Solana Price Prediction as SOL Becomes 5th Most-Traded Coin in the Market – Can SOL Overtake Ethereum?
Publikováno: 4.2.2024
Solana price prediction takes center stage as SOL ascends to the fifth spot among the most-traded cryptocurrencies, sparking discussions on its potential to rival Ethereum. With its price at $96.50, despite a 2.50% dip over the past day, Solana’s substantial $1.3 billion trading volume underscores its growing prominence. Holding a commanding market capitalization of $42.07 […]
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Solana price prediction takes center stage as SOL ascends to the fifth spot among the most-traded cryptocurrencies, sparking discussions on its potential to rival Ethereum.
With its price at $96.50, despite a 2.50% dip over the past day, Solana’s substantial $1.3 billion trading volume underscores its growing prominence.
Holding a commanding market capitalization of $42.07 billion and a circulating supply of 436 million SOL coins, the digital asset showcases significant momentum.
This surge in activity and investor interest places Solana in a pivotal position for future market dynamics, prompting speculations about its trajectory and comparisons with leading cryptocurrencies.
Solana Price Prediction
Analyzing the 4-hour chart, the pivot point is identified at $97.69, suggesting a nuanced balance point for future price directions.
Immediate resistance levels are positioned at $100.03, $102.56, and $105.47, indicating potential ceilings for upward price movements.
#SolanaPricePrediction Feb 4: SOL shows bearish signs, trading below $97.69 pivot. Resistance at $100.03, $102.56, $105.47. Support at $94.91, $92.96, $90.66. RSI at 42 & 50-EMA at $98.40 suggest a selling trend. Watch for potential downtrends. #SOL#CryptoMarketpic.twitter.com/rwZKdPfMzh
— Arslan Ali (@forex_arslan) February 4, 2024
Conversely, support levels are found at $94.91, $92.96, and $90.66, marking thresholds for possible pullbacks.
The technical indicators present a mixed sentiment. The Relative Strength Index (RSI) at 42 hints at a slight bearish momentum, suggesting a lack of strong buying pressure at the moment.
The 50-day Exponential Moving Average (EMA) standing at $98.40 further underscores the current bearish trend, as the price resides below this average.
Chart patterns reveal a symmetrical triangle breakout below the $97.69 level, indicating a potential continuation of the selling trend.
This is further confirmed by the presence of a bearish engulfing candlestick pattern below the pivot, reinforcing the bearish outlook for Solana.
In conclusion, Solana exhibits bearish tendencies below the $97.69 threshold.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
The post Solana Price Prediction as SOL Becomes 5th Most-Traded Coin in the Market – Can SOL Overtake Ethereum? appeared first on Cryptonews.