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Solana Completes 61.8% Fibo Level at $19.20; What’s Next

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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 September 14, 2023 | 2 min
Updated on Sep 18, 2023
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  • Solana recently achieved a 61.8% Fibonacci retracement at the $19.20 level but faced resistance, leading to a close below this crucial technical point.
  • Key technical indicators, such as the RSI and MACD, signal a bullish trend, with the 50-day exponential moving average supporting around the $18.20 mark.
  • While an upward breakout might target the $20.02 to $20.50 range, a decline below $18.50 could push Solana’s price to supports at $18 or even $17.40.

Solana, one of the standout performers in the crypto space, has achieved yet another milestone by completing the 61.8% Fibonacci retracement level at $19.20. This achievement signals a pivotal moment in its technical analysis journey, stirring speculation and anticipation among investors. As market participants evaluate the various scenarios, the critical question arises: where will the coin head next? This article delves into the potential trajectories, underpinned by key data points and market sentiments.

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

Solana Price Prediction: Technical Outlook

Solana price stands at $18.75, accompanied by a 24-hour trading volume of $413,512,808 USD. Our SOL to USD price is updated continuously. Over the past 24 hours, SOL has witnessed an increase of 3.04%. Currently, it holds the #9 spot on CoinMarketCap’s rankings, boasting a market capitalization of $7,704,805,677. The circulating supply for Solana is 411,021,292 SOL coins.

 

In reference to our prior price prediction for Solana, we had anticipated that the coin would complete a 38.2% Fibonacci retracement at the $18.45 level. A bullish crossover above this marker was projected to drive Solana’s price higher towards the $19.20 level. This forecast has materialized, as evident from the four-hour chart. Solana achieved a 61.8% Fibonacci retracement at the $19.20 threshold but couldn’t sustain above it, resulting in a candle close beneath this significant technical point. A continued close below this level may direct Solana’s price towards the next support at $18.50. A breach below this could further expose the coin to a selling pressure, targeting the $18 mark, reinforced by the 23.6% Fibonacci retracement.

 

Prominent technical indicators, including the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD), remain in the buying zone, endorsing the prospects of a bullish trend. Additionally, the 50-day exponential moving average offers support around the $18.20 price point. Therefore, a bullish breakout above the $19.20 level could potentially propel the coin towards the $20.02 mark, with $20.50 acting as a major resistance thereafter. Conversely, a breach below the $18.50 threshold may lead to selling pressure down to the $18 level, and any further decline might find support at $17.40.      

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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