What’s next for Solana’s prices once the token hits its last high? – .

0
14
What’s next for Solana’s prices once the token hits its last high? – .


Solana’s ground token had a very interesting day, climbing to its last high point and then undergoing a retracement.

The digital currency, which serves as the native token of the high-performance blockchain platform Solana, hit $ 215.06 this morning, according to data from Messari.

After hitting that level, it fell back to nearly $ 195, a drop of more than 9%, further figures from Messari reveal.

As a result of this pullback, the digital currency recovered somewhat and was trading near $ 199.00 at the time of writing.

[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]

After these latest price moves, several technical analysts offered a perspective, highlighting key considerations market watchers should watch for going forward.

“Solana’s SOL token is facing strong resistance at $ 215,” said John Iadeluca, founder and CEO of multi-strategy fund Banz Capital.

He noted that if the cryptocurrency can break this selling pressure, the next level of resistance will be $ 250.

“I think the current strongest selling pressure has created resistance around $ 250,” said Iadeluca, who specified that this is an important psychological level.

After that, the digital asset would face a “significant sell wall” of nearly $ 260, where there is currently a substantial “volume of selling pressure”.

Jason Lau, COO of the Okcoin cryptocurrency exchange, offered a similar perspective.

He noted that “$ 215 is the last all-time high, so resistance is expected. If we can erase that, $ 250 is certainly possible. “

Julius de Kempenaer, senior technical analyst at StockCharts.com, also identified the $ 215 level as resistance, but said the $ 270 level would come next, describing this as “the height of the projected consolidation above. of the breakout level ”.

RSI Considerations

In addition to clarifying price levels that could offer key resistance, technical analysts also looked at the Relative Strength Index (RSI), which is a technical indicator designed to give users a sense of how well an asset is is either oversold or underbought. .

Lau spoke about it, saying that “the Relative Strength Index (RSI) shows signs of overbought SOL in the near term.”

Armando Aguilar, vice president of digital asset strategy for Fundstrat Global Advisors, confirmed that, according to this particular indicator, “SOL is in overbought territory.”

Iadeluca offered a slightly different point of view, saying that in his analysis, the digital token had barely entered this territory.

“My surest indicator of whether Solana is really overbought, at least relative to his RSI level, would be if he moved further towards overbought levels over the next few days,” he said.

Disclosure: I own bitcoin, bitcoin cash, litecoin, ether, EOS, and soil.

LEAVE A REPLY

Please enter your comment!
Please enter your name here