Solana Price Direction Remains Hazy Despite 10% Weekly Rally
18 Octobre 2023 - 7:38AM
NEWSBTC
The recent price surge of Solana (SOL) encountered a significant
roadblock at the $25 mark, which prompted a reversal following a
retest in early October. Despite this setback, the market sentiment
remained relatively positive, with demand showing resilience at
press time. SOL traders on higher time scales may find
themselves in a state of uncertainty regarding price direction. As
of the present moment, SOL has been on a modest 10% upward
trajectory, surging from $21.5 to $24.70 over the past few weeks.
Related Reading: Polkadot Road To Recovery – Will $4 Mark The
Turning Point? This development has left traders and investors
pondering the possible outcomes for SOL’s trajectory, leading to
discussions about potential bullish or bearish trends, or even a
breakout. Analysts have pointed to encouraging signs within SOL’s
price chart, notably the Relative Strength Index (RSI) and the
Chaikin Money Flow (CMF), both of which have been exhibiting
positive trends. These indicators have shown steady upticks,
indicating a commendable recovery in buying pressure and an
increase in capital inflows over the past few days. Solana’s
Positive Indicators Amidst Uncertainty Market observers have
highlighted the significance of a convincing flip of the $25 hurdle
into a support level, suggesting potential bullish momentum that
could drive the price towards the $27 mark in the near future.
However, cautionary notes have been sounded regarding the
possibility of a price reversal, given the RSI’s overbought
condition and the persistence of the resistance at $25. Solana
seven-day price action. Source: Coingecko Currently, SOL is trading
at $24.16 according to CoinGecko, with a 24-hour movement of 0.0%.
The seven-day rally, however, stands at an encouraging 9.9%,
indicating a degree of price resilience even in the face of these
challenges. Related Reading: XRP On The Cusp Of Redemption?
Unveiling Data-Backed Insights Adding to the complexity of SOL’s
price dynamics, the cryptocurrency has experienced negative funding
rates, despite the recent price rally. This discord between the
price surge and the negative sentiment in the market has fueled
debates among investors about the sustainability of the current
upward momentum. SOL market cap currently at $10.07 billion on the
daily chart: TradingView.com Discontinuation Of Services By Lido
Finance In a significant development, Lido Finance, a prominent
liquid-staking provider, announced its decision to phase out
services on the Solana network in the coming months. As the
third-largest protocol on the Solana blockchain and with a presence
on multiple chains, including Ethereum, this move has sent
shockwaves through the cryptocurrency community. The announcement
caused a notable impact on Solana’s Total Value Locked (TVL), which
witnessed a sharp decline of $100 million within a single day
following the news. SOL total value locked. Source: DefiLlama As
SOL grapples with these mixed signals and developments, the
immediate outlook for the cryptocurrency remains uncertain. Traders
and investors are closely monitoring the upcoming price movements,
awaiting further market cues and developments that could
potentially sway the balance towards bullish recovery or a
prolonged bearish phase. While the indicators suggest a
potential breakout, the cautionary notes regarding resistance
levels and market sentiment continue to linger, creating an air of
anticipation and apprehension in the cryptocurrency community.
(This site’s content should not be construed as investment advice.
Investing involves risk. When you invest, your capital is subject
to risk). Featured image from Meetinghouse
Polkadot (COIN:DOTUSD)
Graphique Historique de l'Action
De Juin 2024 à Juil 2024
Polkadot (COIN:DOTUSD)
Graphique Historique de l'Action
De Juil 2023 à Juil 2024