- Analysts claimed that SOL’s current value was cheap.
There was not enough price momentum to the upside yet.
As a researcher with experience in analyzing cryptocurrency markets, I find the current situation of Solana (SOL) intriguing. Based on the available data, it appears that some analysts view SOL as undervalued and a good buy for those looking to re-enter at a lower price point before attempting to reach its all-time high (ATH) of $259 once again.
In May, Solana (SOL) provided a profitable opportunity for investors with approximately 30% growth. However, it did not reach or reevaluate the $200 mark, a significant psychological threshold surpassed in March. Currently, SOL is priced at $164, representing a gap of around 53% from its all-time high (ATH) of $259.
A cryptocurrency expert trading anonymously considered Solana’s present value a bargain, believing it to be undervalued and an excellent opportunity for investors aiming to reach its previous peak price of $259.
On his part, another crypto analyst, Ansem, projected a short-term set-up for SOL.
As a crypto investor, I’m taking advantage of my profitable options trades on Solana ($SOL) to buy more at the price of $169. Despite my belief that the market will continue to chop throughout the summer, I see potential in adding to my spot position here.
As an analyst, I found the Ansem setup to be robust technically speaking. My entry point was slightly above the short-term support level in May, which hovered around $160. For my profit target, I aimed for a price above the May high.
Further, the stop-loss was positioned at the price point of $159, which served as both a resistance and support level. A decline beneath this price might encourage short selling activity.
The conditions were favorable for entering into a long position in the spot market. However, it’s important to consider whether prevailing sentiment and current market positions align with this anticipated scenario.
Based on my analysis as of the current moment, the SOL Long/Short Ratio bolstered a bullish outlook. Between May 30th and May 31st, there was a significant uptick in long positions, which rose from 47% to 59%. This trend signified that many traders, including myself as an analyst, anticipated SOL’s price to experience a notable surge from its present level.
Market players generally perceived a notable decline in optimistic views regarding Solana’s pricing outlook, as evidenced by the decrease in Weighted Sentiment, signified by the red line.
As a researcher studying the cryptocurrency market, I’ve noticed a concerning trend: the decreasing on-chain volume, signified by the white sections in my data. This decline could potentially hinder the price’s robust recovery, as user transaction volumes remain subdued. Even the recent PayPal expansion of the PYUSD update failed to generate noticeable activity on Solana’s network in this regard.
So, a further muted price action could be likely over the weekend.
Moreover, according to CryptoQuant’s analysis, crucial technical indicators on the price chart remained unbiased. This favorable setup attracted not only me but also many other traders to enter long positions.
As a crypto investor, I found myself in a wait-and-see position when the market conditions remained neutral. The lack of clear trend indicated that the price could potentially rise or fall, making it essential for me to exercise patience and closely monitor the situation before making any moves.
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2024-05-31 19:04