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Tag: SOLUSDT

  • Solana Sees Institutional Accumulation: 413,075 SOL Moved Off Exchanges In Hours

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    Solana has been in the spotlight after delivering a powerful rally, surging more than 50% since August and climbing to the $248 level. This move has reaffirmed bullish sentiment across the market, with momentum continuing to build around one of the leading altcoins. Analysts are now calling for the possibility of a massive surge in the coming weeks, pointing to both technical strength and increasing institutional participation as key drivers.

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    Bulls appear firmly in control as Solana consolidates its gains at higher levels, showing resilience even in the face of broader market volatility. Unlike past rallies driven mainly by retail speculation, this surge is being accompanied by institutional accumulation, signaling deeper conviction and long-term positioning by large players.

    Fresh data from Lookonchain highlights this trend, revealing that another major institution has been buying significant amounts of SOL. These purchases align with the broader narrative that big players are preparing for the next phase of the crypto cycle by loading up on high-conviction assets.

    Solana Sees Accumulation Ahead of Fed Decision

    Solana has once again taken the spotlight as fresh data reveals significant institutional activity in the market. According to Lookonchain, over the past eight hours, FalconX—a well-known institutional trading platform—has withdrawn 413,075 SOL, worth approximately $98.4 million, from major exchanges including Binance, OKX, Coinbase, and Bybit. Such large-scale withdrawals are often interpreted as a signal of accumulation, with institutions moving tokens off exchanges for custody, staking, or long-term holding rather than short-term trading.

    FalconX withdraws 413,075 Solana in 8 Hours | Source: Lookonchain

    This activity suggests that institutional players are quietly but aggressively positioning themselves in Solana. By removing supply from exchanges, FalconX’s actions could reduce the immediate liquidity available for trading, tightening supply and potentially fueling upward price pressure if demand continues to rise. Historically, moves of this scale have often preceded strong rallies, particularly when they align with broader bullish momentum. Solana, which has already surged over 50% since August, may now be setting the stage for another leg higher if accumulation trends persist.

    At the same time, macroeconomic factors are converging with this institutional demand. Later today, the Federal Reserve will announce its decision on interest rates, a pivotal event that will influence risk sentiment across global markets.

    Whether the Fed opts for a modest 25bps cut or a deeper move, the outcome will shape liquidity conditions for months to come. For Solana, the combination of institutional buying and the Fed’s decision creates a high-stakes backdrop that could define its trajectory well into year-end.

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    Testing Key Levels After A Rally

    Solana (SOL) has been in a powerful uptrend since August, gaining more than 50% and reaching a high of $248 before cooling slightly. The daily chart shows SOL now trading at $236, consolidating after the sharp rally. The uptrend remains intact, with the 50-day SMA ($197) and 100-day SMA ($178) trending upward, both acting as solid dynamic support. The 200-day SMA at $161 is far below current levels, confirming the strength of the long-term bullish structure.

    SOL testing key resistance | Source: SOLUSDT chart on TradingView
    SOL testing key resistance | Source: SOLUSDT chart on TradingView

    However, the recent slowdown near $240 suggests that the market is encountering resistance. This level previously acted as a supply zone in late 2024, and bulls will need to push through it decisively to open the door toward a potential retest of $300. A rejection here could trigger a short-term pullback toward $220 or even the $200–$210 area, where the moving averages cluster, offering strong support for continuation.

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    Institutional accumulation has also been a major catalyst for Solana’s recent surge. Large withdrawals from exchanges highlight ongoing whale positioning, suggesting that demand remains strong despite near-term volatility. If momentum continues and macro conditions—particularly the Fed’s decision on rates—provide a favorable backdrop, SOL could extend its rally toward new highs.

    Featured image from Dall-E, chart from TradingView

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    Sebastian Villafuerte

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  • Solana (SOL) Holds Recent Gains – Key Levels Before Another Surge

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    Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

    From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
    As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

    In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

    Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he’s trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

    Aayush’s journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

    At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he’s poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush’s unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

    In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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    Aayush Jindal

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  • Solana (SOL) Corrects Some Gains – Is a Bigger Pullback Coming?

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    Solana started a fresh increase above the $232 zone. SOL price is now correcting gains below $240 and might aim for another increase if it stays above $20.

    • SOL price started a fresh upward move above the $232 and $240 levels against the US Dollar.
    • The price is now trading below $240 and the 100-hourly simple moving average.
    • There was a break below a bullish trend line with support at $242 on the hourly chart of the SOL/USD pair (data source from Kraken).
    • The pair could extend losses if it dips below the $230 zone.

    Solana Price Dips Below Support

    Solana price started a decent increase after it found support near the $212 zone, beating Bitcoin and Ethereum. SOL climbed above the $232 level to enter a short-term positive zone.

    The price even smashed the $240 resistance. The bulls were able to push the price above the $245 barrier. A high was formed at $250 and the price recently corrected some gains. There was a move below the 23.6% Fib retracement level of the upward move from the $200 swing low to the $250 high.

    Besides, there was a break below a bullish trend line with support at $242 on the hourly chart of the SOL/USD pair. Solana is now trading below $240 and the 100-hourly simple moving average.

    On the upside, the price is facing resistance near the $238 level. The next major resistance is near the $240 level. The main resistance could be $245. A successful close above the $245 resistance zone could set the pace for another steady increase. The next key resistance is $255. Any more gains might send the price toward the $262 level.

    More Losses In SOL?

    If SOL fails to rise above the $240 resistance, it could start another decline. Initial support on the downside is near the $232 zone. The first major support is near the $230 level or the 50% Fib retracement level of the upward move from the $200 swing low to the $250 high.

    A break below the $230 level might send the price toward the $224 support zone. If there is a close below the $224 support, the price could decline toward the $220 support in the near term.

    Technical Indicators

    Hourly MACD – The MACD for SOL/USD is losing pace in the bullish zone.

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

    Major Support Levels – $230 and $224.

    Major Resistance Levels – $240 and $245.

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    Aayush Jindal

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  • Solana (SOL) Bulls Complete Bullish Breakout — Eye $360 Mid-Term Target

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    Solana (SOL) has emerged as a major headliner following an impressive 20.89% gain over the last week. Solana’s price now sits comfortably within the $240 price range and is only 18.05% away from its present all-time high at $294. Interestingly, renowned market expert Ali Martinez has noted a positive effect of SOL’s recent price surge, which points to a sustained price rally.

    SOL Surges Above Key $205 Resistance: Fibonacci Levels Point Toward $362

    In an X post on September 13, Martinez shares an in-depth technical analysis of the Solana price structure, which shows significant potential for a prolonged uptrend. Notably, SOL’s price gain from last week resulted in a breakout from a key ascending triangle formation, signaling strong bullish momentum that projects to higher mid-term targets.

    Looking at the chart below, the latest price surge effectively lifted Solana above the multi-month resistance zone near $205, where price had consolidated between April and August. It is clearly observed that breaking above this resistance, combined with the sustained higher lows that formed the ascending triangle, points to a classic bullish continuation pattern.

    Notably, the introduction of the Fibonacci extension levels provides more insight into the bullish potential of this recent breakout. The immediate price target presently lies at the 1.272 Fibonacci extension around $250, followed by the 1.414 extension near $277. However, if momentum continues, Solana could reach further upside levels, around $321 (1.618 extension) and the ultimate mid-term target at $362, which corresponds with the 1.786 extension.

    On the downside, the $205 breakout zone now serves as critical support. Holding above this level is crucial to maintaining the bullish outlook, as a decisive break below it could open the door for a retest of lower Fibonacci retracement zones, particularly around $176 or $156. However, the rising trendline that has supported price action since April adds another layer of structural support for bulls.

    Solana Price Outlook

    At the time of writing, Solana is trading at $246, reflecting a modest 1.67% gain over the past 24 hours. However, trading volume has declined sharply by 27.53%, currently standing at $7.49 billion.

    According to analysts at Coincodex, investor sentiment toward Solana remains broadly bullish, even as the Greed & Fear Index sits at a neutral 52. Their short-term outlook suggests limited price movement, with the asset projected to remain around $247 for the next month. Looking further ahead, analysts expect Solana to climb to $264 over the next three months, highlighting steady but moderate growth expectations.

    Nevertheless, with a market cap of $131.65 billion, Solana continues to rank as the fifth-largest cryptocurrency in the world.

    Solana

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    Semilore Faleti

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  • Solana Eyes Massive Breakout Amid $240 Retest, But Analyst Issues Crucial Market Warning

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    Solana (SOL) could be near the long-awaited price discovery phase after climbing to a seven-month high. However, an analyst suggested investors remain cautious, as the market rally is “closer to the end than the beginning.”

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    Solana Eyes Last Major Resistance

    On Friday, Solana reached a seven-month high of $241.84 after breaking out of its consolidation range earlier in the week. The cryptocurrency had been trading within the $120-$220 price range since the start of February, failing to reclaim the range’s high during the recent short-term recoveries.

    The ongoing rally has sent the cryptocurrency past multiple crucial barriers, “getting close to the final resistance,” analyst Crypto Jelle stated. He highlighted that SOL has been “quietly pushing higher, without anyone paying attention,” climbing 20% since Sunday.

    Now that the altcoin is attempting to reclaim the $240 area as support, the analyst pointed out that Solana has “one last hurdle to overcome” before price discovery.  According to the post, if SOL reclaims the $250 level, “the sky is the limit,” as this area has been a crucial macro resistance level over the past two years.

    To the analyst, turning this level into support could set the base for a rally to $600. Similarly, analyst Ali Martinez suggested that SOL’s main target sits at around the $1,314.41 level after the altcoin broke out of a massive three-year cup and handle pattern.

    Nonetheless, Altcoin Sherpa issued a warning to investors on X, stating that “Now is NOT the time to ape in gigantic.” He asserted that despite thinking that Solana, Ethereum (ETH), and BNB “generally go higher from here, (…) the bulk of the move is done for these.”

    The analyst explained that he will remain bullish “until shown otherwise,” and expects a great performance in the coming months, but noted that the bull run is “closer to the end than the beginning.”

    “We are lucky that the marginal buyers are Tradfi with these DATs but with Saylor not buying as much, hard to tell where the next set of flows come from,” he stated.

    ‘SOL Season’ Momentum Grows

    Bitwise’s CIO Matt Hougan recently forecasted a bullish Q4 rally for Solana, affirming that the cryptocurrency has “all the ingredients (…) for an epic end-of-year run.” He suggested that it could start a “Solana Season” fueled by exchange-traded funds (ETFs) and strong corporate treasury purchases.

    Notably, multiple spot Solana ETFs are awaiting the approval of the US Securities and Exchange Commission (SEC) after the regulatory agency delayed the decision deadline last month. As a result, issuers and investors are expecting a positive outcome around the first half of October.

    Additionally, the recently launched Solana Treasury company, Forward Industries Inc., announced it had successfully closed its private investment in public equity (PIPE) financing on September 11, securing gross proceeds of approximately $1.65 billion for the Company.

    As reported by NewsBTC, Galaxy Digital, Jump Crypto, and Multicoin Capital announced their plan to establish the SOL treasury company to purchase the cryptocurrency, stake it, and generate excess returns.

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    “Forward Industries intends to use the net proceeds from the offering primarily to purchase SOL, the native digital asset of the Solana blockchain,” the company reaffirmed in its Thursday statement.

    As of this writing, SOL is trading at $239.86, a 6.1% increase in the daily timeframe.

    Solana’s performance in the one-week chart. Source: SOLUSDT on TradingView

    Featured Image from Unsplash.com, Chart from TradingView.com

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    Rubmar Garcia

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  • Solana (SOL) Closes Above $200 Mark, Bulls Aim for Another Breakout

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    Solana started a fresh increase above the $188 zone. SOL price is now consolidating above $200 and might aim for more gains above the $212 zone.

    • SOL price started a fresh upward move above the $192 and $202 levels against the US Dollar.
    • The price is now trading above $200 and the 100-hourly simple moving average.
    • There is a rising channel forming with support at $205 on the hourly chart of the SOL/USD pair (data source from Kraken).
    • The pair could extend gains if it clears the $212 resistance zone.

    Solana Price Aims For More Gains

    Solana price started a decent increase after it found support near the $188 zone, unlike Bitcoin and like Ethereum. SOL climbed above the $195 level to enter a short-term positive zone.

    The price even smashed the $202 resistance. The bulls were able to push the price above the $208 barrier. A high was formed at $213 and the price is consolidating gains above the 23.6% Fib retracement level of the upward move from the $177 swing low to the $213 high.

    Solana is now trading above $200 and the 100-hourly simple moving average. There is also a rising channel forming with support at $205 on the hourly chart of the SOL/USD pair.

    On the upside, the price is facing resistance near the $212 level. The next major resistance is near the $215 level. The main resistance could be $220. A successful close above the $220 resistance zone could set the pace for another steady increase. The next key resistance is $225. Any more gains might send the price toward the $232 level.

    Downside Correction In SOL?

    If SOL fails to rise above the $212 resistance, it could start another decline. Initial support on the downside is near the $205 zone. The first major support is near the $202 level.

    A break below the $202 level might send the price toward the $195 support zone and the 50% Fib retracement level of the upward move from the $177 swing low to the $213 high. If there is a close below the $195 support, the price could decline toward the $188 support in the near term.

    Technical Indicators

    Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.

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

    Major Support Levels – $205 and $195.

    Major Resistance Levels – $212 and $215.

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    Aayush Jindal

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  • Solana Q3 Digest: Total Value Locked Hits $5.7 Billion, Ranks Third Among Networks

    Solana Q3 Digest: Total Value Locked Hits $5.7 Billion, Ranks Third Among Networks

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    Este artículo también está disponible en español.

    A recent report from crypto data and research firm Messari has shed light on the performance of the Solana (SOL) ecosystem during the third quarter of 2024. The report highlights a mixture of growth and challenges faced by the blockchain amid broader volatility in the cryptocurrency market during that period.

    Solana Stablecoin Market Cap Rises To $3.8 Billion

    One of the standout metrics from the report is the growth of Solana’s Total Value Locked (TVL) in decentralized finance (DeFi), which rose by 26% quarter-over-quarter (QoQ) to reach $5.7 billion. 

    This growth positioned Solana as the third-largest network in terms of DeFi TVL, surpassing Tron in late September. Notably, the TVL denominated in SOL also increased, growing by 20% QoQ to 37 million SOL.

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    Solana’s Q3 TVL growth. Source: Messari

    Kamino emerged as a leading player within the Solana ecosystem, experiencing a 57% growth in TVL, ending the quarter with $1.5 billion and capturing a 26% market share. This surge is attributed to the integration of new tokens, including PayPal’s USD (PYUSD) and jupSOL, which have enhanced the platform’s appeal.

    Despite the overall positive trends, decentralized exchange (DEX) volume experienced a slight decline, reflecting a downturn in memecoin trading. Average daily spot DEX volume fell by 10% QoQ to $1.7 billion. 

    Per the report, the diminishing interest in memecoins was evident, as only two tokens—WIF and POPCAT—managed to make it into the top ten by trading volume for the quarter.

    In contrast, Solana’s stablecoin ecosystem showed resilience, with the market cap for stablecoins growing by 23% QoQ to $3.8 billion, solidifying its rank as the fifth-largest network in this category. 

    On the non-fungible token (NFT) front, however, the performance was less favorable. Average daily NFT volume fell by 27% QoQ to $2.5 million, with Magic Eden maintaining a dominant market share despite experiencing a 44% decline in volume. 

    Network Activity Thrives

    Despite the challenges, the number of funding rounds for projects within the Solana ecosystem saw a reduction of 37% QoQ, with only 29 projects announcing funding. Yet, the total amount raised soared to $173 million, a 54% increase QoQ and the highest quarterly funding since Q2 2022.

    Solana
    Funding growth in the Solana blockchain during Q3. Source: Messari

    Network activity remained robust, as evidenced by a 109% increase in average daily fee payers, which reached 1.9 million. Additionally, the average daily new fee payers grew by 430% QoQ to 1.3 million, signaling a growing user base. 

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    The average transaction fee on Solana increased by 6% QoQ to 0.00015 SOL (approximately $0.023), while the median transaction fee dropped by 19% to 0.000008 SOL (around $0.0013). 

    As of October 15, Solana’s market capitalization also grew by 5% QoQ, reaching $71 billion and maintaining its position as the fifth-largest cryptocurrency, trailing only Bitcoin, Ethereum, Tether, and Binance Coin. 

    However, the Real Economic Value (REV) of Solana, which tracks transaction fees and miner extractable value (MEV) for validators, decreased by 25% QoQ to 1.3 million SOL (approximately $196 million), with 56% of this total coming from transaction fees.

    Solana
    The daily chart shows SOL’s price retrace experienced over the past 72 hours. Source: SOLUSDT on TradingView.com

    At the time of writing, SOL was trading at $166, down 5% for the seven day period.

    Featured image from DALL-E, chart from TradingView.com 

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    Ronaldo Marquez

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  • Solana (SOL) Set For Critical Encounter With $154 Resistance Level

    Solana (SOL) Set For Critical Encounter With $154 Resistance Level

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    Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.

    Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems.

    In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others.

    In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies.

    Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative.

    Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information.

    Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets.

    Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a “music nomad” always ready to listen to new artists and explore new trends.

    Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination.

    He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society.

    In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come.

    His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry.

    Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.

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    Semilore Faleti

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  • Solana (SOL) Eyes Major Breakout After Holding $120 Support Level – Details

    Solana (SOL) Eyes Major Breakout After Holding $120 Support Level – Details

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    Popular crypto analyst Peter Brandt has unveiled a bullish outlook for Solana predicting the prominent altcoin may be set for a significant price surge in future weeks. This price forecast comes in a glaring contrast to Brandt’s recent prediction where the analyst had expressed fears over Solana suffering a major price fall.

    How High Can Solana Go?

    Earlier this week, NewsBTC reported Brandt’s prediction of SOL slipping to $80 if the altcoin failed to defend a support level around $120. Notably, SOL had presented a down price movement for the majority of the week trading as low as $128 on Thursday.

    Albeit, the fifth largest cryptocurrency has turned the corner in the last 48 hours, reaching a peak price of $151 on Friday. Peter Brandt noted this upward price action as Solana holding the $120 price level which the altcoin has consistently done over the last six months.

    However, Brandt postulates that SOL may now be gunning for a “sizeable” advance. While the expert analyst did not provide a specific price target, investors could anticipate a major upswing as Brandt expects price movement over the next 72 weeks.

    This period of time is expected to include the crypto bull run for which SOL has been tipped to be an outstanding performing asset. In the last bull run, the altcoin emerged as the top market gainer rising by over 1500% to attain an all-time high of $260. Interestingly, aside from long-term gains, Solana investors could also expect an immediate price rise, especially as Q4 approaches. 

    With Bitcoin tipped to embark on a bullish trend starting in October, Solana, alongside other cryptocurrencies, would likely be influenced by the crypto market leader which may result in substantial gains for the altcoin. 

    Notably, SOL moved around $22 to $112 in Q4 2023, registering a 400% profit as Bitcoin climbed from around $27,000 to $44,000 within the same period. If the prominent altcoin repeats previous actions, it could rise to around $725 by December and $2,175 in the next year.

    SOL Price Overview

    At the time of writing, Solana trades at $145.16 with a 2.20% gain on the past day. The token’s price reflects a steady performance over the last few weeks with gains of 4.62% and 3.03% over the past seven and thirty days respectively. Meanwhile, Solana’s daily trading volume is up by 23.07% and is valued at $3.17 billion. 

    Solana

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    Semilore Faleti

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  • Solana Flashes Buy Signal As Analysts Predict Rally For The Altcoin

    Solana Flashes Buy Signal As Analysts Predict Rally For The Altcoin

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    Este artículo también está disponible en español.

    Solana (SOL)recently flashed a buy signal, suggesting that now might be a great time to accumulate the altcoin. This development comes as crypto analysts, including Ali Martinez, predicted a significant price surge for Solana. 

    Solana Flashes Buy Signal

    Ali Martinez revealed in an X (formerly Twitter) post that the TD sequential has presented a buy signal on Solana’s daily chart, indicating that the altcoin could rebound from the lower boundary of the parallel channel toward the middle or upper boundaries. The crypto analyst mentioned that the altcoin has been consolidating within this channel since April earlier this year. 

    Related Reading

    Martinez also provided insights into how Solana could rise if this rebound happens, revealing that the middle and upper boundaries are positioned at $154 and $187, respectively. Martinez has been bullish on Solana, as he had earlier predicted that Solana would reach $1,000 in this bull run. 

    Meanwhile, Martinez warned that Solana witnessing a sustained close below the channel’s lower boundary at $126 could invalidate this trade setup and trigger a significant price correction for the altcoin, causing it to drop to as low as $110 or even $90. 

    Martinez isn’t the only analyst who has predicted that SOL will enjoy a price recovery and rally soon enough. Crypto analyst The Moon also recently suggested that the altcoin could rally to as high as $155, depending on how things play out. The crypto analyst noted that Solana is trading within a descending triangle, which he highlighted in the accompanying chart. 

    Based on this, he stated that $155 is a possible target for the altcoin. However, Solana could also suffer more downside pressure and drop to as low as $112.5. A drop to this price level, however, provides an opportunity for investors to accumulate more Solana at such lows, especially with the altcoin still likely to reach a new all-time high (ATH) at some point in this market cycle. 

    SOL Could Drop To As Low As $80

    Crypto analyst Crypto Kaleo has provided a much more bearish outlook for Solana, predicting that the altcoin could drop to as low as $80 before it reaches a new ATH. The last time Solana dropped to the $80 range was in January earlier this year, just before it climbed above $100, a support level it has maintained ever since. The accompanying chart, which the crypto analyst shared, shows that Solana could rise to as high as $375 after this corrective move.

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    Crypto analyst Unknown Trader had made a similar prediction to Crypto Kaleo, highlighting between $77 and $83 as ideal areas to place spot bids for Solana. However, while Crypto Kaleo believes that SOL’s drop to the $80 range will happen sometime between now and October, Unknown Trader’s accompanying chart showed that the price correction won’t happen until next year. 

    At the time of writing, Solana is trading at around $127, down almost 1% in the last 24 hours, according to data from CoinMarketCap. 

    SOL price fails to reclaim $130 | Source: SOLUSDT on Tradingview.com

    Featured image created with Adobe Stock, chart from Tradingview.com

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    Scott Matherson

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  • Solana On watch: SOL Price Could Crash To $90 If This Happens

    Solana On watch: SOL Price Could Crash To $90 If This Happens

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    Este artículo también está disponible en español.

    As the first week of September concluded, the Solana (SOL) price settled at $124, raising concerns for investors as the fifth largest cryptocurrency risks breaching the critical $100 threshold. 

    According to market analyst Ali Martinez, recent technical analysis indicates that a sustained close below the channel’s lower boundary at $126 could trigger a significant price correction for Solana, potentially dropping to $110 or even $90.

    Solana Price Challenges

    In a social media update, Martinez elaborated on the current market conditions, noting that the TD Sequential indicator had previously presented a buy signal on the daily chart. This suggested a possible rebound for Solana from the lower boundary of its trading channel towards higher levels at $154 and $187. 

    However, the broader market’s ongoing selloff has invalidated this bullish signal, causing Solana to suffer losses of approximately 20% over the past two weeks and 13% in the last month.

    Related Reading

    Despite these challenges, there remains a glimmer of hope for Solana’s recovery. Martinez pointed out a historical pattern indicating that Solana typically experiences a price upswing in the two weeks leading up to its “Breakpoint event”. 

    In 2021, the cryptocurrency surged by 35%, the following year it increased by another 35%, and in 2023 it soared by 60%. With only 16 days left until the 2024 “breakpoint event,” the analyst suggests that this trend of the past few years could continue, which would mean a significant recovery for the token.

    If the historical pattern holds, Solana could potentially rally 35% towards $167, but remain just below the upper limit of its current channel at $187. However, as Martinez pointed out, the key is for SOL to recover and consolidate above the $126 level in the coming days to avoid further declines.

    Influx of Capital From FTX Creditors And Historically Bullish Q4

    Further adding some sense of hope for SOL investors, the fourth quarter post-Bitcoin (BTC) Halving events has historically shown bullish trends, suggesting a potential market recovery that could also benefit SOL significantly. 

    Adding to this hopeful outlook, the now-defunct crypto exchange FTX is set to distribute over $16 billion in cash to creditors affected by its collapse. This influx of capital into the market could signal a substantial return, particularly impacting four key cryptocurrencies.

    Analyst OxNobler highlights that a majority of the affected FTX clients are retail investors, indicating that a significant portion of the recovered funds is likely to re-enter the crypto market. 

    Related Reading

    The expectation is that a substantial share of these funds will flow into Bitcoin and other dominant cryptocurrencies such as Ethereum (ETH), Solana, and Binance Coin (BNB). The anticipated return of capital not could stabilize the market but also present an opportunity for price increases across these assets.

    However, it remains to be seen if this is indeed the case, but if it is, it could be a much-needed catalyst for the market following the strong sell-off activity that the largest cryptocurrencies on the market have experienced in recent months. 

    The 1D chart shows SOL’s price trending downwards. Source: SOLUSDT on TradingView.com

    Featured image from DALL-E, chart from TradingView.com 

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    Ronaldo Marquez

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  • Solana Price (SOL) Gains Traction: Poised for Further Increase?

    Solana Price (SOL) Gains Traction: Poised for Further Increase?

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    Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

    From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
    As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

    In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

    Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he’s trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

    Aayush’s journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

    At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he’s poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush’s unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

    In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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  • Solana Meme Coins Outperform Ethereum 800% YTD – Top Winners Revealed

    Solana Meme Coins Outperform Ethereum 800% YTD – Top Winners Revealed

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    In the first quarter of the year, Solana-based meme coins have emerged as the frontrunners, surpassing Ethereum’s meme coin ecosystem and artificial intelligence (AI) tokens, according to a recent report by market data platform CoinMarketCap. 

    This shift in popularity signifies a change in dynamics within the cryptocurrency market, with meme coins gaining traction and challenging previously dominant narratives such as smart contracts, decentralized finance (DeFi), and non-fungible tokens (NFTs).

    Solana Ecosystem Dominates Growth Chart

    The CoinMarketCap report highlights that the Solana ecosystem has consistently topped the growth chart for the past eight months, with over 20 new tokens introduced in Q2 alone. 

    Ethereum’s ecosystem followed closely behind with 14 new tokens, while Derivatives and Stablecoins witnessed relatively lesser growth with 5 and 4 new tokens, respectively. This surge in Solana-based token offerings indicates a growing interest in the network and its potential.

    Related Reading

    Solana’s meme coin ecosystem, in particular, has gained significant momentum in price performance and popularity since October 2023. Although Ethereum remains the dominant blockchain, Solana’s growing prominence suggests a noteworthy trend in the crypto space.

    Interestingly, SOL memes have significantly outperformed ETH memes, delivering an average return of 8,469% compared to 962% for Ethereum, as seen in the chart below. 

    Top Solana and Ethereum meme coins winners. Source: CoinMarketCap

    As “speculative capital” from other chains rushed into Solana, attracted by the explosive rallies of tokens like dogwifhat (WIF) and Bonk Inu (BONK), more meme coins experienced price surges, attracting additional attention and capital. 

    The top winners in the meme coin space include the cat characters MEW, POPCAT, and Book of Meme (MEME). These tokens have outperformed even the most popular ones like WIF, BONK, Ethereum’s Pepe coin (PEPE), and Shiba Inu (SHIB).

    Notably, political memes also emerged as a popular subcategory, with the leading MAGA (TRUMP) meme coin gaining over 5100% year-to-date, largely due to vocal support for crypto from former President Donald Trump and the acceptance of crypto for campaign donations.

    Ethereum Tops Fee Income Rankings

    Despite Solana’s significant gains, Ethereum continues to dominate the Layer 1 (L1) smart contracts market, representing 62.11% of the major L1s. The report notes that Ethereum’s recent milestone was propelled by the SEC’s approval of Ethereum Spot ETFs. 

    However, Binance Smart Chain (BNB) and Solana have also gained traction, adding $42 billion and $18 billion to their market share among L1 networks. Solana currently leads with over 1.6 million active daily addresses, followed by BNB with 1 million active addresses.

    Related Reading

    In Q2, Ethereum experienced record low gas fees, reaching levels not seen since 2020 due to the growing adoption of Layer 2 solutions and the market excitement surrounding Solana-based meme coins. 

    Despite representing 62% of the market cap among major L1s, Ethereum accounted for 70% of the daily revenue, generating approximately $2.7 million. Solana ranked second with around $900,000 in daily revenue.

    According to Lookonchain, Ethereum topped the fee income rankings in the past year with $2.728 billion, followed by Bitcoin with $1.302 billion. 

    Other notable networks include Tron ($459.39 million), Solana ($241.29 million), Binance Smart Chain ($176.56 million), Avalanche ($68.83 million), zkSync Era ($59.77 million), Optimism ($40.4 million), and Polygon ($23.91 million).

    Solana
    The 1-D chart shows SOL’s price volatility experienced in the past few days. Source: SOLUSD on TradingView.com

    Despite both platforms experiencing success in various financial metrics and growth charts, Solana’s native token, SOL, has significantly outperformed Ethereum’s ETH token. 

    As of the current trading price, SOL is valued at $143.25, showcasing a year-to-date growth of 650%. ETH has seen a more modest surge of 68% during the same time frame, currently trading at $3,310.

    Featured image from DALL-E, chart from TradingView.com 

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    Ronaldo Marquez

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

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

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    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

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    Scott Matherson

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

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

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    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.

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    Aayush Jindal

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  • Solana Tokens Among Top Gainers: JUP, WEN, And WIF Soar

    Solana Tokens Among Top Gainers: JUP, WEN, And WIF Soar

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    The Solana ecosystem has experienced notable growth, and SOL’s price has turned many experts bullish on it. Similarly, the Solana-based tokens are showing impressive performances during this bull run, with many being among the top gainers in different timeframes.

    Solana Chain Driven By Memecoins?

    According to CoinGecko data, Solana is currently the 5th largest blockchain by Total Value Locked (TVL), registering over 12.8% growth in the past day. During this timeframe, Solana has outperformed its competitors, including Ethereum, which has registered a 2.2% decrease since yesterday.

    In the 7-day and 30-day timeframes, Solana has seen a TVL growth of 35.3% and 89.8%, respectively. As displayed in the chart below, it surpassed the performance of the four chains above it.

    Franklin Templeton Digital Assets shared its perspective on the value of memecoins and their native networks. The financial giant considers that there’s a strong relationship between memecoins and the performance of their native chains.

    In the last year, crypto markets have seen multiple meme coins parabolically surge, most notably, Solana based BONK during Q4 2023. Solana daily active user addresses were up 75% quarter over quarter from Q3 to Q4 2023.

    The asset management firm deems that the connection between the two is further alluded to because “the Solana network captured a large percent of the activity of all the active addresses during the same time that BONK saw a price surge” during Q4 2023.

    According to CoinMarketCap data, the market capitalization of the Solana-based tokens increased by 5.5% from yesterday to over $222.36 billion. The performance of the memecoins seems to have put a notch on the network’s belt.

    Performance Un-like Cats and Dogs

    Tokens in the Solana chain have registered massive performances recently, and the newest tokens around the block (dogwifhat, Wen, Jupiter) continue to shake the crypto market ground.

    Notably, dog- and cat-themed tokens continue to be hot topics in the community. According to CoinGecko Data, the Solana-based Myro, Bonk, and Popcat are trending tokens in their sub-categories.

    Las Vegas Puts Its Hat On

    Since the launch of dogwifhat (WIF), the token has gone from being a “cute dog with a crochet hat on to gathering a robust community seemingly able to back it up.”

    The over $650,000 raised for the “wif on sphere” fundraiser campaign could serve as evidence of the community’s support. As a result of the campaign, the Las Vegas Sphere will display WIF’s icon for a week on the world’s largest LED screen.

    Since the news, the token skyrocketed to a new all-time high (ATH) of $3.36 this morning, representing a 42.3% increase in the last 24 hours. At writing time, WIF changes hands at $3.1, just 4.3% lower than its ATH.

    Space Suit On, Wen Goes To Jupiter

    Jupiter (JUP) recently announced its partnership with the cat-themed token WEN. The latest Jupiter Work Group (JWG) will collaborate with the WEN Work Group. According to the announcement, it “will be focused on contributing awesome vibes and content to amplify crucial Jupiter message.”

    The community seemingly took the partnership positively. After the news, both tokens surged. WEN’s price rose above $0.00040 in the early hours of the day, and it’s currently trading at $0.00038, a 12.5% increase in the last 24 hours.

    JUP propelled to a new ATH of $0.988, almost hitting $1. At writing time, the token is trading at $0.948, representing a 12.8% price surge in the 1-day timeframe. Similarly, its daily trading volume increased over 58%, with $418.04 million being traded in the past day.

    Solana, Crypto market cap, memecoins

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    Rubmar Garcia

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  • 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?

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    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.

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    Scott Matherson

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

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

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    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.

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    Aayush Jindal

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

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

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    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.

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    Godspower Owie

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  • Solana Dominates Ethereum, Bitcoin In NFT, Activity: What's Next For SOL?

    Solana Dominates Ethereum, Bitcoin In NFT, Activity: What's Next For SOL?

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    According to on-chain data from SolanaFloor, Solana is dominating other blockchains, including Ethereum and Polygon, across various non-fungible token (NFT) activity metrics in the third week of January.

    Solana Dominates Ethereum, Bitcoin In NFT Activity

    In a post shared on X on January 23, Solana maintained its NFT dominance among competing blockchains, mainly Ethereum and other high throughput alternatives. Thus far, the blockchain has the highest numbers in unique wallets, transactions, unique buyers, and first-time wallets over the past week. 

    Solana unique wallets | Source: SolanaFloor via X

    To illustrate, Solana had over 106,000 unique wallets by the third week of January 2024. This is more than twice those created in Ethereum. Meanwhile, there were over 22,000 first-time wallets on Solana, roughly 3X those in Ethereum and 2X in Bitcoin.

    At the same time, more than 2.8 million transactions were posted on Solana. This figure is over 20X those in Ethereum during the same time frame. 

    Extrapolating from this data suggests that the blockchain is increasingly popular among NFT projects, collectors, and traders. Several factors could be contributing to Solana’s NFT success. 

    The platform is known for its high throughput and low transaction fees. Considering how minters and active traders are sensitive to trading fees, Solana is emerging as a layer-1 option for projects wishing to enjoy the security of the mainnet while also benefiting from low transaction fees.

    Legacy chains, including Ethereum, continue to struggle with on-chain scalability. Minting on the mainnet often translates to high fees, which can decrease profitability, especially for active traders and collectors.

    Beyond scalability advantages, Solana’s ecosystem is rapidly expanding. Despite the catastrophic drop of SOL prices at the end of 2022, the spectacular revival in 2023 activated on-chain activity with meme coins blooming and NFT projects opting to launch on Solana.

    The ongoing recovery of SOL and the increasing number of projects opting to deploy on the mainnet could further drive on-chain activities, including NFT minting and trading, to new levels in 2024.

    Developers At Work, Will SOL Reclaim $125?

    As the network draws users, its developers are also working to make the platform more robust and decentralized. In 2024, Solana developers plan to activate Firedancer, a validator client developed by Jump Capital. This client will help further decentralize Solana’s infrastructure, improve performance, and substantially improve reliability, eliminating network hitches that plagued the blockchain in 2022 and early 2023.

    Solana price trending downward on the daily chart | Source: SOLUSDT on Binance, TradingView
    Solana price trending downward on the daily chart | Source: SOLUSDT on Binance, TradingView

    SOL is cooling off, trading at around $80 when writing. The coin is down 34% from December 2023 peaks and below the dynamic 20-day moving average, pointing to bears.

    Key support remains at around $70. If there is demand at this price point, SOL may recover and retest $125 in the sessions ahead.

    Feature image from Canva, chart from TradingView

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    Dalmas Ngetich

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