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Solana (SOL) Price Bound for 10% Pullback Before Market Greed Peaks

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Solana (SOL), like almost every crypto in the top 100, has witnessed a price increase since last week. While the altcoin has displayed impressive momentum lately, indicators reveal a decline could be imminent before further realized gains.

This analysis highlights the factors contributing to the anticipated drawback, the implications for SOL holders, and what could happen to the price afterward.

Solana Could Struggle to Maintain Bullish Momentum

The recent rally has reignited renewed confidence in the market. As a result, Solana’s price reclaimed $160, to the delight of its holders. However, amid increased trading activity and strengthened prices, the broader market is starting to get greedy.

On September 17, the crypto Fear and Greed Index was 33. As of this writing, it has risen to 61. This index ranges from 0 to 100 and acts as a barometer of investors’ emotional behavior. When the reading is close to 0, the market is in fear, which indicates a good buying opportunity. 

Conversely, a reading close to 100 indicated greed, suggesting that the price could be due for correction. Considering the current reading, the market is greedy but has yet to reach extreme levels.

Read more: 6 Best Platforms To Buy Solana (SOL) in 2024

Crypto Fear and Greed Index
Crypto Fear and Greed Index. Source: Alternative.me

As such, crypto prices, including SOL, might still have a chance of trading higher. However, a look at the Solana daily chart signals a warning to investors. 

Solana’s weekly chart also seems to reveal a similar sentiment. As seen in the image below, the token could encounter resistance at $170. This is because the region is a notable supply zone, which historically pegged Solana’s price back on several occasions. 

Due to this, SOL could retrace to $145 or $142.86, as stated earlier. The Awesome Oscillator (AO) on the chart also supports the move. As a technical oscillator, the AO measures momentum using historic price movements.

Solana Weekly Price Analysis
Solana Weekly Price Analysis. Source: TradingView

Negative readings of the indicator suggest bearish momentum, while positive values indicate otherwise. With the current negative value, Solana might find it challenging to surpass $170.

SOL Price Prediction: Time for Caution

Based on the daily SOL/USD chart, the token has formed a rising wedge. This technical pattern is formed by two converging upward slopes: one representing the swing highs and the other the swing lows.

Generally, this pattern is bearish. In Solana’s case, the rising price might force the altcoin to retrace from the recent milestone of $160, potentially leading to a 10% drawdown to $142.86.

Read more: Solana (SOL) Price Prediction 2024/2025/2030

Solana Daily Price Analysis
Solana Daily Price Analysis. Source: TradingView

However, the forecast might be invalidated if buying pressure continues to increase and the token surpasses the upper-level resistance. In that scenario, Solana’s price could begin a move that takes it above $200.

The post Solana (SOL) Price Bound for 10% Pullback Before Market Greed Peaks appeared first on BeInCrypto.



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Will the Cardano Coin Price Rally Continue?

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ADA, the native coin of the Cardano blockchain, has made a significant price breakthrough. It has surpassed the $1 mark for the first time in two years. As of this writing, the altcoin trades at $1.09, a price level last observed in April 2022. `

Over the past 24 hours, ADA’s price has rocketed by 24%, and its trading volume has increased by 131% during the same period. With heightening buying pressure, the Cardano coin price rally is poised to continue.

Cardano Holders See Green

Cardano’s ascent above the $1 price mark has put many of its holders in profit. According to IntoTheBlock’s Global In/Out of the Money indicator, 3.15 million addresses, which comprise 71% of all ADA holders, are “in the money.”

An address is said to be “in the money” if the current market price of the asset it holds is higher than the average cost at which the address acquired those tokens. This means the holder would profit if they sold their holdings at the current market price.

Conversely, 715,230 addresses, which comprise 16% of all ADA holders, are “out of the money.” These addresses would incur a loss if they sold at the current price. Per IntoTheBlock’s data, this cohort of investors acquired their coins when ADA sold above $1.40.

Cardano Global In/Out of the Money.
Cardano Global In/Out of the Money. Source: IntoTheBlock

Notably, with many addresses now holding unrealized profits, long-term holders (LTHs) of ADA are repositioning, potentially to secure gains. This activity is reflected by the spike in ADA’s age-consumed metric, which, per Santiment’s data, skyrocketed to a monthly high of 86.91 billion on November 22, when the uptrend began.

This surge is notable because long-term holders rarely move their coins around. When they do, it often hints at a shift in market trends. Therefore, as in ADA’s case, if the spike is accompanied by increased trading volume and positive price action, it suggests that long-term holders are taking profits. This may fuel further price increases as new buyers enter the market.

Cardano Age Consumed.
Cardano Age Consumed. Source: Santiment

ADA Price Prediction: The Upward Trend Is Strong

On the daily chart, ADA’s Aroon Up Line is at 100%. The Aroon indicator measures the strength and direction of a trend. When the Aroon Up line is at 100%, it indicates a strong upward trend, suggesting a recent high and a potential continuation of the bullish momentum.

If this holds and new demand continues to enter the market, the Cardano coin price rally will continue toward $1.24, a price high it last reached in March 2022.

Cardano Price Analysis.
Cardano Price Analysis. Source: TradingView

On the other hand, if profit-taking intensifies and buying pressure weakens, ADA’s price may fall to retest support at $1. Should this level fail to hold, the downtrend will be confirmed, and ADA’s price will plunge to $0.85.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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ADA Sights More Growth After Breaking $0.8119

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My name is Godspower Owie, and I was born and brought up in Edo State, Nigeria. I grew up with my three siblings who have always been my idols and mentors, helping me to grow and understand the way of life.

My parents are literally the backbone of my story. They’ve always supported me in good and bad times and never for once left my side whenever I feel lost in this world. Honestly, having such amazing parents makes you feel safe and secure, and I won’t trade them for anything else in this world.

I was exposed to the cryptocurrency world 3 years ago and got so interested in knowing so much about it. It all started when a friend of mine invested in a crypto asset, which he yielded massive gains from his investments.

When I confronted him about cryptocurrency he explained his journey so far in the field. It was impressive getting to know about his consistency and dedication in the space despite the risks involved, and these are the major reasons why I got so interested in cryptocurrency.

Trust me, I’ve had my share of experience with the ups and downs in the market but I never for once lost the passion to grow in the field. This is because I believe growth leads to excellence and that’s my goal in the field. And today, I am an employee of Bitcoinnist and NewsBTC news outlets.

My Bosses and co-workers are the best kinds of people I have ever worked with, in and outside the crypto landscape. I intend to give my all working alongside my amazing colleagues for the growth of these companies.

Sometimes I like to picture myself as an explorer, this is because I like visiting new places, I like learning new things (useful things to be precise), I like meeting new people – people who make an impact in my life no matter how little it is.

One of the things I love and enjoy doing the most is football. It will remain my favorite outdoor activity, probably because I’m so good at it. I am also very good at singing, dancing, acting, fashion and others.

I cherish my time, work, family, and loved ones. I mean, those are probably the most important things in anyone’s life. I don’t chase illusions, I chase dreams.

I know there is still a lot about myself that I need to figure out as I strive to become successful in life. I’m certain I will get there because I know I am not a quitter, and I will give my all till the very end to see myself at the top.

I aspire to be a boss someday, having people work under me just as I’ve worked under great people. This is one of my biggest dreams professionally, and one I do not take lightly. Everyone knows the road ahead is not as easy as it looks, but with God Almighty, my family, and shared passion friends, there is no stopping me.



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PNUT Price Nears Oversold Zone After 20% 24-Hour Decline

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PNUT price has dropped more than 20% in the last 24 hours, following its recent surge after being listed on major exchanges, where it reached $2.28. This sharp decline highlights weakening momentum, as indicators like ADX and RSI suggest that the uptrend is fading.

Despite this, PNUT still has the potential for a strong recovery if buyers return. However, if bearish pressure continues, PNUT could face a significant correction, testing key support levels and potentially losing more ground.

PNUT Current Uptrend Is Fading Away

PNUT currently has an ADX of 18.76, significantly down from above 50 just a few days ago. This consistent decline in ADX indicates that the strength of PNUT’s uptrend has been steadily weakening.

Despite still being in an uptrend, the sharp drop in price over the last 24 hours highlights the growing vulnerability of maintaining upward momentum. The ADX suggests a potential reversal could be on the horizon.

PNUT ADX.
PNUT ADX. Source: TradingView

The ADX measures the strength of a trend, with values above 25 indicating a strong trend and below 20 indicating a weak or nonexistent trend.

PNUT’s ADX dropping below 20 reflects a weakening trend, even though the current directional movement still leans bullish. If this trend strength continues to deteriorate, PNUT may struggle to sustain its uptrend. That would leave PNUT price vulnerable to a more significant reversal in the near term.

PNUT Is Almost Reaching The Oversold Zone

PNUT currently has an RSI of 32.6, marking its lowest level since being listed on Binance.

The Relative Strength Index (RSI) measures the speed and magnitude of price movements, with values above 70 indicating overbought conditions and below 30 signaling oversold levels.

PNUT RSI
PNUT RSI. Source: TradingView

The consistent decline in PNUT’s RSI over the past few days highlights weakening momentum, with the asset now approaching oversold levels.

If the RSI falls below 30, it could signal that PNUT is significantly undervalued in the short term. However, continued bearish sentiment could keep the price under pressure, delaying any recovery.

PNUT Price Prediction: A 72% Correction Ahead?

If PNUT price experiences a reversal and a strong downtrend emerges, it could test the support at $0.749. Should this level fail to hold, the price may drop further to $0.41 and even $0.32, marking a significant potential correction of up to 72%. This would make PNUT be surpassed by other meme coins such as MOG, GOAT, and MEW in terms of market cap.

Such a scenario would indicate increased bearish pressure, with traders potentially continuing to exit positions after the surges following the listing on major exchanges.

PNUT Price Analysis.
PNUT Price Analysis. Source: TradingView

On the other hand, if PNUT uptrend regains strength, the price could rise to test the resistances at $1.87 and $2.21.

Breaking through these levels could allow PNUT to retest its previous all-time high of $2.50. That would offer a potential 111% upside and establish PNUT as a top 10 meme coin in the market.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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