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SOL/USD Surges to $101.68, Eyes Resistance

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Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
By Arslan Ali Butt
author
Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
on February 08, 2024 | 2 min
Updated on Feb 08, 2024
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  • Solana’s price up 6.23%, with a strong market cap of $44.42 billion.
  • Immediate resistance and support levels identified, with a bullish outlook above $97.25.
  • Technical indicators and chart patterns indicate potential for further price increase.

In the ever-evolving Daily Crypto landscape, Solana (SOL) stands out on February 8th with a robust ascent, marked by a 6.23% increase over the last 24 hours to reach $101.68. Its impressive 24-hour trading volume of over $1.96 billion propels it to the #5 rank in market capitalization, which now stands at approximately $44.42 billion. The circulating supply of SOL is a considerable 436,869,614 tokens.

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SOL/USD Price Chart
SOL/USD Price Chart – Source: Tradingview

Solana Price Prediction: Technical Outlook

Solana’s technical outlook on the four-hour chart suggests a pivotal point at $98.13, a level that traders are eyeing closely. The pivot point acts as a fulcrum for potential price swings, with immediate resistance waiting at $103.74. Should Solana maintain its bullish momentum, it faces subsequent resistance levels at $112.09 and $117.84. These thresholds will test the resolve of the bulls and could provide key targets for short-term gains.

 

On the downside, should the bears exert their influence, SOL will find immediate support at $89.65. Further down, support levels at $84.04 and $75.83 will be crucial in averting significant corrections and maintaining the digital asset’s upward trend.

 

The Relative Strength signal (RSI), currently at 65, suggests that Solana is experiencing increased buying pressure, yet it’s not in the overbought territory, leaving room for further growth. The Moving Average Convergence Divergence signal (MACD) exhibits a value of 0.78, surpassing the signal line at 0.68, an indication that bullish momentum is underway.

 

Observing the 50-Day Exponential Moving Average (EMA) at $97.27 corroborates the bullish trend, providing a dynamic support level that Solana has consistently defended. Chart patterns reveal a triple top at $102.10, a resistance that Solana is attempting to overcome. A sustained move above this level could signify a strong buying trend and pave the way for higher valuations.

 

The upward trendline, drawn from recent lows, reinforces support at the $97.25 level. This trendline is a testament to the buying interest at lower levels and could serve as a springboard for future rallies.

 

As investors and traders seek to navigate the intricate tapestry of the cryptocurrency market, Solana presents an interesting case. Its current technical indicators and chart patterns suggest a potential for continued growth, especially if it can breach the $102.10 resistance. With a foothold above the $97.25 level, Solana’s trajectory looks promising, offering an opportunity for those bullish on the asset.

 

Conclusion: Solana shows a bullish potential, therefore, let’s keep an eye on 102.130 as breakout of this can trigger buying trend.

Stay anchored for more in-depth analyses on Solana and other crypto movers!

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About Arslan Ali Butt
Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
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