- Solana price finds much-needed support after dipping below the $100 value area.
- 2022 Volume Point Of Control gave bulls the lifeline they need to prevent collapse.
- Downside risks remain, but not until SOL hits $110
Solana price staved off another significant capitulation move – a condition it has been flirting with since late January 2022. The recent collapse below the $100 price level enticed a large number of longs to leave their positions and new short-sellers to enter near the bottom. If support holds, Solana will begin its road to $144, but it first needs to test $115.
Solana price is poised to hit $144, but it must break resistance at $115
Solana price has the single most extensive collection of resistance levels ahead of it above $110. The $115 area contains the following technical levels:
- 111.50 – 38.2% Fibonacci retracement
- 112.50 – daily Kijun-Sen
- 112.50 – bottom of the bull flag (blue diagonal linear regression channel)
- $113 – high volume node
- $116.60 – former 100% Fibonacci expansion
A positive development for Solana price bulls is the Composite Index oscillator returning to neutral conditions after reaching historical highs. Additionally, the Optex Bands dropped below the overbought zone, and the Relative Strength Index remains above the first oversold level in bear market conditions at 30.
SOL/USDT Daily Ichimoku Kinko Hyo Chart
If Solana price can rally to form a daily candlestick close at or above the $115 price level, then a renewed uptrend is likely to occur with a target near the next primary resistance cluster at $144. However, if bulls fail to close Solana price at least above the Tenkan-Sen, then a bearish continuation move towards the 2022 lows at $82 is highly probable.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
US presidential election outcome could shape the future of crypto
US citizens will go to the polls to elect a new president on November 5, and their choice could be key for the future of the crypto industry and thus the price outlook for Bitcoin (BTC).
Bitcoin ETFs beat Gold ETFs with 65% gain since launch
Bitcoin ETFs have reshaped the digital asset investment landscape since their approval in January. Their total assets under management climbed over $70 billion during the weekend, placing them ahead of other investment products, including gold.
XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand
Ripple's XRP is trading at $0.5050 up slightly by 0.2% in the past 24 hours as it struggles to sustain a move above a key symmetry triangle resistance. Meanwhile, in its recently released Q3 report, Ripple noted the rising listing and relisting of XRP across crypto exchanges and global platforms.
Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF
Ethereum is trading near $2,420, down about 1% on Monday, but could bounce off a key descending trendline close to the $2,258 historically high demand zone. Meanwhile, the State of Michigan pension fund revealed an investment of $11 million in ETH exchange-traded funds.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.