Analysis

Solana Traders Eye on $140 Level, Here’s Why

Published

1 year ago

August 27, 2024

When Bitcoin (BTC) fell beneath the $62,000 degree, the general cryptocurrency market skilled important promoting stress. This bearish sentiment precipitated a significant setback for Solana (SOL), because it broke the 2 days of consolidation close to the essential $160 degree.

Solana (SOL) Value Motion and Technical Evaluation

With the lack of consolidation, sentiment for SOL has turned bearish. Moreover, the each day chart of the SOL seems to be displaying a bearish double-top worth motion sample, which has but to be confirmed.

Based mostly on historic worth momentum, the final time SOL reached the $160 degree, it skilled large promoting stress and fell to the $140 degree. Nevertheless, this time there’s a excessive probability that SOL may drop again to the $140 degree.

At the moment, SOL’s open curiosity additionally helps this bearishness as it’s down 7% over the previous 24 hours, indicating lowered investor curiosity, in accordance with CoinGlass information.

Whereas the technical indicator referred to as 200 Exponential Transferring Common (EMA) that alerts SOL continues to be in an uptrend because it strikes above.

SOL Whale on a buying spree

Nevertheless, traders are nonetheless taking a look at accumulating tokens on this vary. Lately, lookonchain, an on-chain analytics firm, posted on

Plus, this wasn’t an extraordinary buy, as whales staked all these tokens, which means they could be aiming for a long-term holding.

Present worth efficiency

On the time of writing, SOL is buying and selling round $153 and has skilled a worth drop of over 2.5% up to now 24 hours. In the meantime, buying and selling quantity has remained steady over the identical interval; in accordance with Coinmarketcap information, it’s up 1.2%.

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Different main cryptocurrencies, together with Bitcoin (BTC), Ethereum (ETH), BNB (BNB), and Dogecoin (DOGE), skilled related promoting stress. Previously 24 hours, these tokens have seen a worth drop of over 3.2%, 5.3%, 2.5% and three.5% respectively.