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Solana Reaches 23.6% Fibo Level at $19.75; 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 07, 2023 | 2 min
Updated on Sep 10, 2023
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  • Solana showcases a subtle uptrend, facing resistance at $19.75, which aligns with the 23.6% Fibonacci retracement. The current consolidation is between the boundaries of $19.15 and $19.85, indicating investor uncertainty about its price direction.
  • Key indicators, including the RSI and MACD, echo these mixed sentiments, emphasizing the need for close monitoring of price movements.
  • The $19.85 level is pivotal: surpassing it could target resistances at $20.20 and $20.50, while falling below may suggest a selling opportunity with support anticipated around $18.50.

 

Solana, a prominent player in the world of blockchain and decentralized finance, has recently achieved a significant technical milestone, touching the 23.6% Fibonacci retracement level at $19.75. This achievement not only reaffirms Solana’s position in the ever-evolving crypto market but also prompts investors and traders alike to ponder upon its future trajectory. Will this be a launching point for further ascension, or is a consolidation or retracement on the horizon? In the following analysis, we delve deeper into the factors and indicators that might shape Solana’s next moves.

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

Solana Price Prediction: Technical Outlook

Today’s Solana price stands at $19.51, accompanied by a trading volume of $296,920,184 over the past 24 hours. Solana has experienced a decline of 1.38% within the same period. Currently, it ranks #9 on CoinMarketCap, boasting a market capitalization of $7,990,998,804 USD. The circulating supply comprises 409,604,440 SOL coins.

 

On a technical front, Solana exhibits a modest uptrend after encountering resistance around the $19.75 level, underscored by the 23.6% Fibonacci retracement. Observing the four-hour timeframe, Solana has comfortably surpassed the $19.15 double-bottom support level and currently consolidates within a defined range.

 

This range is delineated by a lower boundary of $19.15 and an upper boundary of $19.85. This pattern highlights the prevailing indecision among investors regarding Solana’s price trajectory. Both the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicators reaffirm these sentiments.

 

Given this analysis, it’s crucial to monitor the $19.80 mark closely. A bullish transition above this level could aim for the next resistance at $20.20, coinciding with the 38.2% Fibonacci retracement. Beyond this, the 50% Fibonacci retracement is poised to present resistance around the $20.50 mark. If Solana successfully breaches the $20.60 level, we can anticipate the next resistance near the 61.8% Fibonacci retracement level of $20.85.

 

Conversely, should Solana dip below the $19.15 threshold, potential support lies at approximately $18.50. In summary, the $19.85 level merits attention: a candle closure above might signal buying prospects, while positions below could indicate selling opportunities.

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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