Advertiser disclaimer

Solana’s $19 Support Point: Rapid Market Insights

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 September 05, 2023 | 2 min
Updated on Sep 05, 2023
Advertiser disclaimer
  • Solana showcases a strong bullish momentum, underpinned by a significant bullish engulfing candlestick pattern and solid support at the $19 mark.
  • A recent venture into the oversold zone has attracted notable investor interest, with Solana surpassing key Fibonacci retracement levels, marking positions at 20.75 and 21.65.
  • While oscillatory indicators like MACD and RSI fortify the bullish perspective, looming resistance zones, especially at $22.37 and $23.09, remain pivotal to watch, given their historical significance in obstructing bullish ascents.

Solana, a rising star in the cryptocurrency arena, has recently established a critical support level at the $19 mark. This robust foundation offers intriguing possibilities for both traders and long-term investors. In this quick overview, we delve into the key factors underpinning Solana’s market stance, coupled with rapid insights that could influence its near-term trajectory. Stay tuned as we unravel the dynamics shaping this digital asset’s future.

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

Solana Price Prediction: Technical Outlook

Today’s live Solana price stands at $19.29, recording a trading volume of $224,793,798 over the past 24 hours. The cryptocurrency has witnessed a 2.69% decline in this time span. As per CoinMarketCap, Solana holds the #9 position with a current market capitalization of $7,885,237,683 USD.

 

Upon a meticulous examination of the SOL/USD technical dynamics, there’s a palpable bullish momentum, especially after Solana has solidified its foundation at the $19 mark. Delving deeper into the daily charting, one can discern a dominant bullish engulfing candlestick configuration. This pattern strongly suggests a potential uptrend, especially when considering its formation above the crucial double bottom support zone, anchored at $19.

 

Adding more weight to this bullish narrative is Solana’s recent dip into the oversold territory. This move seems to have swiftly garnered substantial investor traction. Impressively, Solana has managed to sail past the 23.6% and 38.2% Fibonacci retracement tiers, effectively charting benchmarks at $20.75 and $21.65 respectively.

Currently, the mood surrounding Solana exudes confidence. Crucial oscillatory indicators, notably the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI), echo this positive aura. Both metrics reveal a robust stance, amplifying the bullish narrative.

 

Nevertheless, while the outlook appears promising, it’s essential to be cognizant of looming resistance barriers. In particular, Solana is anticipated to encounter resistances near the 50% and 61.8% Fibonacci retracement thresholds, pegged at $22.37 and $23.09 respectively. Historically, these regions have often posed challenges to ascending trajectories.

Stay tuned for more updates!

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