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Solana Consolidates Near $20 Barrier; Quick Outlook

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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 21, 2023 | 2 min
Updated on Sep 21, 2023
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  • Solana exhibits a robust bullish trend, having broken past key resistances including a symmetrical triangle pattern and a double-top, both near the $19.50 level.
  • Key technical indicators, such as the RSI and MACD, advocate a bullish trajectory, further solidified by Solana trading above its 50-day EMA.
  • While the SOL/USD pair’s current stance above $19.50 suggests a likely move towards $20.65, a decline below this pivot could see prices retracting to around $19.15 or even $18.65.

Solana (SOL) has recently garnered attention as it hovers near the significant $20 mark, acting as both a psychological and technical barrier for traders and investors alike. After a series of volatile swings, the digital asset now appears to be consolidating its position close to this key level. This consolidation phase could either precede a potential breakout or signify a momentary pause before a pullback. As Solana’s ecosystem continues to evolve and adapt, market participants eagerly await the next move, searching for clues within the broader cryptocurrency landscape and Solana’s inherent fundamentals. In this piece, we’ll delve into a brief outlook of what might be in store for Solana.

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

Solana Price Prediction: Technical Outlook

Today, Shiba Inu’s price stands at $0.000007, backed by a 24-hour trading volume totalling $106,264,170. Over the past 24 hours, it has witnessed a decrease of 0.40%. As per CoinMarketCap’s listings, Shiba Inu currently ranks 17th with a market capitalization of $4,325,594,489 USD. There are 589,346,914,631,298 SHIB coins in circulation, while its maximum supply details remain undisclosed.

 

A thorough technical analysis of Solana suggests a prevailing bullish trend. This outlook was reinforced when Solana successfully navigated past the resistance of a symmetrical triangle pattern around the $19.50 benchmark. Coinciding with this ascent, SOL triumphed over a double-top resistance situated near the same price point. Should this bullish momentum persist, we anticipate an approach towards the immediate resistance at $20.65, with the $21.10 mark subsequently emerging as a significant hurdle.

 

Leading technical indicators, including the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD), endorse a purchase. The RSI consistently remains above the 50 mark, and the MACD histograms are positioned above the baseline, both of which affirm the bullish trajectory. Furthermore, the 50-day Exponential Moving Average (EMA) bolsters this sentiment, as Solana’s current trading value surpasses this metric considerably. Historically, a positive breakout from such a triangle pattern often predicts a sustained upward surge. Therefore, with the SOL/USD pair anchored above $19.50, the path to $20.65 seems achievable. However, a bearish downturn below $19.50 might push prices to levels of $19.15 or potentially $18.65. Investors would do well to keep a vigilant eye on the pivotal $19.50 level, which stands as a critical determinant for Solana’s current market positioning.           

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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