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HomeNewsSolana's Rollercoaster Ride: From Highs to Correction Lows

Solana’s Rollercoaster Ride: From Highs to Correction Lows

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  • Solana maintains a stable position above key moving averages, indicating potential upside towards higher resistance levels.
  • Despite the recent correction, Solana outperforms Binance BNB as the fourth largest cryptocurrency, demonstrating strength and capacity for growth.

Solana’s recent performance in the cryptocurrency market presents a mixed scenario that could have significant implications for its future. Despite experiencing a brief correction, with a notable slowdown in its price as it faced firm resistance around the $120 mark, Solana maintains a stable position that reflects traders’ continued confidence in the cryptocurrency.

This stagnation is partly attributed to operational issues of the network, which have garnered more attention than its technical achievements. However, the price has remained above the support level, indicating that, even during network downtimes, investors remain confident in Solana’s long-term value.

Speculation of a substantial increase in Solana’s value is based on the expectation that the Ethereum network could lose appeal due to its high fees, thus benefiting alternatives such as Solana .

Although the cryptocurrency market has shown a shift toward optimism since the beginning of the month, with some suggesting that the bull run has begun, Solana still faces the challenge of overcoming the pressure that has prevented it from reaching $120 recently.

At the time of this analysis, SOL is trading at $109.42, down 3.43% in the last 24 hours, but still posting a 7.16% gain in the last week.

 

Looking ahead, Solana shows uptrend potential despite market volatility. Currently, it is holding steady above $110.21, progressing above the 10-day ($109.36) and 100-day ($84.64) simple moving averages, indicating an improved market condition and the possibility of positive flow that could help it reach next resistance levels at $116.40 and, potentially, $136.

SOLUSDT_2024-02-17_19-34-10
SOLUSDT Chart Source: Tradingview

However, cautious scrutiny of Solana is required. Despite its continued performance, it should hold significant support levels at $78.21 and $59.45.

A downward shift could push the price towards these levels, and the neutrality of the RSI and Stochastic indicators does not guarantee a complete uptrend.

Market volatility, coupled with the recent change in Solana’s market position, which could provoke competitive reactions, presents near-term challenges.

Although Solana faces immediate challenges and market volatility, the long-term outlook remains positive, supported by its current stability and the potential to overcome resistance levels going forward.

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Isai Alexei
Isai Alexei
As a content creator, Isai Alexei holds a degree in Marketing, providing a solid foundation for the exploration of technology and finance. Isai's journey into the crypto space began during academic years, where the transformative potential of blockchain technology was initially grasped. Intrigued, Isai delved deeper, ultimately making the inaugural cryptocurrency investment in Bitcoin. Witnessing the evolution of the crypto landscape has been both exciting and educational. Ethereum, with its smart contract capabilities, stands out as Isai's favorite, reflecting a genuine enthusiasm for cutting-edge web3 technologies. Business Email: info@ethnews.com Phone: +49 160 92211628
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