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Solana Completes 38.2% Fibonacci Retracement; Buy Now?

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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 August 24, 2023 | 2 min
Updated on Sep 03, 2023
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  • Solana displays bullish sentiment with robust support at 19.3011, backed by a bullish engulfing candlestick pattern and oversold conditions.
  • Accomplished 23.6% and 38.2% Fibonacci retracement levels at 20.75 and 21.65, suggesting upward potential.
  • MACD and RSI indicators show strength, reinforcing the bullish outlook; resistance at 22.37 and 23.09 could influence momentum.
  •  

With the spotlight now on Solana, an intriguing development has unfolded in the realm of technical analysis. The cryptocurrency has successfully achieved the 38.2% Fibonacci retracement level, a significant milestone marked at the 21.50 mark. This achievement beckons us to consider a pivotal question: could this serve as an opportune moment for investment? Let’s delve into the intricacies of the situation and explore the potential trajectory that lies ahead.

 

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

Solana Price Prediction: Technical Outlook

The present value of Solana stands at $21.72 USD, accompanied by a 24-hour trading volume of $401,786,342 USD. Over the past 24 hours, Solana has exhibited a positive movement of 4.30%. Currently occupying the #9 rank on CoinMarketCap, Solana maintains a live market capitalization of $8,857,098,132 USD. The circulating supply consists of 407,771,098 SOL coins, while the maximum supply remains undisclosed.

 

Examining the technical intricacies of the SOL/USD, we observe a surge in bullish sentiment following a pronounced display of support at the 19.3011 mark. A closer examination of the daily timeframe reveals that Solana has formed a compelling bullish engulfing candlestick pattern, signaling a robust potential for upward movement. This sentiment is reinforced by the fact that the coin had entered the oversold zone, prompting swift investor engagement. Notably, the coin has already accomplished the 23.6% and 38.2% Fibonacci retracement levels, effectively reaching 20.75 and 21.65 respectively.

 

Presently, Solana remains in a promising position. The oscillator indicators, including the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI), underscore this sentiment by retaining their strength. Both indicators exhibit resilience in their respective zones, further endorsing the bullish potential.

However, it’s important to acknowledge the presence of resistance levels. Solana faces resistance around the 50% and 61.8% Fibonacci retracement levels, stationed at 22.37 and 23.09 respectively. These levels have proven significant in curbing upward movements in the past.

 

On the flip side, if the coin manages to breach below the 20.75 level, the subsequent support is likely to be found around the 19.30 and 18 levels. It is important for investors to closely monitor these levels as they could signal potential shifts in the ongoing trend.

 

In conclusion, Solana’s technical landscape appears promising, supported by the bullish engulfing pattern, oversold conditions, and positive Fibonacci retracement milestones. However, vigilance is paramount as Solana navigates potential resistance and support levels, shaping its trajectory in the coming sessions.

 

Stay tuned for more updates!

 

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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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