Solana

Bitcoin

April

Following Bitcoin [BTC], Solana [SOL] caused a breakout. BTC surpassed $30K, reaching $30.$K before somewhat cooling off at press time. Similarly, SOL reached its bullish target of $22.58 and slipped into a critical upper zone.&nbsp; 
SOL received a much-needed boost, particularly after the exchange Crypto.com became the most recent to provide the SOL staking service. As a result, investors will have additional staking alternatives to optimize their gains. 
SOL rose more than 12% from the channel’s bottom boundary of $20 to the bullish target of $22.58. However, the barrier region of $21.99 – $22.58 may limit the rally, particularly if BTC fails to maintain its push above $30,000.&nbsp; 
However, with the entire market still optimistic about higher gains, any BTC rise above $30K could sway SOL bulls to break above the upper area of $21.99 – $22.58. An upswing of this magnitude might cause SOL to retest the immediate overhead barrier of $23.93 – a 6% potential rally.&nbsp; 
A long position with an entry around $22.58 after confirming an uptrend continuance is one plausible trade setting for such a potential upswing. The stop loss will be in the $21.99 level, and the immediate goal will be $23.93. Any additional upward momentum may be slowed by the supply zone near $26.&nbsp; 
A closure below $21.99, on the other hand, may draw more selling pressure and cause SOL to retrace to the channel’s upper limit of $21.21 or the mid-level of $20.57. In such a circumstance, these levels can serve as shorting targets.&nbsp; 
Meanwhile, the Relative Strength Index (RSI) reached overbought territory, indicating a strong bullish sentiment and purchasing pressure. The On-Balance Volume (OBV) grew as well, indicating higher demand in recent days.&nbsp; 
Despite the recent surge, development activity was declining at the time of publication, lowering investor confidence. A substantial recovery could be jeopardized by this trend.&nbsp; 
The open interest (OI) rate, on the other hand, surged from April 10, indicating an injection of money into SOL’s futures market. A break above $23 paired with rising OI will bolster bullish sentiment. 
&nbsp; 
The post <a rel="nofollow" href="https://bitcoinworld.co.in/solana-sol-jumps-to-an-upper-range-is-the-23-93-target-reachable/">Solana [SOL] Jumps to an Upper Range – Is the $23.93 Target Reachable?</a> appeared first on <a rel="nofollow" href="https://bitcoinworld.co.in">BitcoinWorld</a>.

Solana [SOL] Jumps to an Upper Range – Is the $23.93 Target Reachable?

ItsBitcoinWorld

发布于 2023年4月13日的其他文章

Crypto Analyst Cautions Investors Amid FTX Reopening Speculation

Elon Musk’s Impulsive Tweets Will Make These Cryptocurrencies Spike in 2023

Elon Musk Comments on India's Strict Laws and BBC's Modi Documentary

“All lies” – Ray Youssef responds to allegations of substance abuse, money-laundering in Coindesk...

Amid Damaging Crypto Investment Scheme Shutdowns, TMS Network (TMSN) Shines Bright with $4.0 Mio ...

Fighting the Privacy Battle

订阅我们免费的电子期刊，获取每日最新加密领域动态！