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    Why Decentralized Exchanges Are On Rise? Can INNODEX Surpass Binance and Uniswap?

    Best Crypto Exchange Affiliate Programs in 2023

    Best Crypto Exchange Affiliate Programs in 2023

    What does Crypto Index fund Means and How to Invest?

    What does Crypto Index fund Means and How to Invest?

    Who Will Reach $1 First In 2023?

    Who Will Reach $1 First In 2023?

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    5 Best New BSC Cryptocurrencies To Invest In 2023

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    Investing Penny Stocks? 5 Crypto Stocks To Watch Now

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    Chinese New Year And Bitcoin Will There Finally Be Fireworks For The King

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  • Analysis
    Bitcoin Price Resumes Increase as The Bulls Aim Larger Rally To $25K

    Bitcoin Price Resumes Increase as The Bulls Aim Larger Rally To $25K

    Ethereum Price Key Indicators Point Firming Case For Recovery Above $1,250

    Ethereum Price Holds Ground And Sees Fresh Rally, Bulls Are Not Done Yet

    Bitcoin Price Consolidates In Key Range, What Could Trigger Next Move

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    XRP Whales Accumulate Massive Tokens

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    Solana Rally Could Gather Pace above $30

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A 17% hike in 24 hours, but what’s next for Solana

2021-10-21
in Altcoins
0
A 17% hike in 24 hours, but what’s next for Solana
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Disclaimer: The findings of the next evaluation are the only real opinions of the author and shouldn’t be taken as funding recommendation

Bitcoin’s rally to a brand new ATH spurred the altcoin market to increased ranges previous to the weekend. The most recent addition to the top-10 squad – Solana – led the cost amongst altcoins after registering a 17% hike during the last 24 hours. Backed by sturdy 24-hour buying and selling volumes, SOL dethroned XRP to turn out to be the sixth-largest crypto with a market cap of $53.41 billion.

On the chart, a bull pennant breakout shaped the bedrock for SOL’s huge leap. With such bullish market situations, SOL might stretch its positive factors to the 78.6% Fibonacci Retracement stage earlier than a correction units in.

SOL 4-hour Chart

Supply: SOL/USD, TradingView

Based mostly on the flagpole’s size, SOL focused a 22% run-up from the breakout level of its bullish pennant. The formation of ‘three white troopers’ – A bullish candlestick reversal sample – indicated a robust change in market sentiment as SOL rebounded from the 38.2% Fibonacci stage.

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As per SOL’s projected goal, there gave the impression to be some extra room to develop earlier than a correctional wave hits the market. The $190-mark or the 78.% Fibonacci stage can be engaging take-profits and SOL might prolong its leg to those factors over the approaching classes.

As soon as a retracement kicks in, SOL can look to stabilize on the 61.8% Fibonacci stage or on the $181-support, earlier than the subsequent upcycle.

Conversely, an prolonged hike can’t be discounted, contemplating the extraordinarily bullish market situations. An in depth above the 78.6% Fibonacci stage would see SOL goal its earlier ATH of $216. This may translate to a different 15% hike from SOL’s press time stage.

Reasoning 

Apparently, the Squeeze Momentum Indicator famous solely 4 inexperienced bars, on the time of writing. In a bull run, the SMI often registers between 12-15 rising inexperienced candles earlier than momentum begins to decelerate. If that is so, SOL would see additional upside over the near-term.

In the meantime, the MACD’s first bullish crossover in 4 days might be anticipated to usher in some extra upwards strain available in the market. Having stated that, RSI’s overbought nature may be a trigger for concern.

Conclusion 

Overbought readings on the RSI might be anticipated to weigh on SOL’s trajectory and the alt might see positive factors as much as the 78.6% Fibonacci stage, earlier than bears take management. Nonetheless, if SOL is ready to put one leg above $195, a retest of $216 would turn out to be a risk.

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