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SOLANA TECHNICAL ANALYSIS-$64.50:Is Massive Correction On The Horizon?

Key Takeaways
  • A 200% surge in the past five weeks with dominant bullish candles signals substantial underlying demand
  • Solana beach the rounding bottom pattern on the weekly chart, indicating positive price momentum
  • Cathie noted Ethereum as a faster, cost-effective Bitcoin alternative
16-Nov-2023 By: Lokesh Gupta

Five green weekly candles signal sustained market momentum

  • Bitcoin Spot ETF approval sparks strong optimism in the crypto market.

  • Cathie Wood, CEO of ARK Invest, praises Solana's speed, propelling SOL prices upward.

  • Wood compares Ethereum to a cheaper and faster alternative to Bitcoin but suggests Solana may surpass it.

  • The Solana blockchain emerges as a promising alternative, potentially displacing Ethereum.

  • Bullish sentiments surrounding Solana's future fuel optimistic SOL price predictions.

Technical Views:

  • According to Coingabbar Price Analysis highlights a channel breakout and a parabolic recovery trend in SOL prices.

  • The uptrend sees active buyer participation, particularly after SOL surpasses the $50 mark.

  • Notably, the high-speed breakout rally is supported by a significant surge in trading volume.

  • A long-term trend reversal is indicated by a bullish turnaround, as observed in the 1-week chart.

  • Over the past five weeks, a substantial 200% increase is driven by dominant bullish candles, reflecting robust underlying demand.

  • In the weekly chart, SOL price action reveals a rounding bottom breakout, with the neckline identified at $60.

  • The 4-hour chart shows a channel pattern breakout, leading to an approximate 20% increase in SOL price.

  • Currently, on the 4-hour chart, Solana price is trading within a range, featuring long-bodied doji candles that suggest a potential shift in direction.

  • Anticipation is growing for SOL price to attain the psychological milestone of $100, with the likelihood increasing.


RESISTANCE LEVEL : $66.50-$68.00

SUPPORT LEVEL : $63.00-$61.00

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.