SOL / TetherUSPembelian
Solana (SOL) Analysis: Fundamental and Technical Breakdown
📊 Solana reached its all-time high (ATH) of $264 on November 22, but has since entered a corrective phase, experiencing price volatility in recent weeks. In this analysis, we will explore both the fundamental and technical aspects of this popular cryptocurrency to uncover potential trading opportunities.
Fundamental Analysis 🔄
1. Anticipation of a Solana ETF:Major financial institutions like VanEck and Grayscale are competing to launch a Solana ETF. The U.S. Securities and Exchange Commission (SEC) is expected to announce its decision by January 2025. With a 77% estimated chance of approval, this could positively impact SOL’s price.
2. Total Value Locked (TVL):Solana's ecosystem has seen a consistent rise in its TVL throughout 2024, driven by ecosystem expansion and the launch of meme coins on its blockchain.
3. Market Sentiment and Volatility:Investor sentiment towards Solana remains mixed. The Net Unrealized Profit/Loss (NUPL) indicator suggests holders are cautious. Entering the fear zone may create buying pressure opportunities.
Overall, Solana’s fundamentals indicate significant growth potential, but traders should also be mindful of existing challenges.
Technical Analysis 🔢
Weekly Timeframe:
Solana is trending within an ascending channel, showing strong momentum and volume.
After correcting from its ATH of $265, SOL has reached the channel’s midline.
As long as SOL remains above the key support zone of $150-$165, traders can seek long opportunities for both futures and spot holdings.
Daily Timeframe:
A breakout above the $245 resistance could signal a strong buying opportunity for holding positions.
If a deeper correction occurs, this level might adjust, and updates will follow.
4-Hour Timeframe:
Recent price fluctuations stem from U.S. job market news, strengthening of the DXY, Bitcoin’s decline, and rising BTC dominance.
A breakout above $202 could trigger a long position, contingent on traders confirming their setups.
Trigger Confirmation Tips:
Method 1: Watch for a rejection at resistance, and enter on the next breakout.
Method 2: Enter on a successful retest (pullback) post-breakout.
For short positions, watch for a breakdown below the $160 support zone.
🚀 Solana presents promising opportunities backed by solid fundamentals and technical setups. However, managing risk and waiting for proper confirmations remain crucial. Are you ready to capitalize on Solana’s next move? Share your thoughts in the comments!
I’m Skeptic, here to simplify trading and help you achieve mastery step by step. Let’s keep growing together!
Fundamental Analysis 🔄
1. Anticipation of a Solana ETF:Major financial institutions like VanEck and Grayscale are competing to launch a Solana ETF. The U.S. Securities and Exchange Commission (SEC) is expected to announce its decision by January 2025. With a 77% estimated chance of approval, this could positively impact SOL’s price.
2. Total Value Locked (TVL):Solana's ecosystem has seen a consistent rise in its TVL throughout 2024, driven by ecosystem expansion and the launch of meme coins on its blockchain.
3. Market Sentiment and Volatility:Investor sentiment towards Solana remains mixed. The Net Unrealized Profit/Loss (NUPL) indicator suggests holders are cautious. Entering the fear zone may create buying pressure opportunities.
Overall, Solana’s fundamentals indicate significant growth potential, but traders should also be mindful of existing challenges.
Technical Analysis 🔢
Weekly Timeframe:
Solana is trending within an ascending channel, showing strong momentum and volume.
After correcting from its ATH of $265, SOL has reached the channel’s midline.
As long as SOL remains above the key support zone of $150-$165, traders can seek long opportunities for both futures and spot holdings.
Daily Timeframe:
A breakout above the $245 resistance could signal a strong buying opportunity for holding positions.
If a deeper correction occurs, this level might adjust, and updates will follow.
4-Hour Timeframe:
Recent price fluctuations stem from U.S. job market news, strengthening of the DXY, Bitcoin’s decline, and rising BTC dominance.
A breakout above $202 could trigger a long position, contingent on traders confirming their setups.
Trigger Confirmation Tips:
Method 1: Watch for a rejection at resistance, and enter on the next breakout.
Method 2: Enter on a successful retest (pullback) post-breakout.
For short positions, watch for a breakdown below the $160 support zone.
🚀 Solana presents promising opportunities backed by solid fundamentals and technical setups. However, managing risk and waiting for proper confirmations remain crucial. Are you ready to capitalize on Solana’s next move? Share your thoughts in the comments!
I’m Skeptic, here to simplify trading and help you achieve mastery step by step. Let’s keep growing together!
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