Solana To $100 Inevitable After This Break? SOL Forms A Triple Bottom
06 Settembre 2024 - 9:00PM
NEWSBTC
Like Bitcoin and other top altcoins, Solana continues to sell off
at press time, rewinding losses of the first part of the year. At
press time, SOL, the native currency of the smart contracts
platform, is trading at around $130, retesting a critical support
level. As it is, the third-most valuable crypto asset is down
nearly 40% from 2024 highs of around $210. Technically, sellers are
in control, and unless there is a sharp shift in trend favoring
buyers, the short-term will continue to be bearish. Is SOL
Preparing For $100? Triple Bottom Forms Though some analysts are
upbeat, expecting a rebound toward the $200 zone in the coming days
and weeks, others are bearish. Taking to X, one analyst said SOL,
in line with the current state of price action, thinks the coin
will slip to as low as $100. Related Reading: Bitcoin Momentum
Indicators Are All Showing Death Cross: Say Hello To Bear Market?
This outlook, it should be noted, follows the recent drop from a
key resistance, previously supported, level at around $140. With
the coin changing hands at $130, the analyst is convinced there
will be more losses in a bear trend continuation pattern. From his
outlook, SOL will trickle lower “if nothing changes” in the market.
The forecast, looking at the candlestick formation in the daily
chart, isn’t surprising. As mentioned earlier, SOL is down by
nearly 40%% from March highs. With prices consolidating and moving
inside a wide range of between $210 on the upper end and $130 on
the lower end, this prediction aligns with recent price movement.
Presently, SOL is now retesting multi-month support as a triple
bottom form. For the printout of the uptrend from October 2023 to
March 2024, SOL must find support around spot rates. Subsequent
gains above $140 and $160 could spark demand, lifting the coin
toward $190 and, finally, $210 or 2024 highs. Solana Dumps, Bitcoin
Sell-Off And Pump.fun Liquidation Impact Sentiment Even so, the leg
up will depend on a multitude of factors. A recovery in Bitcoin
prices would almost likely lift altcoins, of which SOL is highly
ranked. Besides this, the resurgence of meme coin activity on
Solana will be a big price movement. Related Reading: Cardano Bull
Sees ADA Jumping 1,000% In An ‘Insane’ Rally Lookonchain data shows
that Pump.fun, a meme coin launchpad on Solana, has been
liquidating SOL. Being a large holder, their action is
net-negative, impacting sentiment and helps sow doubt on the
strength of buyers. As a SOL whale, the more they sell, the more
retailers dump, following in their path. By September 3, the meme
coin launchpad had sold over 264,000 SOL worth more than $1.3
million. Feature image from Shutterstock, chart from TradingView
Grafico Azioni Solana (COIN:SOLUSD)
Storico
Da Set 2024 a Ott 2024
Grafico Azioni Solana (COIN:SOLUSD)
Storico
Da Ott 2023 a Ott 2024