• Advertise
  • Submit a Press Release
  • About Us
NewsBTC

Bitcoin & cryptocurrency news

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
      • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • CasinosTry
  • Play GamesTry
  • Play Casino GamesTry
  • Best Crypto CasinoTry
No Result
View All Result
Breaking News: Ethereum Price Cracks Above $2,000 As BlackRock Eyes ETH ETF
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
      • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • CasinosTry
  • Play GamesTry
  • Play Casino GamesTry
  • Best Crypto CasinoTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: Ethereum Price Cracks Above $2,000 As BlackRock Eyes ETH ETF
SOL

SOL Fails To Notch New 60-Day Peak, Despite Recent Advances

Christian Encila by Christian Encila
1 year ago
in Solana
Reading Time: 3 mins read

Price movement for Solana (SOL) looks outright bullish but at the same time sluggish as it’s unable to keep up with buyer demands.  

Solana is currently trading sideways forming an ascending triangle pattern. The 50-day EMA serves as its support level. Buyers were on a shopping spree last night which kickstarted the volume pumping it up at 140%.

The bulls are in control of SOL price moving it higher, while the bears are trying to take over. Bitcoin’s massive sell-off has impacted other altcoins including SOL. If the current momentum doesn’t swerve in a specific direction, SOL could be stuck in between.

Related Reading: CryptoDickbutts NFTs Erect Nearly 700% In Daily Sales Volume

Massive Buying Activity Pushes Trading Volume Up

The price action is currently exhibiting higher-highs specifically for SOL, but the bears were able to market it at the $46 zone. With that in mind, SOL is currently swinging within the ascending triangle pattern.

According to CoinMarketCap, while stuck within the triangle pattern, SOL has nosedived by 4.68% or trades at $39.76 as of this writing.  

The uncertainty lingering with altcoin prices as it moves up inching near the trendline for the past couple of days has propelled buyers to buy aggressively pumping up the coin’s total volume at 140% or $1 billion overnight.

Recently, SOL’s RSI breached the downsloping trending after it has touched the oversold mark. With that in mind, the bulls have the propensity to push the token’s price hovering above the resistance line.

SOL is currently wading through unidirectional waters and buyers should wait for a cue towards the directional move.

SOL Price Squeezed In Between Bears And Bulls

SOL price has seen both higher lows and lower highs which reveal a tremendous squeeze for the coin. But, Solana’s most recent attempt on August 8 to push higher has set a new lower high spotted at $43.77. 

Although the token is fighting relentlessly to recover its loss, the market is now dominated by the bears. In this light, investors should anticipate a consolidation for SOL price and followed by a breach of the support level found at $38.22.

Related Reading: Decentraland Blooms In Green In Last 4 Days; Boosts Traders’ Appetite In MANA

Doing so might potentially trigger a crash of 17% in SOL which may ensure a revisit at $31.66. Even though this level may function as a support line, it might be corroded because of the liquidity found below it.

Once this level is breached, the coin might return to the weekly support level of $24.52 and then collect the liquidity that rests below it which was formed from June 13 to 19.

However, if SOL price can successfully jump above the support line of $38.22 support level and manage to break the hurdle set at $47.43 hurdle, then this will definitely challenge the bullish thesis.

SOL total market cap at $14.5 billion on the daily chart | Source: TradingView.com

Featured image from Gettotext, Chart from TradingView.com
Tags: btcusdethbtcethusdSolSolanaSolana Price
Tweet123Share196ShareSend
Christian Encila

Christian Encila

Christian is a journalist, editor and a former layout design consultant. Alongside his passion for writing, he is an avid fan of cryptocurrency and works tirelessly throughout the week. When he's not on his computer, you can find him tinkering with his old motorbike as a grease monkey, or lounging on the patio hammock while pondering about artificial intelligence and whether he'll ever understand his cat's thoughts and calmness.

Related Posts

Solana SOL Ethereum

Solana Dominates Ethereum In Daily Active Wallets, SOL Back To $140?

5 hours ago
Solana

Analyst Says Solana At Risk Of Pullback: Here Is The Target

2 days ago
Solana

Solana TVL Balloons To Over $600 Million – What This Means For SOL Price

2 days ago
Solana

Solana Forms Sell Signal, Decline To $30 Ahead?

2 weeks ago
Solana

Solana Captures Institutional Investors’ Attention, Inflows Rise To $135 Million

2 weeks ago
SOL price

SOL Price Forecast Takes Bearish Turn, Prepare For Potential Plummet To $30 Or Lower

2 weeks ago

Premium Partners

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit
Inmerion

Inmerion

Review · Visit

Press Releases

  • Here’s Five Reasons Why Investors Are Rushing To...

    13 hours ago
  • Bitcoin Blasts Towards $50K as This New Presale Eyes $500K

    18 hours ago
  • Market Buzz: Could This Newcomer Surpass Dogecoin and PEPE...

    19 hours ago
  • VC Spectra’s Stage 5 Launch Rockets Past...

    1 day ago
  • Beyond Ethereum (ETH): Crypto Enthusiasts Whisper About the...

    2 days ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2023 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
      • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Casinos
  • Play Games
  • Play Casino Games
  • Best Crypto Casino

© 2023 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.