The crypto market is on an upward trend, with Solana rebounding 17% in one week. Let's take a look at the future outlook for SOL's price.
Solana (SOL) status
Solana plummeted to around $110 as the overall cryptocurrency market slumped, before rebounding and reaching a new high of around $164. Unfortunately, cryptocurrencies have not been able to break through this key level despite several attempts. However, bullish pressure appears to be increasing as SOL price forms higher lows. In fact, we see support at $120 and recently at $133. All these movements form an “inverted head and shoulders” pattern, a chart pattern that suggests a potential breakout of resistance.
At the time of writing, Solana's price is trading around $155. Solana surpassed VWAP and its key value areas for the year. Both cost about the same level, about $144. The cryptocurrency also surpassed its 50-day and 200-day moving averages. Although they are still in a downtrend, all these factors leave room for optimism about a resumption of the uptrend. As for Solana's momentum, it appears to be on the upswing, as evidenced by the price and oscillators.
The current technical analysis was carried out in collaboration with Elly FT, an investor and avid trader in the crypto market. Currently working as a trainer family tradingis a community of thousands of self-traders active since 2017. There you will find live, educational content and mutual aid focused on financial markets in a professional and warm atmosphere.
Focus on Solana Derivatives (SOLUSDT)
Solana's recent rally is positively correlated with open interest in the SOL/USDT perpetual contract, indicating increased interest primarily from buy-side speculators. However, CVD has stabilized, indicating continued selling pressure. As for the funding rate, it looks positive as it shows the majority of buyers of crypto perpetual contracts. In terms of liquidations, most of them are sellers, which may indicate that sellers recently capitulated to Solana's price.
The SOL/USDT contract liquidation heatmap reveals that Solana's price is just below the key liquidation zone around $163. Beyond this area, we see a more subtle liquidation, especially at $174, followed by further gains at $185 and $194. Below the current price, the liquidation zone will be around $144. Finally, there is an important liquidation zone below $127. When prices approach these levels, it can trigger a large amount of order execution, which increases the risk of increased volatility in the cryptocurrency. Therefore, these areas are of key interest to investors.
Solana price (SOL) prediction
- If Solana price sustains above $133, we may expect a bullish continuation to the $164 level. If the bull market continues, the next resistance level to watch could be around $170. Beyond that, we can keep an eye on the $185 and $194 levels. At this point, that's an increase of over 26%.
- If Solana's price fails to sustain above $133, we expect a return to $126. If the decline continues, the next support to watch will be at $120. Further down, we can look at the support at $110. At this point, that equates to a decrease of about 28%.
conclusion
Solana is showing signs of recovery after a period of weakness, increasing bullish pressure. Although resistance persists, technical signals and current momentum point to a possible upside reversal, indicating a potential continuation of the recent bullish move. However, it is important to closely monitor price reactions to key levels to verify or revise current predictions. Finally, keep in mind that this analysis is based solely on technical criteria and that cryptocurrency prices can change rapidly due to other more fundamental factors.
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In 2017, Family Trading helped active traders raise capital, continued trading with financial institutions, ensured the safety of CryptoMone, and supported Erie FT, the passion of investors and traders. Marche Cryptocurrency trading.
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