Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Cryptocurrencies

Solana (SOL) at a Crossroads: Can It Break Through and Turn Bullish?

Source Newsbtc

Solana started a fresh decline from the $220 zone. SOL price is consolidating and might face resistance near the $215 and $220 levels.

SOL price started a fresh decline below the $215 and $212 levels against the US Dollar.
The price is now trading below $212 and the 100-hourly simple moving average.
There is a short-term declining channel or a bullish flag forming with resistance at $213 on the hourly chart of the SOL/USD pair (data source from Kraken).
The pair could start a fresh increase if the bulls clear the $220 zone.

Solana Price Faces Resistance

Solana price struggled to clear the $250 resistance and started a fresh decline, like Bitcoin and Ethereum. SOL declined below the $220 and $200 support levels.

It even dived below the $180 level. The recent low was formed at $175 before the price climbed and tested the $220 resistance. A high was formed at $220 and the price is now consolidating. There was a drop below the 23.6% Fib retracement level of the upward move from the $175 swing low to the $220 high.

Solana is now trading below $220 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $212 level. There is also a short-term declining channel or a bullish flag forming with resistance at $213 on the hourly chart of the SOL/USD pair.

The next major resistance is near the $215 level. The main resistance could be $220. A successful close above the $220 resistance zone could set the pace for another steady increase. The next key resistance is $232. Any more gains might send the price toward the $250 level.

Another Decline in SOL?

If SOL fails to rise above the $215 resistance, it could start another decline. Initial support on the downside is near the $202 zone. The first major support is near the $198 level or the 50% Fib retracement level of the upward move from the $175 swing low to the $220 high.

A break below the $198 level might send the price toward the $192 zone. If there is a close below the $192 support, the price could decline toward the $175 support in the near term.

Technical Indicators

Hourly MACD – The MACD for SOL/USD is losing pace in the bullish zone.

Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.

Major Support Levels – $202 and $198.

Major Resistance Levels – $215 and $220.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

Recommended Articles

US August CPI lands tonight: after a 5.4% PPI shock, will the Fed hike on September 16?US August PPI came in at 5.4% year-on-year, above the 5.3% consensus, with core PPI at 4.6%. Traders have pushed the odds of a 25bp Fed hike on September 15-16 to around 70%. Tonight's CPI is the last major inflation print before the decision — here is the full calendar, the consensus numbers, and what a hot versus cool reading would mean for the dollar, yields, gold and stocks.

Author Irene Q.

Sep 11, Fri

US August PPI came in at 5.4% year-on-year, above the 5.3% consensus, with core PPI at 4.6%. Traders have pushed the odds of a 25bp Fed hike on September 15-16 to around 70%. Tonight's CPI is the last major inflation print before the decision — here is the full calendar, the consensus numbers, and what a hot versus cool reading would mean for the dollar, yields, gold and stocks.

Brent tests $108 as a key export pipeline stays shut — can the rally clear $110?Brent crude rose 2.55% to $106.97 and WTI 2.32% to $102.30 as a major regional export pipeline remained offline with no restart timeline. Front-month backwardation has widened to $5.53 from $3.84 a week ago, European gas is at its highest since December 2022, and one analyst sees $119.48 if talks stall.

Author Irene Q.

Yesterday 07: 16

Brent crude rose 2.55% to $106.97 and WTI 2.32% to $102.30 as a major regional export pipeline remained offline with no restart timeline. Front-month backwardation has widened to $5.53 from $3.84 a week ago, European gas is at its highest since December 2022, and one analyst sees $119.48 if talks stall.

Fed hike odds near 90% into Wednesday's decision — how to trade the dollar, gold and the S&P 500 A 0.3% monthly core CPI print has lifted the market-implied probability of a 25bp Fed hike on 16 September to roughly 86.5% ~ 90%, which would be the first increase since July 2023. Here is the decision timeline, the pricing versus the forecasts, both scenarios, and the key levels for the dollar, gold and the S&P 500.

Author Suzie

Yesterday 07: 49

A 0.3% monthly core CPI print has lifted the market-implied probability of a 25bp Fed hike on 16 September to roughly 86.5% ~ 90%, which would be the first increase since July 2023. Here is the decision timeline, the pricing versus the forecasts, both scenarios, and the key levels for the dollar, gold and the S&P 500.

Silver Price Forecast: XAG/USD falls to near $63.50 amid Fed hike bets, higher oil prices Silver price (XAG/USD) loses its gains from the previous day, trading around $63.50 per troy ounce during Asian hours on Monday. Non-yielding Silver is currently facing significant headwinds driven by rising Federal Reserve (Fed) rate-hike expectations for the upcoming September decision.

Author FXStreet

Yesterday 10: 37

Silver price (XAG/USD) loses its gains from the previous day, trading around $63.50 per troy ounce during Asian hours on Monday. Non-yielding Silver is currently facing significant headwinds driven by rising Federal Reserve (Fed) rate-hike expectations for the upcoming September decision.

【Daily Brief】10-year Treasury yield briefly tops 5%, S&P 500 slips to 7,602 and the dollar firms at 99.3 as the Fed's decision eve begins The 10-year Treasury yield touched 5.014% on Monday — its first print above 5% since October 2023 — while the S&P 500 closed 0.48% lower at 7,619.98 and the dollar index firmed to 99.3. Here is the full market wrap ahead of Wednesday's FOMC decision, the dot plot and the August retail sales report, plus today's CLARITY Act Senate vote.

Author Irene Q.

6 hours ago

The 10-year Treasury yield touched 5.014% on Monday — its first print above 5% since October 2023 — while the S&P 500 closed 0.48% lower at 7,619.98 and the dollar index firmed to 99.3. Here is the full market wrap ahead of Wednesday's FOMC decision, the dot plot and the August retail sales report, plus today's CLARITY Act Senate vote.

Popular Symbols