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Solana Reaches 38.2% Fibo Level at $18.50; 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 12, 2023 | 2 min
Updated on Sep 12, 2023
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  • Solana exhibits bullish momentum, bouncing from support at $17.35 and achieving a 23.6% Fibonacci retracement at $18, with $18.50 currently acting as a major resistance.
  • Leading technical indicators, including the 50-day exponential moving average and the RSI, suggest a bearish inclination, with the former resisting at around $18.45.
  • Traders should eye the $18.50 benchmark; closures beneath it may signal bearish movements while surpassing it could usher in targets of around $18.80 to $19.15, corresponding to 50% and 61.8% Fibonacci retracements

Amidst the volatile waves of the cryptocurrency market, Solana (SOL) has exhibited remarkable resilience, reaching a pivotal 38.2% Fibonacci retracement level at $18.50. This significant milestone has not only fortified its position within the crypto league but also instigated a flurry of speculations and predictions about its future trajectory. As traders and investors keenly monitor its next move, several key technical indicators and market sentiments will play a vital role in dictating Solana’s forthcoming journey. Will it sustain this momentum, or is a correction on the horizon? Only time, and the charts, will tell.

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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 $18.00, reflecting a 1.01% decline over the past 24 hours. With a trading volume of $408,124,597 in the same period, the coin secured the #9 spot on CoinMarketCap’s rankings. Its live market capitalization is approximately $7,397,904,130 USD, supported by a circulating supply of 410,906,199 SOL coins.

 

Analyzing the technical aspects of the market reveals that the coin has found a bounce at the support level of $17.35. The candle closures above this level initiated a bullish correction, leading the coin to achieve a 23.6% Fibonacci retracement at the $18 mark. Subsequently, the SOL/USD surged past this level and has now reached the 38.2% Fibonacci retracement at $18.50. Currently, this price point is posing as a significant resistance for Solana.

 

In examining the leading and lagging technical indicators, both are hinting at a bearish tendency. For instance, the 40-day exponential moving average is positioned around the $18.45 mark. With Solana’s price currently below this level, it seems to grapple with surpassing it. Additionally, the Relative Strength Index and Moving Average Convergence Divergence indicators are both situated in a sell zone, bolstering the likelihood of a continued bearish trend.

 

Given these insights, traders should closely monitor the $18.50 level. Candles closing below this level could indicate a potential bearish continuation, with $17.35 and $16.75 acting as key support zones for Solana. Conversely, a bullish surge above the $18.50 mark might pave the way for Solana to target 50% or 61.8% Fibonacci retracement levels, which correspond to approximately $18.80 and $19.15, respectively.

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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