Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Solana On The Brink? Price Stalemate At Crucial $140 Support

Share This Post

Solana (SOL), the high-speed blockchain network, is facing a balancing act. While experiencing a short-term price bump, analysts warn of a potential plunge if a key technical level crumbles.

Bullish Flicker Amidst Bearish Gloom

SOL’s price has seen a recent uptick of 3.60%, currently hovering around $162. However, this seemingly positive movement comes against the backdrop of a broader downward trend. Analysts attribute this shift to a change in market sentiment.

Meanwhile, the altcoin’s RSI is 48, which denotes a neutral position. As a result, SOL has room to move in either direction because it is neither overbought nor oversold.

A drop in trading activity has been observed, which is typical of periods of consolidation. A spike in trade volume following a breakout should confirm the trajectory of the trade.

Lifeline Or Looming Abyss?

Crypto analyst Alan Santana emphasizes the significance of the Exponential Moving Average 100 (EMA 100) as a critical support level for SOL. The EMA 100 acts as a technical indicator, reflecting the average price over the past 100 days.

Historically, SOL has found support at this level during bullish periods. In September and October 2023, price breakouts above the EMA 100 signaled positive market sentiment. However, the recent trend reversal has cast a shadow over this once reliable indicator.

A Potential Price Plunge

Santana warns that a drop below the current EMA 100, sitting at roughly $140, could trigger a significant downturn for SOL.

This breach could instill fear among investors, potentially leading to a sell-off and pushing the price even lower. The analyst cautions of a possible plunge below $100 if such a scenario unfolds.

Solana: Beyond The Technical

While the technical analysis paints a concerning picture, it’s crucial to remember the inherent volatility of the cryptocurrency market.

Short-term predictions based on technical indicators may not always hold true. Other factors, such as industry news, regulations, and broader market trends, can also play a significant role in price movements.

For instance, a positive regulatory stance towards cryptocurrencies could boost investor confidence and lead to a price increase, even if technical indicators suggest a downtrend.

Conversely, negative news surrounding a blockchain hack or security vulnerabilities could trigger a sell-off, defying bullish technical signals.

The Road Ahead

Solana’s future trajectory remains uncertain. Will the $140 price point become a launchpad for a recovery, or will it crumble, sending SOL tumbling down deeper?

Featured image from Pngtree, chart from TradingView

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Solana’s BONK Targets 77% Corrective Move After Retrace To 200 EMA

BONK’s price action has been back and forth in May, and the cryptocurrency is now essentially back where it started the month Recent price action reveals that the token is attempting to

Peter Brandt Eyes $150K Bitcoin by August as Bullish Patterns Explode

Bitcoin is charging toward a potential $150K by August as explosive chart formations signal unstoppable momentum and historic upside Peter Brandt Says Bitcoin May Hit $150K by August—Chart Signals

BSC-based Memecoin BUILDon (B) Surges 150% After Support from World Liberty Financial (WLFI)

The post BSC-based Memecoin BUILDon (B) Surges 150% After Support from World Liberty Financial (WLFI) appeared first on Coinpedia Fintech News The WLFI team did not specify the financial details of

World Foundation secures $135M via token sales to expand biometric Orb-verified IDs globally

World Assets, a subsidiary of World Foundation (formerly Worldcoin), has raised $135 million through a strategic sale of WLD tokens to venture firms Andreessen Horowitz (a16z) and Bain Capital

Bitcoin UTXO Profit/Loss Ratio Sits Below Critical Levels – How Long Until BTC Overheats?

Bitcoin is on the verge of entering uncharted territory after briefly tagging the $108,000 level earlier today The flagship cryptocurrency has surged more than 40% since early April, fueled by rising

Dogecoin Falling Wedge Breakout Puts Bulls In Charge, Target Moves Up To $0.62

Crypto analyst Rose has highlighted a bullish pattern for the Dogecoin price, which puts the DOGE bulls firmly in control Based on this, the analyst predicts that the meme coin could at some point