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Solana Faces Persistent Decline: Is $19 the Next Stop?

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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 30, 2023 | 2 min
Updated on Sep 03, 2023
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  • Solana exhibits strong bullish momentum, marked by a pivotal support at the 19.3011 level and further emphasized by a bullish engulfing pattern on daily charts.
  • The coin’s recent venture into the oversold region, followed by its breach of the 23.6% and 38.2% Fibonacci levels (at 20.75 and 21.65), showcases its upward potential.
  • Solana may encounter resistance around the 50% and 61.8% Fibonacci levels at 22.37 and 23.09.

Solana, once celebrated for its meteoric rise in the crypto arena, now finds itself grappling with a consistent downward trend. With recent market activities painting a less than rosy picture, many analysts and investors alike are speculating: is the $19 benchmark the inevitable next waypoint? As we delve deeper into Solana’s current trajectory and market factors, we aim to shed light on this pressing query and explore what the future might hold for this prominent blockchain platform.

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

Solana Price Prediction: Technical Outlook

Today’s live price for Solana stands at $20.26, backed by a 24-hour trading volume of $195,436,205. Over the past 24 hours, Solana has witnessed a 0.60% decrease. As per CoinMarketCap, Solana currently ranks #9, boasting a live market capitalization of $8,268,490,348 USD and a circulating supply of 408,151,546 SOL tokens.

In a detailed analysis of the SOL/USD technical framework, there’s a discernible uptick in bullish momentum, especially following a decisive support demonstration at the 19.3011 threshold. A meticulous perusal of the daily charts indicates that Solana has carved out an assertive bullish engulfing candlestick formation, suggestive of a significant upward trajectory. This bullish tilt is accentuated by the coin’s recent dip into the oversold territory, which seemed to galvanize rapid investor participation. Impressively, the cryptocurrency has navigated past the 23.6% and 38.2% Fibonacci retracement landmarks, effectively hitting the 20.75 and 21.65 markers in succession.

 

Currently, Solana’s posture appears favorable. Oscillatory indicators, notably the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI), amplify this optimism, manifesting resilience within their designated zones and bolstering the bullish narrative.

That said, one cannot disregard looming resistance points. Solana confronts resistance near the 50% and 61.8% Fibonacci retracement demarcations, poised at 22.37 and 23.09, respectively. Historically, these markers have been instrumental in stymieing bullish ascents.

 

Conversely, a potential dip beneath the 20.75 benchmark could find the coin seeking support at the 19.30 and subsequent 18 brackets. With the forthcoming U.S. Consumer Confidence data slated for release at 14:00 USD (expected at 116.0 against the prior 117.0), investors should maintain vigilance over these pivotal levels, which could presage pivotal market shifts.

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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