Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- Solana has a bullish structure on the higher timeframe price charts.
- The $40-$50 zone could be pivotal in the coming weeks.
Solana [SOL] was in the midst of a bullish run of a magnitude not witnessed since April 2022. However, the run back then was followed by a continuation of the previous downtrend. Was the same scenario set to repeat itself?
Is your portfolio green? Check out the SOL Profit Calculator
News of FTX unstaking an additional 1.6 million SOL meant bullish sentiment could take a hit and lead to a large price correction. It was unclear if traders and investors could expect such a drop, as Bitcoin [BTC] managed to stay above the $33k level and could go further up.
Where would an ideal retracement take SOL prices?
Source: SOL/USDT on TradingView
The one-day chart showed that bullish intent remained overwhelming. The RSI continued to move in the overbought territory above 70 and the On-Balance Volume was climbing higher. Together they showed buying volume was on the rise and the upward momentum was firm.
The higher timeframe charts showed that the move above $27-$30 was a definitive signal that further gains could follow. They did, and SOL reached $46.9 on 1 November. A revisit to the former range highs at $27 would be an ideal long-term buying opportunity.
The Fibonacci extension levels showed $44.08 and $51.46 were levels where bulls could book profits and wait for a retracement.
The conviction of buyers in the market meant such a deep retracement might not arrive anytime soon
Source: Santiment
The Weighted Sentiment shot higher in recent days as prices surged northward. The Social Dominance also rose enormously to stand at 6.32%. These metrics underlined the idea that the bullish narrative for SOL had strength in the eyes of the majority.
Yet, by itself, the social metrics do not exclude the possibility of a retracement.
Source: Coinalyze
Realistic or not, here’s SOL’s market cap in BTC’s terms
The spot CVD on the Coinalyze data has been on a steady uptrend since 19 October, when the SOL price was at $23. This showed the demand for the token. The rally was followed by a rising Open Interest (OI) as well, which specified strong bullish sentiment.
The weekly chart revealed that the $38-$50 region, which had served as resistance in August 2022, could pose problems for the buyers once more. If $50 was flipped to support, it was likely that SOL could rally to $80 and $105 next.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- Solana has a bullish structure on the higher timeframe price charts.
- The $40-$50 zone could be pivotal in the coming weeks.
Solana [SOL] was in the midst of a bullish run of a magnitude not witnessed since April 2022. However, the run back then was followed by a continuation of the previous downtrend. Was the same scenario set to repeat itself?
Is your portfolio green? Check out the SOL Profit Calculator
News of FTX unstaking an additional 1.6 million SOL meant bullish sentiment could take a hit and lead to a large price correction. It was unclear if traders and investors could expect such a drop, as Bitcoin [BTC] managed to stay above the $33k level and could go further up.
Where would an ideal retracement take SOL prices?
Source: SOL/USDT on TradingView
The one-day chart showed that bullish intent remained overwhelming. The RSI continued to move in the overbought territory above 70 and the On-Balance Volume was climbing higher. Together they showed buying volume was on the rise and the upward momentum was firm.
The higher timeframe charts showed that the move above $27-$30 was a definitive signal that further gains could follow. They did, and SOL reached $46.9 on 1 November. A revisit to the former range highs at $27 would be an ideal long-term buying opportunity.
The Fibonacci extension levels showed $44.08 and $51.46 were levels where bulls could book profits and wait for a retracement.
The conviction of buyers in the market meant such a deep retracement might not arrive anytime soon
Source: Santiment
The Weighted Sentiment shot higher in recent days as prices surged northward. The Social Dominance also rose enormously to stand at 6.32%. These metrics underlined the idea that the bullish narrative for SOL had strength in the eyes of the majority.
Yet, by itself, the social metrics do not exclude the possibility of a retracement.
Source: Coinalyze
Realistic or not, here’s SOL’s market cap in BTC’s terms
The spot CVD on the Coinalyze data has been on a steady uptrend since 19 October, when the SOL price was at $23. This showed the demand for the token. The rally was followed by a rising Open Interest (OI) as well, which specified strong bullish sentiment.
The weekly chart revealed that the $38-$50 region, which had served as resistance in August 2022, could pose problems for the buyers once more. If $50 was flipped to support, it was likely that SOL could rally to $80 and $105 next.
can you buy clomid without a prescription can i order cheap clomiphene pills cost cheap clomid pills can i order cheap clomid pills cost of cheap clomid for sale where can i buy generic clomiphene tablets cost clomid without a prescription
I’ll certainly bring to skim more.
This is the amicable of serenity I have reading.
brand rybelsus – order rybelsus 14mg without prescription where to buy cyproheptadine without a prescription
buy domperidone 10mg online cheap – cheap tetracycline 250mg flexeril 15mg canada
amoxicillin buy online – ipratropium 100 mcg tablet combivent price
order generic augmentin 375mg – https://atbioinfo.com/ oral ampicillin
oral esomeprazole – anexa mate cheap nexium 20mg
buy warfarin 5mg pills – blood thinner buy cozaar 50mg pills
how to get mobic without a prescription – relieve pain mobic 15mg oral
order deltasone 10mg online – https://apreplson.com/ buy prednisone no prescription
erectile dysfunction medicines – https://fastedtotake.com/ new ed drugs
cheap generic amoxicillin – https://combamoxi.com/ buy amoxicillin without prescription
forcan price – this fluconazole online buy
cenforce 50mg generic – buy cenforce 100mg online cheap purchase cenforce
where to buy generic cialis – cheap cialis with dapoxetine where to buy tadalafil online
buy ranitidine cheap – https://aranitidine.com/ buy ranitidine 150mg
sildenafil citrate 100mg tab – click buy viagra mumbai
I’ll certainly bring back to review more. this
Palatable blog you have here.. It’s severely to espy high quality article like yours these days. I truly comprehend individuals like you! Withstand vigilance!! https://buyfastonl.com/amoxicillin.html
More articles like this would remedy the blogosphere richer. https://ursxdol.com/cenforce-100-200-mg-ed/
I’ll certainly bring to skim more. https://prohnrg.com/product/omeprazole-20-mg/
More posts like this would persuade the online play more useful. https://aranitidine.com/fr/clenbuterol/
Facts blog you possess here.. It’s hard to assign high status article like yours these days. I justifiably respect individuals like you! Take vigilance!! https://ondactone.com/spironolactone/
I couldn’t hold back commenting. Well written!
buy inderal pills for sale
This is the make of advise I find helpful. http://delayu.ru/delayucnt/1/cnt?msgid=47204&to=https://faithful-raccoon-qpl4dn.mystrikingly.com/
More posts like this would make the blogosphere more useful. http://www.dbgjjs.com/home.php?mod=space&uid=531848
buy generic xenical for sale – cost xenical orlistat 120mg us
The vividness in this serving is exceptional. http://www.cs-tygrysek.ugu.pl/member.php?action=profile&uid=98762