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Tag: SOLUSD

  • Solana (SOL/USD) could maintain bullishness if this happens

    Solana (SOL/USD) could maintain bullishness if this happens

    • Solana token has added nearly 50% of value in a week

    • The gains come amid the BONK token launch

    • SOL has overcome a resistance and eyes higher level if it closes above key zone

    For the first time since the crash orchestrated by the FTX, Solana (SOL/USD) has recovered above the 50-day moving average. That comes as the SOL price has risen by nearly 50% in the past week, outperforming other major cryptocurrencies at the top. SOL has also recovered above the $15 resistance, giving buyers hopes of a further upside. The fundamentals are good too.

    Crypto analytics Token Termina shows that the daily active users on Solana continued to rise in January. Since the start of 2023, the number of active users has increased by 55.9% or 56,000 to 160,000. That suggests that users have not given up on the proclaimed Ethereum killer, which had a set of challenges last year. There are reasons for this rise in active users.

    Bonk Inu, or simply BONK, continues to attract fans. Launched just a week and a half ago, BONK has been a crypto sensation, with the dog-themed cryptocurrency rising by four digits in value. The token is based on the Solana network. On its Twitter page, Bonk regards itself as the “first Solana Dog Coin for the people and by the people.” The hype around this token’s launch has given Solana network airtime and attracted users.

    Moving averages joint support for SOL 

    SOL/USD Chart by TradingView

    Technically, Solana has crossed above a crucial resistance at $15. Bulls have failed to break above this key level since early November 2022. Also, the price has moved above the 20-day and 50-day moving averages for the first time since November. A RSI reading of 72 shows an intensified buying of SOL.

    Likely price action for SOL

    SOL is clearly overbought, as shown by the RSI reading of 72, and could correct downwards. However, we remain optimistic the upside will be maintained to the $18 level as momentum is strong. For the bullish surge to be maintained, SOL must overcome $18. That could set the cryptocurrency for longer-lasting rallies to the $28 zone.

    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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  • Solana (SOL/USD) struggles again as price slips below 20-day MA

    Solana (SOL/USD) struggles again as price slips below 20-day MA

    • SOL trades at $12 with weak momentum

    • The cryptocurrency is weighed by weak market fundamentals

    • SOL could consolidate further before pushing higher or lower

    Solana (SOL/USD) trades with dwindling volumes at $12. For another time, the cryptocurrency faces bear pressure at the now-developed support zone. Bulls have successfully defended the level in the past, and it remains to be seen whether they will for another time. The latest cryptocurrency news has been unforgiving for SOL. 

    A myriad of factors has been against Solana price this year. Aside from the macro factors and weak crypto sentiment, Solana has suffered at the hands of hackers. Less than a week ago, Solana-based DEX Raydium lost $2.2 million. The exploit on December 16 has been responsible for much of the weakness of SOL currently. The hacks have been many this year, hitting the native token.

    But there is some good news you could want to hear about Solana. According to crypto analytics firm Nansen, Solana competed successfully with Ethereum before the FTX saga. Nansen says in the three months to October, the daily transactions on Solana rarely fell below 200 million. The analytics firm pointed out that the active addresses on the network were between 600,000 to 1.1 million during the period. 

    The activity underlined that Solana was catching up with its proclaimed Ethereum killer status. The collapse of FTX brought a new twist, taking the price significantly lower. SOL investors are still reeling from the aftermath.

    SOL trades with weak momentum at the $12 support

    SOL/USD Chart by TradingView

    From the daily chart, the MACD indicator shows a weak and bearish momentum for SOL. Trading volumes on both the buy and sell sides are weak for the cryptocurrency. SOL is currently held at the $12 support.

    What next for SOL?

    SOL price could continue consolidating at the $12 support until it gathers more liquidity. Based on the fundamental developments, a break higher or lower could occur. Should bears increase, SOL could fall to or below $10.

    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

    Public

    Public is an investing platform that allows you to invest stocks, ETFs, crypto, and alternative assets like fine art and collectibles—all in one place.


    Buy SOL with Public today

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  • Solana (SOL/USD) price movement should worry buyers

    Solana (SOL/USD) price movement should worry buyers

    • Solana token has been consolidating for a month

    • The FTX crash has been a blow to SOL’s price and recovery

    • SOL trades with lower volumes, and a potential drop could occur

    Solana (SOL/USD) trades at $13. The cryptocurrency has held to this key level for a month now. The level was reached after a sharp sell-off. That gives buyers the confidence that SOL is consolidating ahead of a potential takeoff. However, it is also true that SOL is just one potential bear leg, and the token will hit levels at or below $10. Fundamentals have not been favourable either.

    CoinJournal previously reported that activity on the Solana blockchain was on the decline. That comes even as investors lose trust in the proclaimed Ethereum killer. Earlier in the year, frequent network hacks accelerated SOL’s bear market, amid an ongoing crypto winter. The latest blow now comes from the FTX crash in November, which took SOL to $13. However, even as other major cryptocurrencies make some comeback, SOL continues to struggle. Investors are still not convinced, a month after the FTX exit.

    Solana Compass shows that Alameda Research still possesses 48.6 million Solana tokens. The total worth of the tokens is around $700 million, representing nearly 9% of SOL in circulation. Clearly, such reports may spell doom for SOL.

    SOL trades with weakening volume at $13

    SOL/USD Chart by TradingView

    Looking at the daily chart, SOL trades with negligible and falling volumes despite holding at the $13 support. The level coincides with the 20-day MA but is below the 50-day MA. Although the MACD indicator has slightly improved, momentum is weak and bearish.  

    From a technical point of view, SOL is consolidating, but the bear pressure could mount as buyers weaken at the developing support.

    What next for SOL?

    A weak trading volume suggests buyers avoid SOL despite the price holding strongly to $13. Although the consolidation is positive and could give buyers time to push prices higher, the token is under pressure. Investors should remain cautious before buying SOL.

    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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  • Is Solana (SOL/USD) consolidation a wait for takeoff or a further slide?

    Is Solana (SOL/USD) consolidation a wait for takeoff or a further slide?

    • Solana token fell the most in November

    • Social metrics are negative for the cryptocurrency

    • SOL has been consolidating for weeks and faces further downside

    Solana (SOL/USD) was one of the worst-performing cryptocurrencies in November. The cryptocurrency came from a high of $38 on November 5 but now trades at just$13.55. The losses came in the wake of the FTX collapse. However, for almost three weeks, SOL has been consolidating at or above $13. Does this signal the entry of buyers?

    Solana’s consolidation comes amid a troubling on-chain activity. According to Santiment data, Solana’s spot and futures markets are struggling, with the trade volumes at monthly lows. As of December 2, the open interest on Solana was $208.9 million, a decline of 1.25%.

    Besides, short-position trades were active on Solana, with the funding rates remaining in the negative territory. Further indications were that there were more long liquidations ($207,000) than short liquidations ($89,000) worth of SOL.

    Clearly, the data is against SOL. Social metrics show limited upside, with the sentiment negative. Consequently, the latest consolidation may signal sellers’ exhaustion rather than buyers’ entry. A break to the downside would welcome a lower price for SOL.

    SOL consolidates at $13 amid bearish momentum

    SOL/USD Chart by TradingView

    Technically, SOL is bearish in the longer-term outlook. The RSI is escaping the oversold level but still remains way below the midpoint. A slight recovery saw SOL move to the 20-day MA, but the price upside is still muted.

    When to buy SOL?

    Solana’s price is still bearish. Investors looking to buy SOL should wait for the bear market to subside before scooping the token. A break below the consolidation zone could see SOL hit single-digit prices.

    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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  • Solana SOL/USD nears a single-digit price. Here is the price action and what you need to know

    Solana SOL/USD nears a single-digit price. Here is the price action and what you need to know

    Anyone would have thought Solana SOL/USD would trade at a double-digit price, let alone a single-digit one? Unfortunately, that is the reality for the lovers of the once promising cryptocurrency labelled the Ethereum killer. Having hit a high of over $265 in November 2021, the SOL was touted as the next token to reach $1,000. It now trades at a mere $11, exactly one year since its all-time high. The cryptocurrency is yet to find a bottom, with technical indicators pointing to a price below $10.

    While a bear sentiment is to blame for the significant SOL decline, recent woes reflect exposure to collapsed FTX. As CoinJournal reported, Alameda Research has significant holdings of SOL tokens. The exposure has seen Coin Bureau host “Guy” warning his 2.17 million subscribers on YouTube about SOL price.

    The analyst expects the price of SOL to come under further pressure and fall a further 40%. He says that the token will suffer when FTX and Alameda dispose of their holdings in Solana to pay off creditors and other users. He further notes that the SOL situation could be worse, with the cryptocurrencies showing they are yet to bottom. The analyst is projecting an $8 SOL price. A technical outlook shows we could see an even lower price level for the cryptocurrency.

    SOL crashing below an inside-bar pattern is a bear indicator

    SOL/USD Chart by TradingView

    A technical outlook shows SOL bulls losing the battle at $12. The MACD indicator has pushed further into the bear zone. The indicator shows an increasing bear momentum.

    Besides, SOL is initiating a bearish breakout from an inside bar pattern. Once confirmed, by the close of the daily candlestick, we should be ready to embrace a lower SOL price.

    What next for SOL?

    With weak momentum and a bearish inside bar breakout, SOL could likely head to a single-digit price. There is a potential 50% drop to the next likely support at $5. The level coincided with the start of bullish momentum in February 2021.

    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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  • Here is what is happening and the potential price action next for Solana (SOL/USD)

    Here is what is happening and the potential price action next for Solana (SOL/USD)

    Solana (SOL/USD) is again flexing its muscles after losing half of its value in two days. On Friday, the cryptocurrency had recovered more than 20%. That ignites hopes that SOL would overcome a potential single-digit price. But how likely is the rally to be sustained? 

    You know that SOL has been falling heavily due to the potential unlocking of coins at the end of Epoch 370. The unlock has since been postponed, which has saved the token from a further decline. The postponing allows a restaking of the tokens, saving about 28.5 million SOL tokens from entering supply.

    Another factor that has helped SOL is a slightly improved crypto sentiment. US inflation data for October showed that prices rose by a below-estimate level. The data fueled a relief rally in cryptocurrencies, and SOL benefited in the process. The news at least bolsters an overall crypto sentiment that had been battered by concerns following the collapse of the FTX exchange.

    Still, SOL is not out of the woods. Data by DeFiLlama shows that activity on the blockchain has been on a downward spiral in the past one week. The total value locked on the blockchain is currently $471.69 million, from $1 billion on November 6. Clearly, the declining TVL could challenge a sustained SOL recovery. 

    SOL price outlook amid a relief rally in a bear market

    Source – TradingView

    SOL’s price outlook shows the token recovering from the oversold level of $11.7. The RSI has moved from the oversold level but remains below the midpoint. A further upside is possible for SOL as the relief rally looks strong.

    Should you buy SOL?

    Solana token will face a litmus test at $28. This is the established long-term resistance that was lost as the price crashed below.

    From a fundamental perspective, it is not wise to buy SOL now. The declining TVL could derail a sustained recovery in the token. For now, investors can enjoy the relief rally up to $28, which must be overcome to make a bullish call.

    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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  • More pain for Solana (SOL/USD) after a 50% drop

    More pain for Solana (SOL/USD) after a 50% drop

    A seven-day loss of more than 50% sees Solana (SOL/USD) trading at half the value the previous week. The loss is the biggest among the cryptocurrencies in the top 100 categories, except for the embattled FTX exchange. SOL now trades at the lowest level since March 2021. Despite the magnitude, the cryptocurrency could fall further from various insights.

    It is correct to assert that the decline in SOL reflects the liquidity concerns of the collapsed FTX exchange. The fears have caused widespread losses in the market, although SOL buyers have been hit hard. Data by Solana Compass shows that bear pressure on SOL could increase owing to the tokens that could enter circulation.

    Solana Compass says an unprecedented number of SOL tokens are likely to be unstaked. Accordingly, 60,399,401 tokens of estimated $755 million value were shown as “deactivating.” As these tokens get unstaked, the total supply of SOL tokens in the market will rise by 8.8%, forcing further bear pressure. 

    Concerns about SOL’s increased supply come when Solana’s Epoch 370 ends. “Epoch” refers to the period when staking rewards are earned and then issued. During the period, validators lock their tokens and unlock them when it ends. The unlocking has been responsible for the huge price crash. Technical pointers also indicate a further bearish momentum after bulls lost a key level.

    SOL crashes after losing the $28 support

    Source – TradingView

    On the weekly chart, SOL is oversold (RSI reading of 31) and is on a free fall. The key level at $28 was breached, welcoming a further bear market for the token.

    Should you buy the SOL dip?

    SOL is currently without breaks after crashing below $28. The only price direction at the moment is down. The token is not a recommended buy.

    The likely support of SOL lies at $12, a potential decline of $25%. The established long-term support is at $3. With the bear market remaining in place, we cannot rule out SOL trading at a single-digit price.

    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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  • Solana (SOL/USD) clears above the 50-day MA

    Solana (SOL/USD) clears above the 50-day MA

    Solana (SOL/USD) jumped to a 2-month high of $38.7 over the weekend. The strong recovery happened after Google Cloud announced it had become a Solana validator.  

    Google Cloud further said it would continue working with the Layer-1 blockchain. The partnership will see the introduction of Blockchain Node Engine to the blockchain in 2023. Solana is now expected to become the payment service for Google Cloud services.

    Aside from the recent developments, Solana has witnessed increased growth. In late September, the total transactions on the blockchain rose past the hundred billion mark for the first time. Of course, that comes when Solana enthusiasts continue to express concern over the frequent network outages. The increasing adoption means investors see real use cases for the proclaimed Ethereum killer.

    Elsewhere, a pseudonymous crypto analyst Cantering Clark is too optimistic about SOL recovery. In a note to his 149,500 Twitter followers, Clerk says SOL is forming a multi-month base. He posits that the cryptocurrency is taking out a diagonal resistance and is consistently getting a green light.

    Aside from the positive fundamentals, technical indicators show SOL attempting to break a key level.

    SOL rejected at $37, another attempt for buyers to push higher?

    Source – TradingView

    Technically, SOL was rejected at the $37.6 resistance zone. The token attempted a breakout after a strong rally over the weekend. The jump helped the cryptocurrency to recover above the 50-day MA for the first time since mid-August.

    The MACD indicator shows a bullish momentum for SOL. However, the momentum has slightly weakened after a 10% SOL price drop on Monday.

    Will SOL go higher?

    The $37.6 is the key litmus test for SOL. There is already an indication that buyers are rejecting a price drop below the 50-day MA. Should buyers remain resilient, we vouch for SOL’s break above $37.6. That will open a buy trade and set it for a price increase to $42 and the main resistance at $47.

    Another price rejection at $37.6 could see buyers wait longer for SOL to go higher. If the price breaks below the moving averages, a bear market could continue for SOL.

    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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