Advertiser disclaimer

Solana Breaks Below 38.2% Fibo; Sell Below $22.50?

author
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.
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 10, 2023 | 2 min
Updated on Oct 10, 2023
Advertiser disclaimer
  • Solana has experienced a significant price development by breaching the crucial 38.2% Fibonacci retracement level at $22.50.
  • Analyzing the 4-hour chart, Solana traders should focus on critical price levels. The pivot point stands at $23.5, offering a reference point for potential price movements.
  • Immediate resistance levels include $24.5, $25.8, and $26.78, while support levels are observed at $22.24, $21.24, and $19.95.

Solana, one of the prominent cryptocurrencies, has recently undergone a significant price correction, hitting a key Fibonacci retracement level of 38.2%. This technical development has left many traders and investors wondering about the next potential move for Solana’s price. In this analysis, we’ll delve into Solana’s current situation, key price levels, technical indicators, and the implications of this Fibonacci retracement. Additionally, we’ll explore whether buying above a specific threshold, in this case, $22, could be a viable strategy.

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

Solana Price Prediction: Technical Outlook

Solana, represented as SOL/USD, has witnessed a notable price development as it broke below a crucial technical level, the 38.2% Fibonacci retracement, at $22.50. At the time of this analysis, the SOL is trading at approximately $22.12 USD, reflecting a 5.06% decrease in the last 24 hours. This break below the Fibonacci level has raised questions about potential selling opportunities in the SOL/USD market.

 

Examining market data, Solana currently holds the 7th position on CoinMarketCap, boasting a live market cap of $9,168,028,783 USD. With a circulating supply of 414,379,614 SOL tokens, it stands as a significant player in the cryptocurrency arena. The 24-hour trading volume for SOL is approximately $362,847,955 USD.

 

Analyzing the 4-hour chart timeframe, several key price levels become evident for SOL traders to monitor. The pivot point is situated at $23.5, serving as a reference point for potential price movements. Immediate resistance levels include $24.5, followed by $25.8 and $26.78. On the support side, immediate levels are found at $22.24, with subsequent support at $21.24 and $19.95. These levels represent critical areas where price action may encounter resistance or support.

 

Turning to technical indicators, the Relative Strength Index (RSI) currently registers at 34.26. This suggests a relatively neutral sentiment within the market. However, the RSI value being below 50 leans toward bearish sentiment, indicating potential downward momentum.

The Moving Average Convergence Divergence (MACD) reveals a value of -0.15, with the signal line at -0.27. The MACD line’s position below the signal line signifies potential downward momentum.

 

The 50-Day Exponential Moving Average (50 EMA) is valued at $22.7, signaling a short-term bearish trend as the current Solana price is below the 50 EMA.

In terms of chart patterns, the coin has broken below the 38.2% Fibonacci retracement level of $22.50. This technical development could imply a potential bearish momentum in the market.

In conclusion, the overall trend for Solana appears bearish, particularly below the $22.50 level. Traders should closely monitor this key level for potential selling opportunities in the coming days as Solana navigates its current market dynamics.

Stay tuned for more updates!

author
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.
Other categories