$SOL $BTC
#MarketDownturn #BecomeCreator #TopCoinsSeptember


Summary of the Analysis 🔍

  • Solana trading volume reached $8.33 billion, along with an 11% increase in its price, driven by Donald Trump's possible election victory.

  • An increase in open interest and a bullish flag pattern suggest a possible further increase in SOL price, with targets near $193.90 and $260.

  • A drop below $161.81 could signal a pullback, taking SOL price to $141.98.

Election Impact on Solana Price 🗳️

Solana volume spiked to $8.33 billion following reports that Donald Trump could be announced as the winner of the US presidential election on November 5. This surge also coincided with an 11% growth in the price of SOL over the past 24 hours.

Key facts:

  • Solana’s on-chain volume before the election was less than $3 billion.

  • Following the election, volume grew by over 150%, indicating a noticeable increase in interest in cryptocurrency.

  • At the time of writing, Solana reached $183.84.

Bullish Flag Pattern and Possible Price Movements 📊

Bullish Flag Pattern: This pattern suggests a bullish continuation after a period of consolidation. On the daily chart:

  1. Strong upward movement (flagpole).

  2. Consolidation or slight pullback (flag formation).

  3. Upside Breakout: Solana broke above the upper flag trendline, triggering a notable rally.

Price projection:

  • If the trend continues, SOL could break the resistance at $193.90.

  • In this case, SOL could approach its all-time high of $260.

Possible Retracements in the Price of SOL ⚠️

If the price breaks below the support at $161.81, the trend could weaken and SOL price could retreat to $141.98.

Increase in Open Interest (OI) 📈

Solana’s open interest (OI) has also seen a significant increase, reaching $2.51 billion, marking the highest level since October 30.

  • A high OI generally indicates strong momentum behind the market trend.

  • A low OI suggests that fewer traders are actively involved in the market.

This increase in OI reinforces the bullish price direction of SOL and suggests that the current trend could continue.

Solana (SOL) Projection Summary 🔮

  • Short-term objectives:

    • $193.90: Breaking through this resistance could push SOL closer to its all-time high of $260.

    • $161.81: A drop below this level could signal a reversal and a drop to $141.98.

"Solana has shown a notable increase in volume and interest, which could drive the price to new heights if the uptrend persists."