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Solana Breaks $35: Predicted to Test Higher Resistances Soon

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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 October 31, 2023 | 2 min
Updated on Oct 31, 2023
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  • Solana’s price surges to $35.96, marking a 9.54% increase in the last 24 hours.
  • Technical indicators such as RSI and MACD suggest a strong bullish sentiment.
  • Prevailing upward channel and ‘Three White Soldiers’ pattern indicate potential bullish momentum.

In the dynamic realm of cryptocurrency trading, Solana (SOL/USD) has been making significant waves. As of October 31, the live price of Solana sits comfortably at $35.96, marking a notable surge of 9.54% in the last 24 hours. This momentum has not gone unnoticed among traders and analysts alike. With a staggering 24-hour trading volume of approximately $1.33 billion, the asset shows no signs of slowing down.

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

Solana Price Prediction: Technical Outlook

Currently, Solana is ranked 7th on CoinMarketCap, boasting a live market cap of over $15.07 billion. Furthermore, its circulating supply of 419,294,203 tokens indicates a robust foundation for future growth. A closer look at the 4-hour chart provides a clearer picture of the price dynamics. The pivot point for Solana is identified at $34.95, which will be a crucial level to monitor in the days to come.

 

For traders keeping an eye out for potential entry and exit points, several key levels emerge. On the upside, immediate resistance is found at $37.05, which, if broken, could pave the way for the asset to test the next resistances at $40.17 and $43.29, respectively. Conversely, on the downside, immediate support stands at $31.87, followed by stronger support levels at $29.78 and $26.65.

 

Delving into the technical indicators, the Relative Strength Index (RSI) is currently at 75. Traditionally, an RSI above 70 is indicative of overbought conditions, suggesting that a short-term pullback might be on the horizon. However, given the overall bullish sentiment, this might just be a pitstop in Solana’s upward journey.

 

The Moving Average Convergence Divergence (MACD), another pivotal indicator, is displaying a bullish trend. The MACD line’s position above the signal line suggests potential upward momentum, further solidifying the bullish sentiment surrounding Solana. Additionally, the asset’s price is above the 50-Day Exponential Moving Average (EMA) of $31.88, indicating a prevailing short-term bullish trend.

 

From a chart pattern perspective, an upward channel accompanied by the ‘Three White Soldiers’ pattern is evident. This formation typically signifies a strong buying trend and is a powerful bullish indicator. The implication here is clear: Solana’s recent breakout from this channel suggests potential bullish momentum, further supported by the observed pattern.

 

In conclusion, the overall trend for SOLis bullish, especially if it sustains above the $34.95 mark. With its robust technical indicators and prevailing chart patterns, Solana is well poised to test higher resistances in the near future. Traders and investors should keep a close eye on the aforementioned key levels and patterns to make informed decisions in this dynamic market.

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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