $68.4 to invalidate the bearish outlook and aim for $108.”

    SOL Price

    Solana had rallied above the $65 mark yesterday, but the asset has already seen a pullback as it’s now trading around $60.

    Solana Price Chart

    Looks like SOL has gone through some drawdown during the past day | Source: SOLUSD on TradingView

    Featured image from Shutterstock.com, charts from TradingView.com

    Keshav Verma

    Source link

  • SOL Price (Solana) Close Below $50 Could Spark Larger Degree Correction

    SOL Price (Solana) Close Below $50 Could Spark Larger Degree Correction

    Solana rallied above the $65 resistance against the US Dollar. SOL price is now correcting gains and might even slide below the $50 support.

    • SOL price started a major rally above the $60 resistance before the bears appeared against the US Dollar.
    • The price is now trading below $60 and the 100 simple moving average (4 hours).
    • There was a break below a short-term rising channel with support near $58.00 on the 4-hour chart of the SOL/USD pair (data source from Kraken).
    • The pair could accelerate lower below the $55.00 support zone in the coming sessions.

    Solana Price Starts Downside Correction

    In the past few days, Solana saw a major rally above the $60 level. SOL gained bullish momentum after it settled above $60, outperforming Bitcoin and Ethereum.

    The bulls even pumped the price above the $65 level. A high was formed near $68.16 and the price recently saw a downside correction. It traded below $60 and tested $52. A low was formed near $51.23 and the price is now consolidating in a range.

    There was a break below a short-term rising channel with support near $58.00 on the 4-hour chart of the SOL/USD pair. SOL is now trading below $60 and the 100 simple moving average (4 hours).

    On the upside, immediate resistance is near the $59.50 level. It is close to the 50% Fib retracement level of the downward move from the $68.16 swing high to the $51.23 low. The first major resistance is near the $60.00 level.

    Source: SOLUSD on TradingView.com

    The main resistance is now near $62 or the 61.8% Fib retracement level of the downward move from the $68.16 swing high to the $51.23 low. A successful close above the $62.00 resistance could set the pace for a larger increase. The next key resistance is near $68.50. Any more gains might send the price toward the $72.00 level.

    More Losses in SOL?

    If SOL fails to recover above the $60.00 resistance, it could continue to move down. Initial support on the downside is near the $55.00 level.

    The first major support is near the $51.20 level, below which the price could test $50. If there is a close below the $50 support, the price could decline toward the $45 support in the near term.

    Technical Indicators

    4-Hours MACD – The MACD for SOL/USD is losing pace in the bullish zone.

    4-Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.

    Major Support Levels – $55.00, and $51.20.

    Major Resistance Levels – $60.00, $62.00, and $68.50.

    Aayush Jindal

    Source link

  • Solana Whale Deposits $11M In SOL To Binance, Bearish Signal?

    Solana Whale Deposits $11M In SOL To Binance, Bearish Signal?

    Data shows a Solana whale has deposited SOL worth $11 million to Binance, which could be bearish for the asset’s price.

    Solana Has Enjoyed Sharp Bullish Momentum During The Past Month

    Since the start of Bitcoin’s rally towards the $35,000 level, the cryptocurrency market as a whole has been having a good time. Among the assets, Solana has particularly stood out, as its returns have been one of the highest.

    During the last 30 days, SOL has observed an exceptional rally of more than 84%, leading to its price surpassing the $43 mark. The chart below shows how the asset’s trajectory has looked like during this period.

    The value of the coin seems to have been rapidly going up in recent weeks | Source: SOLUSD on TradingView

    From the chart, it’s visible that Solana had managed to rise as high as $47 at the start of the month, but the coin registered a bit of a pullback soon after. The asset has since recovered 9% from these local lows, although it’s yet to make a full retrace. However, momentum appears to be building for the coin, as it has grown by 3% during the past day.

    In this sharp rally during the past month, Solana also improved its standing in the cryptocurrency sector, as it claimed the 7th position on the market cap list.

    Solana Market Cap

    Looks like SOL has a market cap of $24.4 billion at the moment | Source: CoinMarketCap

    Naturally, as with any rally, profit-taking can be something to look out for, as it can lead towards a local top formation. It would appear that a whale may be attempting to do precisely that.

    SOL Whale Has Deposited A Large Amount To Binance Today

    According to data from the cryptocurrency transaction tracker service Whale Alert, a large transaction has been spotted on the Solana blockchain during the past day.

    This transfer saw 249,999 SOL move across the network, worth approximately $10.8 million when the transaction was executed. Given the large amount involved, it’s likely that a whale entity was behind it.

    Generally, transactions can be something to watch, as they can sometimes have noticeable effects on the market, how the price would be affected by the move of a whale naturally depends on what they intended to do with it.

    In the current case, the transfer moved from an unknown wallet (likely the whale’s address) to a wallet attached to a central platform: the Binance exchange.

    One of the main reasons an investor might transfer their coins from their self-custodial wallet to one of these central entities is for selling purposes, so it’s possible that the whale wanted to sell here and harvest the profits they would have amassed in the latest rally.

    The cryptocurrency price could end up feeling some resistance shortly if selling was indeed the goal in the mind of this whale.

    Featured image Shutterstock.com, chart from TradingView.com

    Keshav Verma

    Source link

  • SOL Leads Gains Among Top Coins, Can Bulls Send Price To $40?

    SOL Leads Gains Among Top Coins, Can Bulls Send Price To $40?

    SOL ranks among the bullish cryptocurrencies today, benefitting from the ongoing rally in the crypto market. $40 looks more realistic since SOL overcame the psychological resistance level of $20. 

    Based on its present trajectory and exciting events in the Solana community, investors wonder if it will attain $40 in the coming days. The technical indicators in the chart below will uncover SOL’s price trajectory in the coming days. 

    SOL Testing $36.69 Resistance, Will The Bulls Rally To $40?

    SOL is in an uptrend on the daily chart, forming a third consecutive green candle as the buyers continue accumulating. Remarkably, SOL flipped the $33.05 resistance level to support on October 30 and is testing the $36.69 support today, October 31. 

    The Relative Strength Index (RSI) indicator displays a value of 77.78, already in the overbought region above 70. The RSI shows no signs of a decline, implying that more buyers are opening long positions for SOL. 

    Furthermore, the Moving Average Convergence/Divergence (MACD) indicator is above its signal line, displaying a strong buy signal. This signal is confirmed by the green Histogram bars formed on October 30 and today. 

    Therefore, SOL will likely rally to the $40 resistance level in the coming days if the buyers push it above the $36.69 resistance level.

    However, if rejection occurs at $36.69 and the RSI retraces from the overbought level, buyers must apply a trailing stop loss to curtail massive losses. 

    Nevertheless, SOL looks well positioned to return to $40 based on its strong support level at $33.05. Also, some exciting developments in the Solana community are driving more investors to the ecosystem and boosting SOL’s price. 

    SOL’s price currently hovers at $36.69 in the daily chart. | Source: SOLUSD price chart from TradingView.com

    Solana’s Launch Of Block Explorer Amidst Other Developments

    Solana Developers, on October 30, announced that Cymbal’s Human Readable Block Explorer now supports Solana. It’s worth mentioning that Solana has organized over 466,000 NFT projects, has over 10 million active wallets, and tracked over 36 million tokens in real time. The Cymbal AI helps Solana users keep track of their activities with ease and is a welcome development in the ecosystem. 

    Also, there is much excitement in the crypto community for the ongoing Solana Breakpoint 2023 annual conference that began on October 30. This event is in Amsterdam, Netherlands, with notable speakers taking vital topics surrounding blockchain technology.

    The first day of the event featured an address from JavaScript co-founder and Brave CEO Brendan Eich. According to Eich, there are massive integrations with Solana support coming to the Brave browser in 2024. This announcement by the CEO is likely driving the adoption of SOL tokens ahead of a potential price surge above $40. 

    Additionally, Phantom Mobile announced the creation of an NFT feature not available on their mobile devices but supported by Solana. According to the developers with Camera Mint on Phantom Mobile, users can instantly convert photos and videos into Solana NFTs using the app. 

    The diversity of the Solana ecosystem makes it ideal for most investors since its tokens are still quite affordable. Therefore, SOL could rally in the coming days if the buyers continue the ongoing accumulation phase.

    Featured image from Shutterstock and chart from TradingView.com

    Kent Glory

    Source link

  • Solana Price Surge: Analysts Predict Target Zones Of $69 – $123 In Coming Months

    Solana Price Surge: Analysts Predict Target Zones Of $69 – $123 In Coming Months

    Solana price (SOL) has recently showcased an impressive performance, setting new records as it regains its bullish momentum. 

    After experiencing a significant decline since July 14, SOL has emerged as one of the top-performing cryptocurrencies, trailing only behind Pepecoin (PEPE) and Chainlink (LINK) in terms of gains in the past 24 hours. 

    With sustained upward movement, SOL has surged by 8.9% in the past day, 39% in the past week, a remarkable 51% in the last two weeks, and 68% in just 30 days.

    Solana Price Potential Unveiled

    The recent surge in Solana price has caught the attention of crypto enthusiasts and analysts alike. The 8.9% increase in the past 24 hours has propelled SOL to outperform most other cryptocurrencies in the top 100 list. 

    On this matter, renowned crypto analyst “Titan of Crypto” has shed light on the anticipated target zones for Solana in the months ahead. 

    According to the Titan of Crypto’s in-depth analysis, SOL has the potential to achieve a price range between $69 and $123. These projections reflect the optimistic outlook surrounding Solana’s future performance and market prospects.

    However, despite recently attaining a new yearly high for 2023 and surpassing its monthly resistance level, Solana’s price faces several obstacles that could impact the realization of these projections in the upcoming months. 

    It is important to note that Solana’s price has reached levels not witnessed since the collapse of the FTX crypto exchange back in November 2022. These factors contribute to the existing resistance that Solana needs to overcome for the anticipated scenario to materialize.

    SOL’s Next Resistance Level Presents 9% Upside Potential

    What is particularly encouraging for Solana bulls is the potential for further growth in the near term, despite the upcoming challenges that may lie ahead for the cryptocurrency’s price. 

    Currently, the next significant resistance level stands at $36.86. If the current bullish momentum continues, there is a possibility for another leg-up of approximately 9% once this resistance is breached.

    Should Solana successfully surpass this hurdle, the subsequent obstacles for SOL are positioned at $37, $39, $43, and $46 in the months to come. However, for the token to solidify the breakout of its monthly resistance and sustain the upward trend, it is crucial to achieve a monthly close above the $32 mark.

    This emphasis on a monthly close above $32 serves as a key metric to confirm the bullish momentum and support the ongoing upward trajectory of Solana. Market participants will be closely monitoring these developments to assess the token’s ability to maintain its positive momentum and overcome potential challenges in the future.

    SOL’s sustained bull run on the daily chart. Source: SOLUSDT on TradingView.com

    According to CoinGecko data, the current Solana price stands at $33.00. The trading volume for the past 24 hours amounts to $1,668,696,328.50. With a total supply of 420 million SOL tokens, Solana’s market capitalization is valued at $13,631,609,298. 

    Featured image from Shutterstock, chart from TradingView.com

    Ronaldo Marquez

    Source link

  • Solana Remains Institutional Investor Darling As Inflows Continue

    Solana Remains Institutional Investor Darling As Inflows Continue

    Solana has gained the favor of institutional investors recently which has seen a marked increase in the amount of inflows that the altcoin has recorded. This trend has continued with last week’s numbers which show a significant amount of inflows for Solana compared to the likes of Ethereum.

    Solana Inflows Reach $15.5 Million

    According to data from the latest CoinShares report, the inflows into Solana for the last week came out to $15.5 million. This came while some altcoins such as Ethereum saw outflows for the week. For context, Ethereum outflows reached $7.4 million in the same time frame.

    As a result of the latest round of inflows, the total Solana Asses under Management (AuM) has reached $74 million. This means that the Solana AuM is up 47% year-to-date, compared to Ethereum’s which has dropped continuously this year, climbing to $119 million in outflows year-to-date.

    Cardano is another altcoin that saw inflows for the week but to a lesser degree. Its inflows were $0.1 million, bringing its total AuM to $24 million, with a $6 million increase year-to-date. Other investment products saw $0.9 million, leading their AuM to reach $76 million.

    Multi-asset products, however, went the way of Ethereum with outflows of $0.6 million. This brings its AuM to $1.17 billion, a $31 million decrease year-to-date.

    SOL price sitting at $29.20 | Source: SOLUSD on Tradingview.com

    Bitcoin Dominates Inflows

    For the same week, Bitcoin once again came out ahead in terms of inflows, with numbers topping that of Solana. The leading cryptocurrency saw $55.3 million in inflows, bringing its AuM to $24.205 billion. The asset’s month-to-date inflows are currently sitting at an impressive $111.9 million.

    In the same vein, Bitcoin’s year-to-date inflows have also remained on the high side with $315 million in inflows so far. This has further solidified its position as the leading asset with the most interest from institutional investors so far.

    Short Bitcoin products were also not left out of the inflow trend. Its weekly inflows sit at $1.6 million, while the month-to-date inflows came out to $4.5 million. Its year-to-date inflows sit at $46 million, bringing its AuM to $99 million. In total, the AuM of crypto investment products is nearly $33 billion.

    “Following recent price appreciation, total Assets under Management (AuM) have risen by 15% since their lows in early September, now totalling nearly US$33bn, the highest point since mid-August,” the CoinShares report said.

    CoinShares also notes that the inflows could be linked to the excitement and anticipation of a Spot Bitcoin ETF being approved by the US Securities and Exchange Commission (SEC). However, the numbers are much lower compared to when asset manager BlackRock first announced that it had filed for a Spot Bitcoin ETF.

    Featured image from Outlook India, chart from Tradingview.com

    Scott Matherson

    Source link