Solana

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
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

U_Today

Andre artikler publisert på 14. apr. 2024

Web3Preneur Announces 2024 Mission: Building the Ultimate Web3 Ecosystem/Web3Preneur Unveils Bloc...

Top Altcoins for Exponential Wealth Growth

Crypto Predictions: Pepe Fork, Chainlink, and Scorpion Casino Can Generate 100x Gains in the Next...

New Challenges in Cryptocurrency Taxation: A Global Dilemma

Ethereum (ETH) Price Crash: Whales Dive In as $3,000 Support Falters

Sen. Warren’s challenger scores cryptocurrency super PAC backing

Bli med på vårt gratis nyhetsbrev for daglige kryptooppdateringer!