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The information is provided for general information, do not forget to draw conclusions and research yourself.
#BTCReclaims101K dream or reality A new milestone has been overcome. What can await us at the beginning of the year? Bitcoin (BTC) Surpasses 102,000 USDT with 1.50% Gain in 24 Hours #BTC
#2024WithBinance We need to be patient and not panic Focused ...... A little excitement...... We are watching...... It will be more interesting in the future Good luck to everyone
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.
⭕ For all investors in rising currencies these days, every trader must track the currency by raising the stop loss levels.
⭕ In other words, every trader who bought a currency, then placed a stop loss at a specific bottom, in order to manage risks, he must raise the stop loss level to the new last bottom (through the four-hour frame - or the daily frame, but the four-hour frame in this case is considered the best for setting the stop loss limit), in order to take precautions and caution in the event of a sudden market reversal, the trader will exit the currency with a good profit.
❣ The more the currency continues to rise, the more the stop loss limit must be raised to a higher level, and so on...
⭕ Currencies have begun to break the highest peaks in their history, and it is expected that some currencies (that have begun to rise) will break the highest peaks in their history.
✅ Therefore, risks must be managed, and the market must also be monitored continuously.
If you missed to catch that move on $HBAR There is no need to chase it now as price is approaching the key weekly zone.
There are more opportunities in market than buying this one at this high.
The better trade setup on $HBAR will be either it consolidate around this zone for sometime and start breaking out. Or you get a 20 - 30% pullback. Chasing now isn't really a wise decision in my opinion.
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