Sign Up on MEXCSolana Price Leads Altcoin Rally As Ethereum Futures ETFs Debut In The US – Time To Buy SOL?
Solana price bulls increased their presence in the market up 4.5% to trade at $24 on Monday. This bullish outlook started with the hype around the US Securities and Exchange Commission (SEC) greenlighting the first Ether futures exchange-traded funds (ETFs).
Investors have from Friday increased exposure to cryptos, triggering rallies across the board but more significantly with Bitcoin (BTC) above $28,000, Ethereum above $1,700, and Solana above $24.
Solana Price On the Verge of Validating Move To $30
Solana price is facing a crossroads where it might validate another breakout to $30, or invalidate the uptrend due to resistance at $25. According to the microenvironment on the daily chart, a bullish outcome is highly likely.
A buy signal from the Moving Average Convergence Divergence (MACD) indicator upholds the bullish outlook with a buy signal.
However, traders with ongoing exposure to long positions in SOL may be more interested in the position of the momentum indicator – currently above the mean line (0.00). As the MACD ascends into the positive region, traders are encouraged to keep their positions open bolstered by the expectation of an extended breakout to $30.
Solana’s position above all three moving averages, starting with the 50-day Exponential Moving Average (EMA) (red), the 100-day EMA (blue), and the 200-day EMA (purple) reveals that buyers have the upper hand.
In other words, there is a higher probability of the uptrend carrying on above $25 and closing the distance to $30 than dropping below $20.
TradingBrokersView, an anonymous analyst on Tradingview, has recently highlighted a repeated trend, where Solana price has broken several falling trendline resistances, rallied and formed a bullish/bearish fractal pattern before retracing.
According to the analyst, “all two prior breakouts over such Resistance in the past 12 months have ended with a new Higher High on our main Channel Up pattern.” Hence, the likelihood of the ongoing breakout stretching to $33 before correcting and holding onto higher support, preferably above $25.
Invalidating Solana Price Bullish Outlook
The resistance at $25 coincides with a descending trendline on the four-hour chart. To continue with the uptrend, Solana must break above this barricade, otherwise, there will be a significant level of risk, with Solana retreating to seek support and liquidity toward $20.
Traders should also ponder the technical outlook from the aspect of the currently bullish MACD indicator. Following a sharp move above the mean line (0.00) to +1.13, a trend reversal is likely. In other words, there is the need to prepare for a sudden pullback, with the backing of the Relative Strength Index (RS) if it starts retreating from the resistance area or is overbought.
Related Articles
- BREAKING: Grayscale Files with SEC To Convert Its Ethereum Trust to Spot Ethereum ETF
- Uptober Rally: Bitcoin Breaks $28k As US Avoids Government Shutdown
- Key Levels to Watch for ETH Price Before Ethereum Futures ETF Launch
- Cathie Wood’s Ark Invest Backs Nasdaq-Listed Solmate To Launch $300M Solana Treasury
- First U.S. Spot Dogecoin and XRP ETFs Launch as REX-Osprey Debuts DOJE and XRPR
- Analyst Calls $6 XRP Target for November Amid Ripple CEO’s White House Stockpile Hint
- Ethereum Faces Selloff Risks As Whales’ Unrealized Profit Hits 2021 Highs
- Expert Predicts 138% Shiba Inu Rally as SHIB Futures Listing Opens Spot ETF Path
- Cardano Price Stays Above Ichimoku Cloud as Grayscale ADA ETF Approval Nears
- HBAR Price Prediction as SEC Approves Generic ETF Framework – Analyst Targets $1.80
- Toshi Coin Gains 57% in One Day: What’s Driving the Sudden Upside?
- Shiba Inu Price Set to Soar as Exchange Reserves Dive Amid SHIB ETF Chatter
- Pepe Coin Price Prediction as Whale Moves $25M From Robinhood- Is a Breakout to $0.00002 Next?
- XRP Price Prediction as Market Longs Hit 78% amid VivoPower Treasury Expansion Launch — Is $4 Next?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
