Advertiser disclaimer

Solana (SOL) Surge to $111.30: Bullish Trend Takes Hold

author
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.
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 January 11, 2024 | 2 min
Updated on Jan 11, 2024
Advertiser disclaimer
  • Solana drops below $100 as SEC approves 11 spot bitcoin ETFs
  • Solana is in a short-term bullish trend, trading above the 50 EMA and the MACD line
  • SOL may test the resistance at $103.95 and aim for $108.48, or fall below the support at $78.70 and drop to $48.09

Solana, the cryptocurrency that aims to offer fast, scalable, and low-cost transactions, slipped below $100 on Wednesday, as the US Securities and Exchange Commission (SEC) approved 11 spot bitcoin exchange-traded funds (ETFs), which track the actual price of the digital asset. The approval came after a fake tweet from the SEC’s official account on Tuesday claimed that the regulator had authorized a bitcoin futures ETF, sending a shockwave through the crypto market. The false tweet, which was later deleted, caused a brief spike in bitcoin’s price, which in turn lifted other cryptocurrencies, including solana.

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

Solana Price Prediction: Technical Outlook

According to the 4-hour chart, Solana is trading below the pivot point, which acts as a support and resistance level, at $97.73. The pivot point is calculated based on the previous day’s high, low, and close prices, and it helps to determine the overall market trend. The immediate resistance is at $108.48, which is the round number and the previous high of January 5.

 

The next resistance is at $128.33, which is the 61.8% Fibonacci retracement level of the downward move from the November 10 high of $259.96 to the December 4 low of $88.17. The Fibonacci retracement levels are based on the mathematical sequence that shows the ratio of successive numbers, and they help to identify potential reversal points in the market. The next resistance is at $139.09, which is the 78.6% Fibonacci retracement level of the same downward move.

 

The immediate support is at $78.70, which is the 38.2% Fibonacci retracement level of the same downward move. The next support is at $67.53, which is the 23.6% Fibonacci retracement level of the same downward move. The next support is at $48.09, which is the previous low of December 4.

 

The relative strength index (RSI), which measures the momentum of price movements, is at 54, indicating a balanced market. The moving average convergence divergence (MACD), which shows the relationship between two moving averages of prices, is at 0.37, indicating a positive trend.

 

The chart also shows that Solana is facing a downward channel, which is a bearish signal. This means that Solana is making lower highs and lower lows, indicating a downtrend. The channel currently acts as a resistance at $103.95, which is also the previous high of January 9. If Solana can

 

break above this level, it may open the door for further gains towards the $108.48 level, which is the previous high of January 5 and the immediate resistance. However, if Solana fails to break above the channel, it may face some downward pressure and fall below the $97.73 level, which is the pivot point and the immediate support.

The overall trend for Solana is bearish, as it is trading below the pivot point and the downward channel, and has failed to break above the $103.95 level.

Stay anchored for more in-depth analyses on Solana and other crypto movers!

author
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.
Other categories