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  • SOL price gains momentum as DeFi Dev Corp adds $77M in Solana to treasury

    SOL price gains momentum as DeFi Dev Corp adds $77M in Solana to treasury

    • The company has acquired 407,247 SOL tokens in its latest purchase.
    • DeFi Dev Corp. now holds Solana worth around $371M, 1.83 million coins.
    • On-chain indicators support SOL’s upside trajectory.

    The first Nasdaq-listed firm with a Solana-centric treasury strategy is once again in the spotlight.

    According to the latest press release, DeFi Development Corp. disclosed the purchase of 407,247 SOL assets valued at approximately $77 million.

    The recent accumulation increased the company’s total SOL holdings to 1,831,011 tokens, worth around $371 million.

    Notably, DeFi Dev Corp. utilized the latest fundraising to fund the purchase, and still holds more than $40 million for more Solana buys and supporting treasury operations.

    The bold bet signals the firm’s conviction in Solana’s growth trajectory.

    Solana price displays optimistic performance amid these developments, with on-chain metrics supporting DeFi Dec Corp’s accumulation strategy.

    Long-term holding and staking plans

    DeFi Development Corp. made it clear that it is not after short-term gains.

    The firm confirmed that it will hold the newly purchased Solana long-term and stake the assets across different validators.

    The announcement stated:

    The newly acquired SOL will be held long-term and staked to a variety of validators, including DeFi Dev Corp’s own Solana validators to generate native yield.

    The staking strategy enables the firm to generate native yield while ensuring the security and health of Solana’s blockchain.

    Further, the approach means additional earning opportunities for shareholders as it combines staking incentives and SOL price growth.

    What does it mean for Solana?

    Solana has dominated crypto trends over the past months, with increased adoption in payments, meme coins, DeFi, and NFTs.

    Its scalability and speed have made it a perfect alternative for institutions and developers.

    DeFi Dev Corp’s Solana holdings reflect how markets are increasingly viewing Solana as an asset with potential beyond speculation.

    Furthermore, endorsement by a Nasdaq-listed company legitimizes the altcoin, making it attractive for institutions seeking crypto exposure.

    Solana bullish outlook

    These developments come as the native token traded in the green region.

    SOL gained more than 15% the previous week to $211.

    Bullish sentiments fuel the chain, especially as the community votes for the Alpenglow proposal.

    The proposal seeks to reduce block finality to 150 milliseconds from 12.8 seconds.

    That will turbocharge the blockchain by supporting thousands of transactions per second while ensuring near-zero transaction charges.

    That makes the Ethereum twelve-minute finality glacial.

    Simply, the second-largest blockchain takes minutes to finalize transactions. In Solana, it is instant.

    These narratives echo analysts, who are predicting massive gains for SOL.

    For example, Ali Martinez mapped Solana’s path to $300 in the near-term.

    That would mean a rally of over 40% from the current market price.

    Moreover, prevailing institutional interest sets the stage for significant long-term rallies.

    Proponents believe Solana has what it takes to skyrocket to $1,000 in a full-blown bull market.

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  • Fear & Greed Index hits 63 as Bitcoin, ETH, and SOL rebound

    Fear & Greed Index hits 63 as Bitcoin, ETH, and SOL rebound

    Fear & Greed Index hits 62 as Bitcoin, ETH, and SOL rebound

    • Fear & Greed Index hits 63, up from “Neutral” the day before.
    • Profit-taking among short-term BTC holders has eased.
    • Analysts see potential for BTC breakout toward $125,000.

    Bitcoin regained ground above $114,000 on Thursday, marking a return in investor confidence after a volatile weekend triggered short-term jitters across the cryptocurrency market.

    As sentiment improved, the Crypto Fear & Greed Index climbed to 63 — a level that signals “Greed” — suggesting traders anticipate further upside despite recent turbulence.

    The bounce follows Bitcoin’s decline to $112,000 over the weekend, down from its mid-July peak of $123,100.

    However, the modest 1% rebound over the past 24 hours to $114,961 has shifted outlooks among both traders and analysts, who now see signs of short-term stability.

    Bitcoin price
    Source: CoinMarketCap

    Broader market rebounds with ETH up 2.52%, SOL up 3.26%

    The wider digital asset market mirrored Bitcoin’s move. Ether (ETH) gained 2.52% in the past 24 hours to trade at $3,724, while XRP (XRP) rose 1.87% to $2.99.

    Solana (SOL) posted the strongest performance among major altcoins, climbing 3.24% to $169.56.

    The change in market direction coincided with a cooling off in profit-taking by short-term Bitcoin holders.

    According to experts, this group—defined as those holding for less than 155 days—has significantly reduced its selling activity since earlier this week.

    This reduction in sell pressure is seen as one reason behind Bitcoin’s ability to reclaim price levels lost during the weekend drop.

    Market watchers suggest that fewer short-term exits often signal a return to confidence, especially when prices are inching higher after a correction.

    Analysts eye potential for Bitcoin breakout above resistance

    Crypto analysts have responded to the sentiment shift by highlighting a potential bullish breakout.

    Several trading desks tracking Bitcoin’s price action noted that the asset is once again testing a key resistance zone.

    This pattern of consolidation near the upper range is often seen ahead of upward breakouts, particularly when supported by improving sentiment indicators like the Fear & Greed Index.

    Historical price behaviour also shows that when Bitcoin holds above psychological levels such as $110,000 after a sharp dip, it tends to attract renewed buying interest from both retail and institutional participants, increasing the likelihood of a continuation in upward momentum over the short term.

    Crypto market regains momentum amid reduced profit-taking

    The shift in sentiment, now back in the “Greed” zone, is closely watched as an early indicator of investor mood and market trajectory.

    Thursday’s reading of 63 represents a notable recovery from the previous day’s “Neutral” rating, underlining how quickly outlooks can change in the crypto sector.

    Bitcoin’s gradual rebound and ETH and SOL’s stronger rallies suggest that investors may see the latest uptick as the start of a broader recovery, rather than a brief relief rally.

    Much will now depend on whether Bitcoin can break above its current resistance level and establish a new short-term trend.

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  • Solana price forecast as SOL bulls look to buy the dip

    Solana price forecast as SOL bulls look to buy the dip

    Solana price prediction

    • Solana has fell 7.6% in the past 24 hours to touch lows of $166.
    • The technical outlook on the daily chart shows price is taking on a bearish flip.
    • Bulls bouncing amid crypto recovery could target $200.

    Solana has experienced a 7.6% dip in the past 24 hours to touch lows of $166, with declines coming amid widespread selling across crypto.

    But as the volatility prompts some investors to take profits, bulls are likely eyeing the downturn as a buying opportunity.

    Here’s a look at the technical picture for SOL.

    Solana drops to key support level

    As highlighted, Solana’s price has declined by about 7.6% in the past 24 hours, trading to lows near $166.

    CoinMarketCap data shows Solana’s 24-hour trading volume increased by about 25% to $7.38 billion, which hints at heightened market activity.

    It’s an outlook that mirrors the broader crypto market performance, with Bitcoin (BTC) selling-off to below $115k, Ethereum (ETH) to around $3,500 and XRP down 7% to around $2.90.

    Losses across board saw total liquidations reach $758 million in the last 24 hours, with SOL seeing about $43.8 million liquidated.

    The sudden price dip meant most of the liquidations are of bullish Solana bets, which Coinglass data shows at $42 million of the $43.8 million.

    A bearish sentiment amid this flip has SOL currently hovering at a key support level.

    Could bulls capitalize on the dip to build fresh momentum towards $200? Continued network growth, as highlighted by key metrics such as active users and revenue, suggests Solana is strong long term.

    Solana price prediction

    The Solana price prediction for 2025 is largely bullish, with analysts seeing it as a key breakout level.

    Conservative forecasts put SOL at $500 by the end of 2025, mainly driven by Solana’s robust ecosystem and institutional interest.

    Spot ETFs and regulatory tailwinds could be the main catalyst.

    However, what’s the short-term outlook as cryptocurrencies navigate yet another sell-off phase?

    SOL price chart by TradingView

    The technical outlook on the daily chart shows the price remains within an ascending channel, but has broken below the middle line.

    Meanwhile, the Relative Strength Index (RSI) stands at 45, below the midpoint after SOl flipped from overbought territory.

    The RSI indicator is also downsloping to suggest a potential move toward the oversold zone.

    SOL’s daily chart also shows the Moving Average Convergence Divergence (MACD) indicators hinting at bearish momentum after a bearish crossover.

    While a drop below $160 may test lower supports at $145 and $130, a reversal amid buying pressure will allow buyers to target $200.

    As noted, some analysts are predicting SOL price to $500 in a sharp rally amid spot Solana ETFs approval.

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  • Solana price prediction: SOL targets breakout above $200

    Solana price prediction: SOL targets breakout above $200

    Solana Price Bullish

    • Solana price is above $190, with intraday highs of $192 as bulls target the psychological $200 level.
    • Analysts say SOL could explode above the $190 level amid current altcoin gains.
    • Institutional interest in Solana continues amid investment product inflows.

    Solana (SOL) is trading above $190 on Monday, breaking higher to hit its highest level since February.

    This comes as SOL gained over 14% this past week and by more than 34% in the past month, buoyed by a rally for altcoins after the GENIUS Act became law.

    With on-chain activity and technical indicators bullish, analysts say a breakout above $190 could see Solana rally hard. Other altcoins, including Ethereum, XRP, and Cardano, are also bullish.

    Solana price breaches key resistance level

    Solana has recently ticked higher amid an upward trend that excites bulls, with analysts noting it’s poised for a potential parabolic move if it breaks above a critical resistance level.

    According to an analysis by Glassnode, the next major resistance for SOL is around $190, where investors have accumulated over 8 million Solana tokens.

    Although this accumulation zone represents a significant hurdle, bulls are currently retesting it.

    Buyers have in the past 24 hours gained nearly 7% to breach the supply barrier and reach intraday highs of $191.79.

    Furthermore, Glassnode suggests breaking above this level could be key as the supply becomes less dense.

    As a thinning supply zone sits above $190, the $200 price level could be on the cards.

    SOL price forecast

    As noted, market forecasts for Solana are increasingly optimistic, with a confluence of technical and on-chain factors in favour.

    Liquidations have jumped as shorts feel the heat, accounting for over $12 million of the $16 million wiped out in the past 24 hours.

    Notably, market observers say that high market activity has often seen SOL liquidations explode on Solana-based perpetual trading platforms.

    This surge in on-chain liquidations underscores the intense trading volume and speculative interest in SOL, particularly on decentralized platforms leveraging Solana’s high-speed blockchain.

    Crypto analyst Ali Martinez says a break above $189 for SOL leaves nearly no major hurdle for bulls.

    Solana’s total value locked (TVL) amid a massive spike in decentralized finance (DeFi) adoption adds to the bullish sentiment for SOL.

    Solana-based digital asset products exchange-traded products have also been on an upward trend in terms of inflows.

    The ETPs, including exchange-traded funds (ETFs), managed over $39.1 million in inflows for the past week.

    While it lagged Bitcoin’s $2.19 billion in weekly inflows, the number is a reflection of growing adoption for SOL.

    DeFi TVL on Solana has in fact jumped to $10.2 billion, hitting the milestone for the first time in nearly two years.

    The SOL price appreciation has helped push the TVL up, with Jito Sol up to $3.09 billion, Jupiter Exchange to $2.9 billion and Kamino Finance to $2.89 billion.
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  • Bitcoin’s journey to $120,000 could lift Solana to $624 and ignite a rally to $6.50 for this $0.125 SOL competitor

    Bitcoin’s journey to $120,000 could lift Solana to $624 and ignite a rally to $6.50 for this $0.125 SOL competitor

    Bitcoin’s impressive climb towards $120,000 is set to create ripples across the crypto market, with Solana (SOL) projected to surge to $624 according to some analyst forecasts. Amid this rally, Rexas Finance (RXS), a rising competitor to SOL, could offer a golden opportunity for investors. Currently priced at just $0.125, RXS could be primed to ride the market wave, potentially reaching $6.50 as its innovative tokenization solutions gain traction. With its Certik audit and upcoming Tier 1 exchange listings, RXS stands out as a low-cost altcoin with massive growth potential. 

    Rexas Finance (RXS)

    Solana (SOL) competitor Rexas Finance is the user’s gateway to the future of asset management. Rexas Finance enables users to own or tokenize digitally any real-world asset, from real estate to commodities, on a worldwide scale. With Rexas Finance, users can gain a market with endless asset investment opportunities.

    Rexas Token Builder: It is normally used to tokenize their real-world assets and commodities. To make it easy for individuals to get digital ownership and offer access to the global market.

    Rexas Launchpad: This feature helps the asset owners raise funds for their tokenized assets, offering liquidity and new investment options for the crypto users.

    Rexas Estate: The project’s one of the most exciting features is Rexas Estate which enables crypto users to co-own the real-world assets and earn passive income in stablecoins.

    Rexas GenAI & DeFi: It is mainly utilized by artists who can use Rexas GenAI to develop and tokenize digital artworks, while Rexas DeFi allows users to swap digital assets across multiple networks with ease.

    Rexas Treasury: A multi-chain yield optimizer that enables users to earn compound interest on their crypto deposits, which adds one more layer of financial utility to the project.

    Furthermore, Rexas Finance began the presale of the native token RXS on September 8, 2024. The total supply of RXS tokens is 1 billion. Rexas project has raised over $21.7M until now, with 90% of the 9th presale stage over. This event is important for the platform as it allows early investors to engage in what might turn into a revolutionary solution for RWA tokenization.

    Rexas Finance’s $1M Giveaway is live, offering a huge chance for early adopters to join the project’s growth. With a current token price of $0.125 and a projected listing price of $0.20 indicate a good opportunity for investors. Moreover, Rexas Finance has been listed on CoinMarketCap and CoinGecko. Furthermore, Rexas Finance (RXS) has the potential to be listed on Top 3 Tier 1 exchanges. Rexas Finance’s security is validated by a rigorous audit conducted by Certik. 

    About Rexas Finance (RXS)

    Rexas Finance is the users’ gateway to the future of asset management. Rexas allows users to own or tokenize virtually any real-world asset, from real estate and art to commodities and intellectual property worldwide. With Rexas, users gain access to a world where asset liquidity and investment choices are boundless.

    For more information about Rexas Finance (RXS) visit the links below:

    Website: https://rexas.com

    Win $1 Million Giveaway: https://bit.ly/Rexas1M

    Whitepaper: https://rexas.com/rexas-whitepaper.pdf

    Twitter/X: https://x.com/rexasfinance

    Telegram: https://t.me/rexasfinance

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  • JUP price prediction: Analyst says it could mirror SOL

    JUP price prediction: Analyst says it could mirror SOL

    • JUP price has retested a key resistance line after bouncing above $1.
    • Crypto analyst Rekt Capital suggests holding above support level will help bulls soar.

    As Solana price surges above $240 and nears its all-time high, crypto analyst Rekt Capital says Jupiter (JUP) could follow suit.

    The native token of the decentralized exchange (DEX) aggregator, which counts as a major ecosystem player for Solana, is attracting attention for its potential.

    “Jupiter was able to successfully retest the previous resistance area (red) into new support. In fact, JUP performed a volatile downside retest into the multi-month blue diagonal resistance as well. Continued stability here and JUP could follow SOL,” the analyst wrote on X on Nov. 18.

    Here’s the chart the analyst shared, indicating possible support levels for JUP on the weekly time frame.

    JUP weekly price chart by Rekt Capital

    JUP price at key level

    Earlier, the analyst had pointed to JUP’s bullish weekly close above $1.10. Noting that price was “showing initial signs of support,” Rekt Capital said:

    “JUP will need to form a base here at the red region to enable a move above $1.29 (black) which needs to be reclaimed for future trend continuation.”

    The altcoin rose to above $1.30 on Nov. 17, breaking to highs last seen in May. While profit taking deals have pushed JUP lower to $1.20, sentiment suggests a rebound is imminent. At the time of writing, JUP is hovering above the psychological $1 level, having bounced from lows of $1.04 to retest levels seen in May.

    Breaking to the supply zone means a rally riding broader market momentum could see buyers target the all-time high of $2.00 reached in January 2024.

    On the downside, the rejection at $1.30 could see bears push JUP beyond the primary support area. A retreat to below the horizontal support near $0.70 will bring the $0.50 area into view.

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  • Solana (SOL) rally to $100 could benefit BONK, Memeinator

    Solana (SOL) rally to $100 could benefit BONK, Memeinator

    • Solana price is up 30% in 24 hours as bulls look to strengthen above $70.
    • Meanwhile, Bonk (BONK) has hit a new all-time high amid the bullish SOL outlook.
    • Is the Memeinator (MMTR) likely to benefit from a resurgence in meme coins like Bonk? 

    Solana traded to above $72 on Friday morning, with SOL price gaining more than 13% in the past 24 hours to pierce a level last seen in May 2022.  Solana’s price was hovering at 19-month highs, with bulls boasting a more than 800% spike since SOL flipped higher from lows of $8 in late December 2022.

    Could this surge for SOL cascade to Solana ecosystem meme coin Bonk (BONK)? What would a surging BONK mean for Memeinator (MMTR)?

    Solana (SOL) price could surge to $100 in coming weeks

    Analysts are predicting the 6th ranked cryptocurrency could continue an upside trajectory towards the $100 mark. 

    A look at the charts shows SOL/USD has notched 7 green weekly candles out of the last 8, and on the monthly chart, its four consecutive greens for the first time since SOL rallied higher with five straight greens from July to November 2021.

    Solana price on the weekly chart. Source: TradingView

    With buy-side pressure likely to mount amid key network growth and price action, the former BitMEX CEO Arthur Hayes’ bullish call for Solana to $100 could be on the cards. While that may not happen this weekend, strengthening above $70 could bulls the foundation to assault the higher levels.

    If bears manage to poke their nose into bulls’ business in the short term, then a bearish retest of support could be possible for the range of $60-$55. Below that is the $50 level which will likely act as a robust support area.

    Bonk (BONK)  – Solana-based meme just hit new ATH

    Bonk (BONK) is a Solana-based dog-themed meme coin that has seen significant gains over the past few weeks. Within the Solana ecosystem, BONK stands out as one of the top performing coins, rising over 200% in the past week.

    Over the past 30 days, this meme token has jumped over 1,000%. The past 24 hours have seen BONK rise 30%, hitting an all-time high of $0.00001224 on December 8. This came as trading volume reached $200 million and up 137% in the last 24 hours.

    BONK was launched last year and struggled for any community traction as the meme coin space experienced a dip. However, with interest in Solana rising over the past few months as investors took positions around the layer 1 blockchain, BONK benefited.

    Should the bullish sentiment around Solana continue, and meme coins like Dogecoin, Shiba Inu signal a return of the meme coin glory days, BONK price could take a few zeros off the price level.

    Memeinator price prediction – will MMTR catch the meme coin resurgence?

    The Memeinator (MMTR) is a new meme token looking to leverage artificial intelligence (AI) in the quest to emerge as the top meme coin. While the token has yet to launch, its presale is attracting a lot of attention from investors.

    Memeinator’s whitepaper highlights potential utility via gaming, non-fungible tokens (NFTs), decentralised applications (dApps) integration and staking. As alluded to on the presale page, the MMTR is a token designed to clean the meme coin world by targeting weak meme tokens.

    The project hopes to capture a $1 billion market cap by overtaking low or no utility. This has the investor community primed, with a resurgence in meme coins like Pepe, Bonk and Floki likely the reason the Memeinator presale has raised over $1.75 million already.

    Recent updates like a massive 129 million MMTR burn and launch of staking is likely to see further interest as the presale moves towards a close.

    Once it launches on major exchanges, the price of Memeinator could rise significantly, with buyers who get in at the current $0.014 price potentially adding to the 250% increase the token will see through the remaining presale stages as it rises to $0.049.  

    If market conditions align for a bullish rally in 2024 when MMTR launches, this token could target $0.1 in the year and $0.5 to $1 by end of 2025.

    Find out more before you invest on the Memeinator social media pages or their website.

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  • Solana price hits 17-month high above $54: What next for SOL?

    Solana price hits 17-month high above $54: What next for SOL?

    • Solana price rose to $54 on Friday, its highest level since May 2022.
    • SOL has outperformed top altcoins as positive catalysts aid bulls’ push, with price up 40% this past week and 138% over 30 days.
    • How far can Solana price rise? Data suggests further upside is possible.

    Solana continued its outperformance on Friday with another huge green candle as price rose 24% to climb to highs of $54. The cryptocurrency’s value has jumped more than 40% this past week and an impressive 138% over the last 30 days.

    According to data from CoinGecko, Solana price has increased by 220% in the past year – reclaiming levels it traded at before the collapse of crypto exchange FTX.

    Solana price breaks above $54

    Despite recent sell-off pressure, bulls have managed to push SOL price to its highest level since May 2022.

    The breakout to this 17-month high comes after buyers regained control at the critical $30 level, with this allowing for further upside to $38. A retest and fresh impetus allowed for this week’s parabolic move to $50.

    Solana price chart. Source:TradingView

    According to crypto data and market intelligence platform Santiment, Solana’s gains are accompanied by a major spike in crowd discussions about the coin.
    While funding rates have flipped higher, they are yet to enter the danger zone. Can SOL see more gains? 

    As highlighted earlier, Ethereum, Solana and other altcoins exploded today after news that BlackRock had filed for a spot Ethereum ETF.

    Also playing a role in the price surge was this week’s comments by Gary Gensler, the chairman of the US Securities and Exchange Commission (SEC). Gensler noted during an interview with CNBC that plans to revive FTX could work if those looking to do so adhered to the law.

    Gensler’s comments came at a time when reports indicated that entities looking to reboot the bankrupt exchange had come down to a final shortlist of three companies. It includes Bullish, a digital assets platform founded by a former New York Exchange executive.

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  • Raoul Pal says Solana (SOL) could skyrocket to above $400

    Raoul Pal says Solana (SOL) could skyrocket to above $400

    • Raoul Pal, CEO of Real Vision is super bullish on Solana (SOL).
    • According to Pal, SOL could rally 20x from current levels if it mirrors Ethereum’s 47x move from its 2018 low.
    • He also says Bitcoin price could triple from its all-time high level amid a supply crunch in 2023.

    Raoul Pal, the founder & CEO of Real Vision suggests Solana (SOL) could embark on a massive price move. If the “dream scenario” for the world’s 10th largest cryptocurrency by market cap occurs, SOL could outperform both Bitcoin (BTC) and Ethereum (ETH).

    Pal shared his massively bullish outlook for Solana during a recent interview in which he shared  views on varied topics. These  include AI and its impact on jobs, BlackRock’s ETF filing and CEO Larry Fink’s remarks about BTC.

    He also aired his thoughts on the Ethereum/Bitcoin flippening debate, central bank digital currencies (CBCDs), global economy and government money printing before briefly offering his price prediction Solana. The macro guru also shared predictions for Bitcoin and Ethereum.

    Solana price prediction

    On what he thought of the price performance of BTC, ETH and SOL in the next bull cycle, Pal shared a highly bullish projection for Ethereum’s “competitor.”

    Currently, Solana trades around $21, about 1.4% down in the past 24 hours. 

    However, the cryptocurrency is more than 10% in the green over the past seven days and 43% in the past 30 days. While it’s also down 43% from its value a year ago, Pal noted that the bottom might have come when prices fell to around $9 in December 2022.

    With this outlook, Pal suggests SOL could do what ETH achieved after bottoming in 2018 – roaring to its all-time high above $4,800 during the last bull market. The macro guru says that if Solana takes on this projection, the potential gains could be staggering.

    He compared the 47x that ETH saw after the 2018 low to what Solana could do. He opined:

    “Look… there’s a possibility – a dream scenario – that Solana does what ETH did from the 2018 low which was a 47x. The Solana low was nine bucks, so you could do the maths [and] the numbers are potentially very interesting.”

    While Solana’s price might not do the 47x or so that Ethereum price managed since its bottom in 2018, Pal predicts a “20 something x” move. According to him, this is a reasonable outlook for a protocol that’s battle-tested and is seeing a huge spike in network and ecosystem activity.

    Should Pal’s bullish outlook for SOL price hold, it would mean an eventual burst to prices above $400 for the cryptocurrency. In the last bull market, Solana rose to the all-time high at $260.

    Bitcoin and Ethereum price predictions

    For BTC and ETH, Pal agreed with projections of a 3x and 5x respectively – suggesting Bitcoin could more than triple its value during the next bull cycle. However, that is from the all-time highs that was $69,000 in November 2021. 

    Trippling from that ATH would mean a 6x from current prices, he opined. But that would depend on severa factors that could dictate market direction.

    “It’s very difficult to predict where it actually goes, but what we can say is [that] it’s reasonable that Bitcoin from all-time highs doubles or triples. That’s not asking a lot. That will be the worst bull market in Bitcoin’s history.”

    According to him, a potential supply crunch in 2023 is what could squeeze Bitcoin to a new all-time high.

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  • Is Solana sol facing a catastrophic breakout from an inside-bar pattern?

    Is Solana sol facing a catastrophic breakout from an inside-bar pattern?

    It’s an indecision moment as Solana trades at an oversold level of $13. The cryptocurrency has formed multiple pin bars at the level, indicating indecision in the market. A potential breakout to the downside could see SOL claim a single-digit price.

    CoinMarketCap data shows that SOL has lost more than 25% in a week. The loss is among the highest among the cryptocurrencies in the top 100 bracket. Concerns that the Solana ecosystem has a huge exposure to the collapsed FTX and Alameda have been fueling the bear market. Alameda is believed to hold 50.5 million SOL worth $708 million. Amid the exposure, Solana founder Anatoly Yakovenko has maintained that the investment is unaffected.

    SOL remains under the mercy of bears, who are increasingly active at the $13 price level. Here is the price outlook:

    SOL is under pressure at $13 even as the price hits oversold levels

    Technically, SOL is creating a support zone at $13. However, a likely bullish reversal looks unlikely as the token trades with weakening momentum. The formation of multiple inside bars at the crucial level suggests that buyers and sellers match the effort. 

    SOL/USD Chart by TradingView

    Turning to the RSI shows that SOL is oversold. An attempted recovery has been muted, with a further slip of the RSI reading to 29. The MACD indicator underlines a weak and worsening momentum.

    Which way is SOL?

    An inside-bar pattern can break on either side. An upside breakout will confirm a bullish reversal for SOL. However, a quick sell-off for SOL could occur if the breakout occurs to the downside. In such a case, the SOL price could touch $10 or below. 

    With the weak sentiment, a bearish breakout carries a higher chance. Investors should be cautious about buying SOL at this level.

    Where to buy SOL

    eToro

    eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.


    Buy SOL with eToro today

    Binance

    Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.

    Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.


    Buy SOL with Binance today

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