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Sohrab Khawas
Sohrab Khawas
Author
Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Sep 13, 2024 05:59 UTC
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SOL Price at Crossroads: Will Solana Price Top $160 Next Week?
With Bitcoin taking a plunge under $58K, the intraday pullback in the crypto market reveals a minor case of bullish exhaustion. Amid the pullback, Solana offers a buying opportunity with an upside potential extending to $160 next week. Will this reversal lead to a massive comeback for the Ethereum killer? Let’s find out in our SOL price analysis.
SOL Price Performance
With a bullish recovery in the daily chart, the SOL price trend is revealing a strong footing in the $125 support zone. Following the recent recovery over the last weekend, the Solana price has shifted sideways this week between $130 and $140.
Following the 2.74% jump last night to make a bullish engulfing candle, the intraday pullback puts Solana on a back foot. Currently, it is trading at $134 with an intraday pullback of 0.97%, struggling to surpass the $140 mark.
Despite the recent dip, the V-shaped reversal in SOL price signals a potential upside continuation this week.
Technical Indicators:
MACD: The MACD indicator in the daily chart gives a bullish crossover with a surge in positive histograms.
RSI: The RSI indicator continues to channel the upside despite stagnation in the SOL price action.
Solana Whale Grows Cold Feet
Amid the increasing volatility, a Solana whale has recently unstaked a massive amount of SOL tokens. The unstaking involved 106,213 SOL tokens worth $14.3 million.
Quickly after this move, the whale deposited it in a centralized exchange, Binance, with growing assumptions of Solana that the whale would sell off the tokens, resulting in an increased supply.
Solana’s 4-Hour Rounding Reversal
In the 4-hour chart, the SOL price reveals a potential rounding bottom reversal with a neckline at $138. Based on last week’s price action, the crucial resistance levels for Solana are present at $147 and $160 above the neckline.
Meanwhile, the crucial supports are present at $131 and $125. The SOL price stands at a crossroads as the recovery run takes a sideways shift near the neckline.
Despite the recent whale sell-off, the overall sentiment for Solana remains bullish. The uptrend bullish breakout of $138 will likely result in the SOL price jumping to the next resistance at $147, with increased chances of reclaiming the $150 psychological mark.
Furthermore, the FOMC meeting next week is likely to boost the crypto market and increase the chances of Solana hitting the $160 mark. On the flip side, the support level at $131 is likely to stand strong this week.
Curious about Solana’s future? Read our Solana (SOL) Price Prediction for an overview of long-term targets!
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