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Solana Completes 23.6% Fibo Correction; Buy Above $23?

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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 04, 2023 | 2 min
Updated on Oct 04, 2023
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  • Solana (SOL) is currently priced at $23.72, with a minor dip of 1.32% over the past 24 hours. It holds the 7th position on CoinMarketCap with a market cap of $9.80 billion.
  • Key technical indicators show bullish signs: the RSI is at 67.89 (suggesting strong buying interest), and the price is above its 50-day EMA ($21.39), indicating an ongoing bullish trend.
  • Chart analysis reveals a completed 23.6% Fibonacci retracement at $23, signalling potential buying momentum if the price consolidates or rises above this mark.

Solana, with its native token SOL, is making waves in the crypto market. As of October 03, the live price of Solana stands at $23.72, reflecting a 1.32% decline in the last 24 hours. The cryptocurrency has amassed a trading volume of a substantial $623.88 million within the same timeframe. On CoinMarketCap’s leaderboard, Solana proudly ranks 7th, with its market capitalization amounting to an impressive $9.80 billion. This valuation is backed by a circulating supply of 413.12 million SOL tokens.

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

Solana Price Prediction: Technical Outlook

The analytical gaze directed at Solana’s chart reveals some vital price levels. The pivot point is currently pegged at $22.38. In terms of potential bullish advancements, the immediate resistance is marked at $25.98, followed by higher ceilings at $28.15 and then a considerable leap to $31.76. On the contrary, if bearish undertones were to influence SOL’s trajectory, it might seek immediate refuge at the $20.25 mark, followed by deeper supports at $16.6 and $14.48.

 

Shifting our focus to technical indicators, the RSI (Relative Strength Index) currently stands at 67.89. While it’s below the typical “overbought” threshold of 70, it’s considerably above 50, thus indicating a predominantly bullish sentiment in the market. The MACD (Moving Average Convergence Divergence) provides a rather neutral stance with its line being at 0, although its signal line lingers at 0.98, indicating potential upward momentum in the near future. Adding to the bullish narrative, Solana’s price is comfortably perched above its 50 EMA (50-Day Exponential Moving Average), which is marked at $21.39.

 

On the chart patterns front, a notable observation is Solana’s completion of a 23.6% Fibonacci retracement at the $23 mark. Historically, this can be a crucial point where buying interests get piqued. Hence, should the price consolidate or move above this level, it could catalyze a surge of buying momentum.

 

In conclusion, the overarching trend for Solana seems to be on the bullish side, especially with the suggestion to buy above the $23 threshold and conversely, considering sales below this point. In the short-term forecast, it might not be surprising to see Solana test its immediate resistance levels, potentially aiming for the $25.98 mark in the forthcoming days.         

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.
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