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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Solana Price Sparkles With 9% Increase, But Why Do Buyers Remain Cautious?

Christian Encila
Christian Encila
1 year ago
3 mins read
Solana

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Solana (SOL) has managed to shake off recent price dips, rekindling bullish optimism among investors. This resurgence comes on the heels of a determined effort by sellers to flip the altcoin’s trajectory bearish, following a price rejection at the critical $29 resistance level. 

However, SOL’s retreat from this resistance proved to be a strategic move as it found support in the bullish order block (OB) at $22, setting the stage for a renewed uptrend.

SOL’s journey from the formidable $29 price mark to the bullish order block at $22 was pivotal. A recent price analysis has underscored the importance of this OB as a key level for the altcoin’s potential reversal of fortunes. 

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With a long-term perspective in mind, Solana’s ability to rally from this OB demonstrates the resolve of buyers to reclaim control. This recovery has not only bolstered sentiment but also signified the strategic importance of this price juncture in steering the trend.

BTC’s Influence On SOL’s Trajectory

One notable factor underpinning Solana’s current narrative is the role of Bitcoin (BTC), the flagship cryptocurrency. As SOL seeks to flip the $25.3 resistance level into a supportive base for further gains, its success may very well depend on the continued bullish advance of Bitcoin.

The interplay between these two prominent cryptocurrencies remains a significant aspect to monitor, as BTC’s trajectory often influences the broader altcoin market sentiment.

At present, Solana stands at a price of $24.50, as per CoinGecko data. Despite a slight decline of 1.0% over the last 24 hours, the altcoin has showcased a commendable seven-day rally of 8.8%, indicative of its capacity to rebound from adversities. 

Solana weekend price action. Source: Coingecko

However, a notable challenge emerges as SOL inches closer to the $25.7 mark. The impending supply pressure at this level could potentially stall the upward momentum, prompting a sideways trend and leading to a consolidation phase.

Solana: Clearing The Path Forward

Should the SOL price encounter intensified supply pressure around the $25.7 threshold, a distinct possibility is the emergence of a narrow price range during trading sessions.

This consolidation phase, while seemingly a temporary lull, may serve a vital purpose. By trimming away weaker positions, this period could pave the way for a definitive directional movement.

Solana market cap nearing the $10 billion level. Chart: TradingView.com

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The shedding of less robust positions would ideally set the stage for a more sustainable bullish advance, as the altcoin continues its journey to reclaim lost ground.

As the altcoin navigates potential consolidation, investors are watching closely, anticipating the emergence of a clearer path forward in this dynamic crypto landscape.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Ana Silva/Getty Images

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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

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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