- Solana price is bullish, up 25% from the September 10 low of $17.33 with a commitment to more upside potential.
- SOL could rise 10% to breach the 100-day EMA resistance at $24.40 if bullish momentum grows.
- With Bitcoin, Ethereum, and Ripple still struggling, it may be premature for the purported ETH killer to go up solely.
- Invalidation of the bullish outlook will occur upon a three-day candlestick close below the $critical support at $17.80.
Solana (SOL) price is trading with a bullish bias, with CoinMarketCap data showing that it is outperforming Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP), the crypto top three. However, the upside for the purported ETH killer is pending, with a broader market struggle making it hard for SOL to go solely.
Also Read: Solana inflows dominate altcoin space as funding rout plagues sector
Solana price held back by broader market bearishness
Solana (SOL) price is trading with a bullish bias, recording a surge of almost 5% in the last 24 hours. After a week-long consolidation earlier in the month, the volatility for the altcoin was restored ahead of the Sam Bankman-Fried (SBF) trial, which saw up to $455 million worth of SOL with investors observing the token.
Meanwhile, technical indicators suggest that Solana price is ready to fight for its upside potential, with the Relative Strength Index (RSI) deviating north while holding above the 50 midline. The lagging Awesome Oscillator (AO) is equally positive, green-toned and holding above the zero level.
Increased buying pressure above current levels, steered by buying momentum from the $21.27 buyer congestion level marked by the 50-day Exponential Moving Average (EMA) could see Solana price breach the immediate barricade at $24.40. This roadblock is presented by the 100-day EMA.
If Solana price flips the 100-day EMA into a support floor, the ensuing buying pressure could send SOL to confront the stiff resistance at $26.96 hurdle. In a highly bullish case, the gains could extend to tag the 200-day EMA at $31.24. Such a move would constitute a 40% climb above current levels.
SOL/USDT 3-day chart
Conversely, with early profit taking possibly from the traders that bought SOL during the most recent dip, Solana price could pull south to lose the support offered by the 50-day EMA at $21.27. A move below the critical support of $20.00 would flip the balance in favor of the bears but the bullish outlook would only be invalidated once SOL breaks below the $17.80 support. This marks the last lower high.
The ensuing proceeding selling pressure could send Solana price below the $16.00 psychological level. This would denote a 30% drop below current levels.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Turn off Solana and win $400,000 - Solana Foundation executive announces offer
Solana has been touted as an Ethereum killer, but as with every blockchain in the crypto market, the network does not come without its fair share of issues. While many who get hacked or exploited deal with the issues after the fact, Solana intends to get a step ahead by making a very lucrative offer to white hat hackers.
Grayscale vs. SEC deadline: Commission faces a midnight Friday deadline to challenge August 29 loss
Grayscale Investments secured a resounding victory in its longstanding case against the US Securities and Exchange Commission in late August. The lawsuit started in October after the firm approached the D.C. Circuit Court pushing to have its Bitcoin Trust converted to an Exchange-traded fund.
Loom Network price hits strong weekly resistance after 32% surge as LOOM ranks high on Korea’s Upbit
Loom Network token is highly bullish, passing as a rather lucrative investment for scalping traders, buying and selling the asset within a short period to make small profits.
Voyager founder charged by CFTC for fraud and by FTC for misleading investors that lost $1 billion
Voyager was among the first crypto companies to collapse and file for bankruptcy in 2022. While the platform has been making efforts to return its customers' assets since then, it looks like the regulatory bodies are not willing to be patient.
Bitcoin: Can BTC bears challenge crypto’s 2023 bull rally?
Bitcoin (BTC) price is at a critical juncture in the weekly time frame, where bulls and bears are battling for control. However, a multi-time-frame analysis shows that BTC is bullish daily and is likely to rally higher.