Home Latest News Solana price prepares for an 18% upswing as SOL approaches launching pad...

Solana price prepares for an 18% upswing as SOL approaches launching pad – FXStreet

Akash Girimath Akash Girimath
FXStreet

Solana price has been consolidating after its recent uptick in buying pressure. The run-up that followed formed equal highs, leaving quite a bit of liquidity resting above it. Hence, investors can expect market makers to push SOL higher and collect the untapped buy-stops.
Solana price is approaching a demand zone, extending from $157 to $166 after setting equal highs at $188. The double top formed on December 18 is a result of the 27% upswing that started on December 13. 
Since this upswing, SOL price has been on a retracement and is likely to find support as it dips into the said demand zone, which also harbors the December 4 swing low at $163.  A bounce from either of the two barriers is likely to kick-start an ascent to collect liquidity resting above $188.
This run-up could extend beyond this hurdle and make way for the next hurdle at $196, representing an 18% gain. If the bullish momentum persists and Solana price flips this resistance barrier into a support floor, there is a chance SOL might wick above the $204 barrier to collect liquidity resting above another equal high.
In total, SOL has an opportunity to rally 22% from the said demand zone.
SOL/USDT 4-hour chart
SOL/USDT 4-hour chart
While things are looking up for Solana price, failing to stay above the demand zone, extending from $157 to $166, will indicate increased selling pressure or weak bullish momentum. Either way, a breakdown of this area will lead SOL down to test the $153 platform.
A 4-hour candlestick close below this level will create a lower low, invalidating the bullish thesis for Solana price. This development could lead to a retest of the $147 support level.
 

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Bitcoin price is up by 1.6% over the last 24 hours against a backdrop of 7.0% in cumulative losses across seven days. The pioneer cryptocurrency is trying to arrest last week's downtrend, which saw its leg tag $19,543 on the downside. Possibly, a daily close above $20,000 will push BTC higher and authenticate a falling wedge pattern breakout with eyes set on $23,000.
XRP recovery remains elusive despite firmly holding onto support at $0.32. A break above $0.34 appears to be a tall order for the bulls, hence the mundane price action at $0.33. The next few days will be important to the cross-border money remittance token.
D.C. Attorney General Karl Racine announced legal action against MicroStrategy and Michael Saylor for alleged tax evasion. Bitcoin’s largest public whale has run into legal trouble for tax fraud allegations in Washington DC. 
Chainlink shows bearish signals underneath the hood that investors should be aware of. Since August 15, the token has fallen 36%. During the final trading week of August, the bulls have managed to recoup 6% of those losses.
Bitcoin price shows a tight consolidation on a lower time frame – an ascending parallel channel – that repeats the motif of three larger channels that have developed on higher time frames since the start of 2022. 
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She has spent the past eight years playing the role of an infrastructure consultant, and has now joined Inferse.com as a full time blogger. Her current profession is a result of her deep interest in computer gadgets, laptops, gaming accessories and other tech happenings.