Solana

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Despite experiencing a sharp 20% price drop, which saw the coin plunge toward the $115 mark, its resilience at crucial support levels has sparked discussions about its potential to climb the ranks in the cryptocurrency <a href="https://u.today/shiba-inu-shib-breaks-down-dramatically-uniswap-uni-freefall-continues-next-support-cardano-ada" rel="noopener noreferrer nofollow">market</a>.
The price dip moved SOL toward the 100-day EMA, depicted by the orange line on the chart, which played a role in the asset's rebound. This dynamic speaks to the importance of EMAs as indicators of market sentiment. With the next support anticipated around the historical $100 level and then at the 200 EMA, around $110, SOL's reaction to these thresholds could signal its next move. <img alt="SOL USDT Chart" data-entity-type="file" data-entity-uuid="e9dd963a-606d-4b8c-bcef-0ac4a6c86006" src="https://u.today/sites/default/files/inline-images/image_682.png"><a href="https://www.tradingview.com/" rel="noopener noreferrer nofollow">Solana/USD Chart by TradingView</a>
A notable feature in <a href="https://u.today/solana-meme-coins-suffer-worst-as-crypto-collapses" rel="noopener noreferrer nofollow">Solana's</a> chart is the double-top pattern formed prior to the latest correction. This classic technical formation often points to a potential reversal from an uptrend, which has played out in SOL's recent price action. The double-top pattern reinforces the significance of the $115 level, as it mirrors the peaks of this formation, now acting as a stern resistance.
However, if <a href="https://u.today/ethereum-eth-might-wrestle-meme-coin-hype-from-solana-signs-visible" rel="noopener noreferrer nofollow">SOL</a> consolidates above the 200 EMA support, we can become slightly optimistic. If SOL can maintain above the $110 level and aim for a break past the $115 resistance, it could invalidate the bearish sentiment originated from the double-top pattern and possibly set a course toward reclaiming higher prices.
Chris Burniske suggests that while Solana has faced challenges, its abundance of meme coins that provide extremely high volatility can become a strong bullish case for it once again.

Solana (SOL) to Become Market's Leader? Chris Burniske Predicts

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Andre artikler udgivet 14. apr. 2024

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