SOL rockets skyward as it doubles in value within two weeks — more to follow?

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion. The short-term market structure and the trend were heavily bullish There was actual demand behind Solana’s move upward, but will this be enough to initiate a higher timeframe recovery? Bitcoin [BTC] has steadily worked its […]

have improved in recent days. The active wallet count has gone up by a substantial margin and development activity also noted an uptick. Yet, the lack of capital flowing into the market as per Open Interest could give bulls a pause.Source: SOL/USDT on TradingView

Solana has made impressive gains since the drop to $8 on 30 December. It shifted its lower timeframe structure from bearish to bullish when it jumped past the resistance at $11.85 on 3 January. The recent move past $14 saw SOL gain close to 32% within a day.Yet, these gains do not represent a long-term trend. Instead, it could be the violent reaction to months of bearish pressure.

The On-Balance Volume has been rising over the past ten days. This was indicative of genuine demand for the asset. Furthermore, the Relative Strength Index also showed strong bullish momentum. Therefore, it was likely that prices could go higher still. The imminent areas of interest for Solana lie are the $16.1-$16.5 region and the $17.7-$18.2 resistance region.

A 4-hour bearish order lay at $17.15, but the short-term trend favors the bulls. Hence traders can wait for a pullback into the $14-$15 area, and look for a bullish reaction before buying SOL in that zone.Source:

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

CryptoAmb /  🏆 22. in CA

Philippines Latest News, Philippines Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

SOL traders can watch out for a short-term recovery from this demand zoneDisclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion SOL was in a short-term price pullback A retest and bounce back from the $13.0 demand zone was likely, while a downward move beyond the demand zone would invalidate the bias. Solana [SOL] rallied […]
Read more »

Will Solana [SOL] find some respite in 2023? These metrics suggest…Solana registered an unprecedented price surge over the last week Metrics and market indicators looked bullish Solana’s [SOL] new year began on a cheerful note as the token registered an unprecedented surge over the last week. It outperformed all the other cryptocurrencies on the market capitalization front. Are you SOL holdings flashing green? Check the […]
Read more »

Cardano: Why a push beyond this level is a requisite for ADA bulls to see profitsDisclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion Cardano [ADA] was bullish on the three-hour chart A break below the 13-period EMA of $0.2750 would invalidate the above forecast Cardano [ADA] made new highs since the start of 2023. The altcoin rose […]
Read more »

AVAX traders looking to sell may want to read this before making any movesDisclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion AVAX’s MFI was in an overbought zone and is ripe for a possible price reversal However, a breakout above $12.10 would invalidate the bearish forecast Avalanche’s [AVAX] 2023 rally gained over 14% after rising […]
Read more »

Shiba Inu [SHIB]: Extra gains could be unlikely if this obstacle persistsDisclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion. SHIB reached a lower-time frame bearish order block (OB) on the 12-H chart. A price rejection at this OB could tip the scales in favor of the bears. Shiba Inu [SHIB] began the new […]
Read more »

Hedera [HBAR]: A likely patterned breakout could offer 7% gains if BTC…Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion HBAR was in a neutral market position. A patterned breakout to the upside could target $0.0426. A break below $0.0387 would give the bears more leverage. Hedera [HBAR] posted an impressive rally over the […]
Read more »