Solana [SOL] Price Forecast: Potential Dip to $130 If $146 Resistance Holds

  • The value of Solana [SOL] surged impressively, reaching $141.29 in a single day’s trade.
  • Experts advise monitoring the pivotal $146 level, breaching which could see the price escalate to between $150 and $166.
  • A respected market analyst, Ali, has highlighted the potential for a dip despite recent positive trends.

Explore Solana’s recent price movements and key technical levels that could influence its near-term trajectory.

Solana’s Momentous Price Surge and Potential Pullback

Solana experienced a significant 15% increase in value within a single trading day, with prices reaching $141.29. This rebound is particularly remarkable given that earlier in the day, Solana had dipped to a low of $110. Despite this upward momentum, market analysts caution that a price retracement may still be on the horizon.

Technical Analysis: TD Sequential Indicator Insights

Analyst Ali has employed the TD Sequential indicator, known for its proficiency in predicting market trends, and identified a sell signal on Solana’s hourly chart. This suggests the possibility of SOL’s price retreating to the $135-$130 range. However, the $146 resistance level is crucial; breaking past it could invalidate the bearish outlook and set the stage for a rise towards $150-$166.

Key Resistance Levels and Historical Forecast Accuracy

Currently, Solana has achieved a high of $143 but has not yet surpassed the critical $146 benchmark. Ali’s predictive accuracy lends weight to these analyses, as he previously forecasted Solana’s recovery to $142 from a lower price point. His trading strategy, which includes maintaining a stop-loss at $117, aims to protect investments while allowing for potential profit opportunities.

Fundamental Indicators Supporting Technical Analysis

To further validate these predictions, essential fundamental indicators provide additional insights. For example, data from Coinglass reveals an 18.43% increase in Solana’s open interest, now standing at $2 billion, reflecting heightened trading activity and investor engagement. Meanwhile, CryptoQuant data indicates a decline in open interest volume by 14.338%, now at $21.48 billion.

Relative Strength Index (RSI) and Market Sentiment

Solana’s RSI value currently reads 33, placing it in a neutral zone rather than indicating overbought or oversold conditions. This neutrality suggests that the price may stabilize unless influenced by significant market events.

Conclusion

In summary, while Solana’s price dynamics show promising upward movement, the $146 resistance level remains a critical checkpoint. By incorporating both technical analysis and fundamental indicators, investors can gain a comprehensive understanding of potential market directions. Monitoring these elements will be essential for navigating Solana’s price trajectory in the near term.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.

BREAKING NEWS

Whale Deposits 4.516M FTT to Binance Worth $3.53M — Facing $4.416M Loss After Earlier $7.95M Valuation

COINOTAG reporting via Onchain Lens shows a whale address...

75,000 Ethereum (ETH) Withdrawn From Kraken to Multiple Chains — $3.23B Transfer Sends 30K to Ethereum Mainnet, 30K to Arbitrum

According to Onchain lens monitoring, five newly created wallet...

$ART listed on Bybit spot

$ART listed on Bybit spot

TOKENIZED SECURITIES MAY TRADE ON NASDAQ WITH SAME PRIORITY AS TRADITIONAL ONES IF CONDITIONS MET: RTRS

TOKENIZED SECURITIES MAY TRADE ON NASDAQ WITH SAME PRIORITY...

BitMine Holds 2,069,443 ETH — World’s Largest Ethereum Treasury Pushes Crypto Assets Over $9.211B

According to official sources, BitMine reported its total cryptocurrency...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img