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

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.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
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. 
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Opinions expressed at FXStreet are those of the individual authors and do not necessarily represent the opinion of FXStreet or its management. FXStreet has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.Any opinions, news, research, analyses, prices or other information contained on this website, by FXStreet, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXStreet will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.


Previous articleNothing Ear (1) Stick certified by BIS, SIRIM & SGS Fimko, launch expected soon – gizmochina
Next articleAn NFT Marketplace Is Letting Buyers Avoid Royalty Payments. Creators Aren’t Pleased – CoinDesk
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.