- SOL price blasted through 4-month resistance line, but bulls might be taking a break soon.
BODEN reacted to news about President Joe Biden’s plan to exit the political scene and presidency.
As a seasoned crypto investor with years of experience under my belt, I’ve seen my fair share of market fluctuations and price movements. And let me tell you, Solana (SOL) has been one of the most intriguing performers in the cryptocurrency space this year.
As a researcher studying the cryptocurrency market, I can confidently assert that Solana [SOL] has been among the top performers in 2021. The past two weeks have further solidified its position within this elite group. However, it’s important to note that a potential correction may be on the horizon.
In the past two weeks, SOL put on a strong and upward-trending performance, reaching a peak of $187.15 over the weekend. This marked a significant 52% bounce back from its recent low point in the month.
Although the present trends suggested that bulls held the upper hand, AMBCrypto identified possible indications of an upcoming correction.
During the past weekend, SOL‘s impressive performance indicated a successful breakthrough from a four-month long downtrend in its resistance.
As a crypto investor, I’ve noticed that the asset has encountered another resistance level between $180 and $200. Previously, it had displayed resistance within this price range, making it an important area to keep an eye on in the coming days.
SOL successfully pushed past the resistance line, reaching greater heights. Yet, this achievement might attract short sellers, making it a possible area for bearish activity.
As a crypto investor, I’ve been closely monitoring the market indicators to gauge the health of the current trend. Recently, I noticed some concerning signals that hinted at an impending pullback. For instance, the Relative Strength Index (RSI) momentarily surged into overbought territory before the 3.41% correction occurred within a 24-hour period.
At the resistance area where a significant number of traders were present, there was a heightened probability of profit-taking in SOL. An analysis of its Open Interest chart indicated a concentration of activity around the $184 price mark.
Consequently, the price did take a dip after failing to sustain bullish momentum above that range.
What does Solana’s future look like?
Based on current trends, it seems that Solana may experience a short-term pullback. Nevertheless, its trajectory could indicate a more optimistic long-term perspective.
Now that Ethereum [ETH] ETFs have been approved, Solana is the next major candidate.
This year’s surge in popularity and price hikes for Solana’s memcoins, along with network congestion issues, recall Ethereum’s behavior during the 2021 bull market.
BODEN takes a hit
In other parts of the Solana blockchain, an intriguing occurrence took place. The value of Jeo Boden [BODEN], a memecoin, plummeted by nearly 60% following U.S. President Joe Biden’s announcement that he wouldn’t seek re-election for the presidency.
The price of the memecoin swiftly responded to the announcement about President Biden’s departure, underscoring how quickly developments in the real world can influence crypto markets.
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2024-07-23 02:15