After six months of consolidation, the price has expanded significantly, recently reaching the 2021 ATH (All-Time High).
Now, it has deviated above this level. If it stays below the ATH, we could see a correction toward the same major support zone, between $120-$140. This aligns with the theory of a strong correction in the coming weeks.
After six months of consolidation, the price has expanded significantly, recently reaching the 2021 ATH (All-Time High).
Now, it has deviated above this level. If it stays below the ATH, we could see a correction toward the same major support zone, between $120-$140. This aligns with the theory of a strong correction in the coming weeks.
Based on the Solana daily chart provided, here is the analysis:
Current Price Movement: The price is at $229.28, showing a minor increase of +0.94% in the last 24 hours. This suggests a slight recovery after a recent dip.
Key Moving Averages (MA):
MA(7): $236.04 – The price is trading below the 7-day moving average, indicating short-term bearish momentum.
MA(25): $231.64 – The price is also below the 25-day moving average, confirming a medium-term bearish trend.
MA(99): $171.14 – The 99-day MA is well below the current price, signifying that the long-term trend is still bullish.
Support and Resistance Levels:
Support: The recent low at $220.00 serves as a crucial short-term support. A break below this level could lead to further downside.
Resistance: The price faces immediate resistance at the MA(25) level near $231.64. Stronger resistance is seen at the MA(7) at $236.04.
Volume Analysis:
The volume for the last 24 hours is 5.28M SOL, reflecting decent trading activity. However, the higher sell percentage in the order book (71.72%) suggests stronger bearish pressure.
Recent Candlestick Behavior:
The recent candlestick shows a recovery from the support level of $220, forming a potential reversal pattern. However, the wick suggests hesitation in upward momentum.
Market Sentiment:
The 7-day performance shows a decline of -5.64%, while the 30-day performance remains positive at +39.11%, indicating volatility but with a predominantly bullish longer-term bias.
Conclusion:
The current price action suggests Solana is in a consolidation phase, with potential to test resistance at $231–$236. However, if the price fails to break above the 7-day MA and breaches $220, it may enter a deeper corrective phase. A bullish continuation requires stronger volume and a close above the $236 resistance level.
$XRP Now Totally in Consolidation phase ... After hitting ATH $2.88 now Stuck between $.55 to$2.77.. Soon will Break Strong resistance and will surely hit $3.0.. Best time to buy $XRP and Take Long positions on it ..
🚨 $XRP /USDT HITS THE SPOTLIGHT – BIG MOVES IN PLAY..
#XRP has gained 13.59%, currently trading at $2.7359, rebounding from a 24-hour low of $2.2011 to a high of $2.8723. The market shows strong buyer activity, with XRP consolidating near its highs. Immediate resistance at $2.8723 is critical—if broken, XRP could aim for the next levels around $3.00 or higher. On the downside, support lies at $2.5806, a key level to maintain bullish momentum. With trading volumes soaring to 2.18B, this move signals heightened interest. Traders should closely monitor these levels and prepare for potential breakout or retracement opportunities while managing risks effectively. XRP is heating up—don’t miss the action.
$XVG /USDT – A STUNNING 93% SURGE IN THE SPOTLIGHT.. $XVG Strong Powerful Perfect Clear Analysis prediction results .. Hit $0.144 as I Told you guys just 15 minutes ago .. I ask to buy at the Spot and take Long trade on it .. Soon will hit $0.16..
Verge ($XVG) has taken the market by storm, recording a massive 93.15% rally to trade at $0.014380, marking one of the most explosive moves of the day. The price has surged from a 24-hour low of $0.007219 to a high of $0.014400, highlighting incredible bullish momentum. The breakout signals a shift in market sentiment, as heavy buying pressure drives prices toward key resistance. If $XVG clears the resistance at $0.014400, it could extend gains toward the next critical levels, such as $0.015000. However, traders must keep an eye on immediate support near $0.012808 to avoid a pullback during consolidation.
This meteoric rise is backed by a staggering volume of 24.25B, confirming significant market interest. Verge’s breakout could signal an extended uptrend, but the volatility demands careful risk management. With XVG setting the pace, it has become the hot coin of the moment, delivering unparalleled opportunities for traders looking to capitalize on the momentum. Monitor these levels closely, as the bulls appear to have control, but corrections could present re-entry points for the next leg higher. Stay alert and trade wisely.
Solana (SOL) Crash Warning As Support Collapses, Eyes on $200
The post Solana (SOL) Crash Warning as Support Collapses, Eyes on $200 appeared first on Coinpedia Fintech News
Solana (SOL), the world’s fifth-biggest cryptocurrency by market cap, is poised for downside momentum as its daily chart flashes a warning sign. On December 3, 2024, the sentiment across the cryptocurrency landscape appears bearish, with assets struggling to gain momentum.
Solana (SOL) Technical Analysis and Upcoming Levels
Amid the price correction phase, Solana (SOL) has failed to hold its crucial support level and has fallen below the $227 mark. According to expert technical analysis, after hitting its all-time high, SOL entered a consolidation phase, forming a bearish head-and-shoulders price action pattern.
Source: Trading View
In today’s bearish, or rather price-corrective, stance, SOL breached the neckline of the bearish pattern and attempted to close a daily candle below it. Based on recent price action and historical momentum, if SOL closes a daily candle below the $226 level, there is a strong possibility it could decline by 10% to reach the $200 mark in the coming days.
On the positive side, SOL is trading above the 200 Exponential Moving Average (EMA) on the daily timeframe, indicating an uptrend. Meanwhile, the Relative Strength Index (RSI) suggests a potential upside rally in the coming days, as its value is near the oversold zone.
The outflow of $159M SOL
Despite the bearish outlook, whales and institutions have shown strong confidence and interest in the altcoin, according to the on-chain analytics firm Coinglass. SOL’s spot inflow/outflow data reveals that over the past four days, exchanges have witnessed a significant outflow of $159 million worth of SOL.
Source: Coinglass
In the cryptocurrency context, outflow refers to whales withdrawing tokens from exchanges to their wallets, which is considered a bullish sign and suggests a potential upside rally in the coming days.
Considering the outflow, it seems that SOL investors may be capitalizing on the current market sentiment and price decline by acquiring more assets.
Current Price Momentum
At press time, SOL is trading near $222, having experienced a 6.55% price decline in the past 24 hours. During the same period, its trading volume surged by 101%, indicating heightened participation from traders and investors compared to the previous day.
$SOL face Big dump with $BTC sudden $2200 Breakdown ..
$SOL /USDT has dropped 3.70% to $226.43, testing the day's low of $226.38 after a sharp rejection from the 24-hour high of $239.41. This steep decline indicates growing bearish pressure, with support at $225 being the next key level to watch. A breakdown below this could open the door to further losses toward $220. However, if bulls regain momentum and push SOL above $230, it may target $235 or higher. Traders should monitor price action closely as this setup offers opportunities for both short entries and potential reversals. Tight risk management is critical in this volatile phase.