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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

Solana Gains 11% In 2 Days As SOL Cruises Near Resistance Zone

Christian Encila
Christian Encila
3 years ago
2 mins read
Solana

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The 11 percent gain of Solana from its dip on September 7 comes after months of turbulent market conditions. A tenth of that may be meaningless by the time this is published. The market is currently trending upwards.

The market bottomed out at $33.79 on Wednesday before falling 9.29% to $30.89. At this point, both the CCI and the Stoch RSI for SOL showed that the crypto had been oversold.

While SOL was recovering over the course of eight hours, trading volume decreased from the sell-off of 1.650 million to 1.280 million.

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Solana Bulls Unfazed By Pressure

The dip was relatively minor, and the bulls continued to push higher. One of the largest positive price movements ever since SOL was introduced was a 16.55 percent increase.  Recent research indicates that this price action is very bullish.

We can be upbeat about the price moving as high as $36.50 if it manages to end above the long accumulation zone tension ($33.05) on the charts.

From the most recent available data, we can see that the current support line is located somewhere around the $32.40 price range, but the price has been trading much higher, near $35.26, recently.

Chart: TradingView.com

Since breaking through several near-term resistance levels at the 50, 38.2, and 23.6 Fib levels, the price of SOL has maintained its support.

SOL is attempting to merge its position above the 23.6 Fibonacci level after breaking through the $34.36 resistance zone. This trend aligns with the most recent price analysis.

SOL Expected To Breach Resistance At $33.85

On the four-hourly chart, SOL formed a “Symmetrical Triangle.” The Symmetrical Triangle is a pattern of declining volatility.

This indicates that market volatility is decreasing and that the market is likely to break out soon. There is a greater likelihood of SOL breaking out of its zone on the higher side, surpassing the resistance of $33.85.

According to this pattern, a breakout above $33.85 will take Solana’s price to the highs of August 25 ($36.42), followed by the psychological level of $40.0.

This may be the case with the current market. The $33.85 breakout occurred earlier this morning as of writing. Following that, the price range increased by 5.77 percent.

The bullish momentum has not diminished. Positive market indicators continue to indicate a strong buy. The next few days will reveal whether this breakout represents SOL’s next major boom.

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3 years ago

SOL total market cap at $12.2 billion on the daily chart | Source: TradingView.com
Featured image from TheNewsCrypto, chart from TradingView.com
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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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