The cryptocurrency market stands at a decisive juncture amid the recent China Fud. In recent news, the US House of Reps is set to deliver a verdict on the infrastructure bill this week. Solana (SOL) is trading in the green, up 4.67% in the last 24 hours at $142.61 as bulls resurface after a three-day decline. Following the recent china FUD, crypto influencer, Colin Wu predicts ”A large number of Chinese users will flood into the DeFi world.. All Chinese communities are discussing how to learn DeFi”. While it’s clear that Ethereum is the current smart contract backbone of the DeFi ecosystem, Solana is emerging as a solid competitor as Traders and developers continue to embrace Ethereum network alternatives that offer faster transaction times and lower fees. On Sept. 24, Solana announced the launch of its first prediction market, Hedgehog Markets.
Key Levels
Resistance Levels: $215.08, $180.00, $151.83
Support Levels: $128.06, $102.65, $84.50
SOL/USD Daily ChartSOL/USD is pushing for a Green Day, as Sunday’s Doji candle indicated that neither buyers nor sellers are in control. The upturn in the RSI, though at 50 neutral levels raises expectations that positive momentum could dominate. Yet, some caution is still required as the general market trends may play a key role in SOL price. On the upside, a break above the $150 psychological level towards the $155 level would shift the spotlight straight to the $173 high.
Any violation may prompt a new bullish round towards the $216 all-time high. Solana has steadily declined since Sept. 9 after confirming the $216 level as resistance. A break above here may resume the next leg of the uptrend targeting the $300 level. Alternatively, should sellers gain more ground, the next rebound could occur around the $114 level which marks the MA 50.
SOL/USD 4-Hour ChartSolana managed to tick above the MA 50 at $140.76 in the four-hour chart last seen since Sept.18, but the bulls were soon rejected at around $148. While the RSI is making efforts to progress above the 50 neutral-mark, the MA 50 and MA 200 are determined to post a crossing. Nevertheless, buyers could come back in play to retest the $148 barrier if the SOL price manages to rebound back above the MA convergence.
If efforts prove successful this time, with the pair breaking the $150 barrier up to the $170 high, the way could open towards a retest of the $216 all-time high. In case sellers dominate, nearby support could be found around the $127 level. To summarize, the technical signals especially the RSI suggest possible consolidation in the short term, though a climb above the $148 barrier could allow for some more gains.
Note: Kryptomoney.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
Image Credit: Shutterstock
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
