Solana Price Aims for $150 as Investors Stock Up During Market Rebound
In the last 24 hours, the cryptocurrency market has experienced a rebound, fuelled by the growing anticipation for positive CPI data set to be released on September 11. This resurgence in bullish momentum led to $127 million in liquidated assets, wiping out $93 million from short positions.
Bitcoin has managed to reclaim the $58,000 mark, currently trading at $56,631, representing a 2.89% increase over the past day. As Bitcoin prices surged, altcoins also experienced an upward trajectory. Solana, for example, has seen a 3.58% increase in the last 24 hours, reaching a trading price of $132. With a market cap of $62.345 billion, Solana is currently the fifth-largest cryptocurrency in the market.
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Solana $120 Support Zone
Analyzing the Solana price action on the daily chart, we observe a bullish reversal from the $120 support zone, with a notable bounce off at $120.58. Despite facing resistance at the 20-day EMA, a bullish trend persisted, leading to a 3.81% increase on Monday. The 50-day EMA appears bearish and hints at a potential death cross with the 200-day EMA. However, the MACD indicator demonstrates a bullish crossover, indicating positive momentum.
On the 4-hour chart, the Solana price displays a potential rounding-bottom reversal from the 23.60% Fibonacci level. A significant bullish continuation above the 38.20% Fibonacci level at $141 could see a test of the neckline at the 61.80% Fibonacci level at $160, following the rounding-bottom pattern.
Whale Activity
Noteworthy recent developments include a Solana whale purchasing 34,807 Solana tokens valued at $4.52 million, and another whale selling 20,000 Solana tokens worth $2.66 million. These transactions add to the polarizing behavior of Solana whales in the market.
Conclusion
Finally, in terms of crucial levels for Solana, the price action is currently struggling to surpass the 23.60% Fibonacci level at $137. A bullish breakout could propel the price towards the $150 psychological mark near the 38.20% Fibonacci level, while a bearish turn may test the $120 support level once again.
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Tolu Zach is a multifaceted professional with expertise in both crypto content creation and medical laboratory technology. With a unique blend of analytical skills and industry knowledge, Tolu navigates the complexities of cryptocurrency while maintaining a pivotal role in healthcare. Trusted for insightful analysis and accurate diagnostics, Tolu excels in diverse fields.
