Fun

Solana Likely To Target $200 ‘If It Holds Current Support’ – What To Expect

News Feed - 2024-11-04 01:11:56

Este artículo también está disponible en español.


Solana (SOL) is currently trading at a crucial demand level near $163, following a retrace from local highs around $183. This price is a critical support area that could determine the direction of SOL’s upcoming price action. Losing this level could signal a deeper correction, which would intensify selling pressure and potentially push SOL to retest lower support levels.


However, top analyst Daan shared a technical analysis suggesting that if SOL can hold this “green zone” around $160, it could pave the way for a rebound. Daan notes that in the most optimistic scenario, SOL could hold this support and start a gradual climb, ultimately aiming to test the downtrend line that has kept it in check. This setup would keep SOL’s bullish structure intact, creating a potential entry point for investors eyeing a bounce. Related Reading Bitcoin On-Chain Indicator Signals Panic Selling At Current Levels – Time To HODL? 1 day ago


With the broader crypto market showing volatility and Solana facing this pivotal level, the next few days will be crucial. Traders and investors are closely watching to see if this demand zone can support a reversal, potentially leading SOL back toward recent highs. Solana Holding Strong Despite Uncertainty


Solana (SOL) has managed to hold above the key support level around $160, despite the recent market volatility and uncertainty. This level is crucial for SOL’s price structure, as it’s a strong demand zone that could act as a foundation for the next upward move. 


Crypto analyst Daan recently shared his perspective on X, revealing that SOL’s “most bullish case” would be for it to hold this “green zone” around $160, allowing it to gradually grind back up toward the descending trendline that has capped recent gains. Solana testing crucial demand | Source: Daan on X


In Daan’s view, the next attempt at this trendline could likely result in a successful breakout, with the potential to push SOL’s price above $200. He suggests that waiting for confirmation of this breakout could be a sound strategy for cautious investors, as there is still ample room for upside even after a confirmed reversal. His analysis highlights a confident outlook on SOL’s potential recovery, seeing this accumulation zone as a promising buying opportunity.


However, Daan also acknowledges that there’s still a degree of downside risk. If SOL fails to hold above this $160 level, a deeper correction could follow, potentially driving SOL to test lower support levels.  Related Reading Analyst Exposes Ethereum Ascending Support At $2,400 – Best Chance To Accumulate ETH? 2 days ago


For now, the market will watch this support level closely as a critical indicator of SOL’s short-term trend. Holding above it would signal strength and open the door for a potential rally, while a breakdown could lead to a more extended bearish phase. As the overall market sentiment remains mixed, Solana’s next moves will be critical for traders and investors alike. SOL Price Action 


Solana is currently trading at $163 after tagging the 4-hour 200 exponential moving average (EMA), a critical indicator of short-term strength. Holding above this EMA signals a bullish outlook for SOL, suggesting that buyers are stepping in to support the price at this level. If SOL can maintain momentum above the 200 EMA, it could build a foundation for a potential rally to new local highs, possibly challenging the recent peak around $183. SOL tagging the 4H 200 EMA | Source: SOLUSDT chart on TradingView


However, the $160 level remains a crucial support area. Losing this support would likely trigger significant selling pressure, potentially driving SOL down to the $150 range, where further demand may emerge. This zone would be closely watched by investors looking for potential accumulation opportunities, as a dip could provide favorable entry points for long-term holders. Related Reading Bitcoin Open Interest Reduced By $2.1 Billion In 24 Hours – Time For Spot To Push The Price? 2 days ago


In contrast, a strong push above the current demand level would confirm renewed bullish momentum, paving the way for SOL to target and possibly surpass recent highs. As SOL hovers around this key technical zone, traders will be watching for any decisive movement that could signal the next direction, whether it be a continued uptrend or a retracement to lower demand levels.


Featured image from Dall-E, chart from TradingView

News Feed

Retail crypto market growth in Canada driven by market factors, regulation
Derek Andersen2 hours agoRetail crypto market growth in Canada driven by market factors, regulationCrypto platform WonderFi has swallowed up several of its competitors in Canada and expects to reap the benefits.435 Total
Bitstamp helps Stripe scale crypto purchases in the EU
Helen Partz9 hours agoBitstamp helps Stripe scale crypto purchases in the EUBitstamp entered a partnership to support Stripe’s crypto on-ramp solution in Europe a few months after Robinhood announced its $200 million a
AT&T Responds to Crypto Exec’s SIM Swap Suit: See You in Court
AT&T said it would fight allegations that it was negligent in a customer’s loss of $1.7 million in a SIM swap. The allegations come from Seth Shapiro, VideoCoin’s h
Ezra Reguerra11 hours agoUS, UK intel agencies warn against new crypto malware: ReportSeveral U.S. and U.K. intelligence agencies have published a joint report warning users about a new malware called “Infamous Chisel,
Brayden Lindrea5 hours agoSEC’s first deadlines to approve 7 Bitcoin ETFs coming over the next weekAnalysts say the best-case scenario for crypto is that the Securities and Exchange Commission approves the batch of spo
Red Alert For Solana: 21% Price Drop Raises Fears Of Further Collapse
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Survey: Cryptocurrency Adoption to Grow Significantly This Year in Latam
Survey: Cryptocurrency Adoption to Grow Significantly This Year in Latam A new cryptocurrency-related survey presented by Sherlock Communications highlights the growth that Latam c
Latin Americans Turn to Bitcoin as Local Fiat Currencies Plunge
Latin Americans Turn to Bitcoin as Local Fiat Currencies PlungeLatin Americans have embraced cryptocurrency as a store of value while their fiat currencies depreciate, a new report
Banks Turn Away Customer Deposits due to Negative Interest Rates in Germany
Banks Turn Away Customer Deposits due to Negative Interest Rates in Germany Banks in Germany are reportedly turning customer deposits away due to the negative in
Greek Police Scramble to Catch Onecoin’s ‘Cryptoqueen’ Ruja Ignatova, Local Media Reports
Greek Police Scramble to Catch Onecoin’s ‘Cryptoqueen’ Ruja Ignatova, Local Media Reports Law enforcement in Greece has recently tried to locate Ruja Ignatova, founder of the
EverRise Brings Buyback Token and Ecosystem of dApps to Polygon and Ethereum
EverRise Brings Buyback Token and Ecosystem of dApps to Polygon and Ethereum press release PRESS RELEASE. Singapore, September 30, 2021. Less than three weeks after releasing its fi
William Suberg25 minutes agoExchange flow gap hits 10K BTC — 5 things to know in Bitcoin this weekA "significant" shift in Bitcoin hodler sentiment provides the backdrop to BTC price action clinging to its hi