Buy
Sell
Name Symbol Market Market Cap ($) Algorithm
TRON TRXUSD Crypto 4,921,406,121 Not Mineable
  Price Change Price Change % Current Price Bid Price Offer
  0.000104 0.20% 0.053416 0.052931 0.053416
High Price Low Price Open Price Prev. Close 52 Week Range
0.053421 0.053074 0.053332 0.053312 - - -
Exchange Last Trade Size Trade Price Currency
KRKN 01:42:07 187.54 0.053323 USD
Price x Volume Volume Base Symbol Related Pairs
2,604.80 48,896.02 TRX TRXEUR TRXGBP TRXBTC

Why Solana Could Poised For A 40% Price Move To The Upside

15/08/2022 6:43pm

NEWSBTC


Solana has been one of the best-performing assets in the crypto 10 top by market pairing Ethereum’s wins during the weekend. The cryptocurrency has persevered some of its past week’s gains but records some hurdles over the past 24 hours. Related Reading: Dogecoin Ready For 4th Straight Week Of Gains – Even Without Elon Musk’s Backing At the time of writing, Solana (SOL) trades at $44.5 with 1% losses over the past day and 10% profits in the past 7 days. In this timeframe, only Ethereum (13% profits) and Dogecoin (13% profits) record better performance. Despite the short-term downside price action, crypto analyst Justin Bennett believes SOL’s price is on track to register a massive increase. This big move to the upside could play out over the course of the coming months and push Solana’s price into a 40% move to the upside. According to Bennett, SOL has drawn a triangle pattern over the past months. The price of Solana has been moving to the upper side of this triangle which should operate as critical resistance north of SOL’s current levels. In the daily chart below, and as stated by the analyst, the upper side of this triangle pattern can be traced to 2021 as SOL moved into its all-time high. As the price of Solana began a descending price action, the cryptocurrency found support along that line and saw a major breakdown once SOL trended below it. Now, the price is attempting to break above this triangle which could lead to further appreciation. Bennett stated the following on why SOL’s price and the entire crypto market are at a crucial point: The thing with a pattern like this is that isn’t inherently bullish or bearish. Yes, we are in a larger downtrend so you have to pay attention to that but ultimately we are waiting for the market to breakout here, to make up its mind on weather it wants to move higher or lower (…). Right now we are in a wait and see mode for Solana. Solana On Low Timeframes, What Could Trigger More Losses In The Coming Days? The analyst claims that $40 is going to be a critical level for SOL’s price. At this price point, the cryptocurrency has seen high levels of trading volume which make it a necessary level to hold to prevent more losses. If the SOL’s price is pushed downwards, $32 and $27 should operate as additional support levels. Market participants will get more clues about SOL’s price potential rally or re-test of these support levels if Solana closes a daily candle above or below $40. The former spells bullishness, and the latter hints at more losses. Related Reading: Bitcoin Price Gears Up For Another Rally After Testing $25,000 In the short term, the crypto market could see some hurdles from a stronger U.S. dollar. The currency trend to the downside during late July allows risk-on assets to see some relief but seems to be trying to reclaim the top of an important trendline, according to Bennett. The $DXY is trying to reclaim the channel it lost on the 10th. Not a good sign for #crypto. pic.twitter.com/kxVmS6NhPY — Justin Bennett (@JustinBennettFX) August 15, 2022

1 Year TRON Chart

1 Year TRON Chart

1 Month TRON Chart

1 Month TRON Chart
Your Recent History
COIN
TRXUSD
TRON
Register now to watch these stocks streaming on the ADVFN Monitor.

Monitor lets you view up to 110 of your favourite stocks at once and is completely free to use.

Log in to ADVFN
Register Now

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V:gb D:20221206 01:53:23