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SOL Sheds 93.49% of Its All Time High Price, What Does 2023 Hold ?

Bear momentum in SOL is invalidated by bulls as the price rises to $16.62 a 4.14%Traders should exercise caution in the near future, according to technical indicatorsMarket...
SOL Sheds 93.49% of Its All Time High Price, What Does 2023 Hold ? SOL Sheds 93.49% of Its All Time High Price, What Does 2023 Hold ?
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  • Bear momentum in SOL is invalidated by bulls as the price rises to $16.62 a 4.14%
  • Traders should exercise caution in the near future, according to technical indicators
  • Market excitement in SOL surges, leading market capitalization to rise

Solana (SOL) dropped 93.49% from its all-time high of $260.06 by 2023. After the FTX crisis, SOL lost roughly 60% of its value overnight. Some hopefully waited for SOL to gain New Year’s buyer momentum and help them recoup some of their losses.

Despite this decline, recent Solana ecosystem advancements seem to have buoyed traders. Bonk Inu (BONK), a dog-themed meme currency on the Solana blockchain network, has been performing well in the crypto market. Since its introduction on January 3, 2023, SOL’s market capitalization rose 3.55% to $6,166,343,155 and 24-hour trading volume rose 28.49% to $956,481,023, reflecting on the growing market interest.

SOL/USD price chart (source: CoinMarketCap)

If the bullish surge in the SOL market continues, the $17.36 resistance level (highest in the previous 30 days) will be breached. This enthusiasm may accelerate the price to a new level, causing a domino effect in the market and leading to an exponential rise in the price of SOL.

If the price breaks through the present resistance level of $17.36 and continues to increase with the same velocity as in previous days, the next resistance levels may be located around $20.63, $25.00, and $27.75, respectively. However, if bullish force fades and the $17.36 resistance level is not achieved, bears may recover momentum and the price may go back to lower levels.

However, the MACD blue line’s dip below the signal line at 0.45 casts doubt on the bullish eruption. Adding fuel to the fire of this pessimistic foreboding is the downward trend of the histogram.

SOL/USD 4-hour price chart (source: TradingView)

The Bull Bear Power (BBP) heading south with a value of 0.36 warns traders that a probable reversal is coming. This movement shows that the purchasing pressure that is pushing the price higher is waning, and that a trend reversal is probable.

Investors in the SOL market should be cautious since the Chaikin Money Flow indicator, at -0.05, shows that the market is projected to fall in the near future. However, the fact that it is trending higher suggests that there is optimism for the market, as investors continue to pump money into it.

SOL/USD 4-hour price chart (source: TradingView)

Despite the market’s current upward direction, the Solana (SOL) price chart shows that bull momentum is waning.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk, Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

The post SOL Sheds 93.49% of Its All Time High Price, What Does 2023 Hold ? appeared first on Coin Edition.

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05-06-2023 08:07:45 (UTC+7)

EUR/USD

1.0698

-0.0012 (-0.11%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (10)

Sell (1)

EUR/USD

1.0698

-0.0012 (-0.11%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (10)

Sell (1)

GBP/USD

1.2435

-0.0022 (-0.18%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (8)

Sell (1)

USD/JPY

140.06

+0.07 (+0.05%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

AUD/USD

0.6602

-0.0016 (-0.24%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

USD/CAD

1.3430

+0.0006 (+0.04%)

Summary

↑ Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (2)

Sell (6)

EUR/JPY

149.83

-0.10 (-0.07%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

EUR/CHF

0.9733

+0.0001 (+0.01%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (2)

Sell (2)

Gold Futures

1,963.35

-6.25 (-0.32%)

Summary

↑ Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (8)

Sell (0)

Silver Futures

23.635

-0.112 (-0.47%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (0)

Sell (7)

Copper Futures

3.7103

-0.0207 (-0.55%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

Crude Oil WTI Futures

72.45

+0.71 (+0.99%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (0)

Sell (9)

Brent Oil Futures

76.81

+0.41 (+0.54%)

Summary

↑ Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (1)

Sell (9)

Natural Gas Futures

2.205

+0.028 (+1.29%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (5)

Sell (1)

US Coffee C Futures

180.60

-2.45 (-1.34%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (1)

Sell (9)

Euro Stoxx 50

4,323.52

+65.91 (+1.55%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

S&P 500

4,282.37

+61.35 (+1.45%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (0)

Sell (9)

DAX

16,051.23

+197.57 (+1.25%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (1)

Sell (6)

FTSE 100

7,607.28

+117.01 (+1.56%)

Summary

Sell

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (1)

Sell (8)

Hang Seng

18,949.94

+733.03 (+4.02%)

Summary

↑ Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (6)

Sell (1)

US Small Cap 2000

1,830.91

+62.97 (+3.56%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

IBEX 35

9,317.30

+149.80 (+1.63%)

Summary

Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (4)

Sell (1)

BASF SE NA O.N.

46.790

+1.940 (+4.33%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (0)

Sell (7)

Bayer AG NA

52.61

+0.71 (+1.37%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (1)

Allianz SE VNA O.N.

210.15

+5.95 (+2.91%)

Summary

Sell

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (0)

Sell (8)

Adidas AG

159.52

+8.78 (+5.82%)

Summary

Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (4)

Sell (2)

Deutsche Lufthansa AG

9.303

+0.146 (+1.59%)

Summary

Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (3)

Sell (3)

Siemens AG Class N

159.28

+2.60 (+1.66%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (0)

Deutsche Bank AG

9.862

+0.284 (+2.97%)

Summary

Sell

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (0)

Sell (9)

    EUR/USD 1.0698 ↑ Buy  
    GBP/USD 1.2435 ↑ Buy  
    USD/JPY 140.06 ↑ Sell  
    AUD/USD 0.6602 ↑ Buy  
    USD/CAD 1.3430 ↑ Sell  
    EUR/JPY 149.83 ↑ Sell  
    EUR/CHF 0.9733 Neutral  
    Gold 1,963.35 ↑ Buy  
    Silver 23.635 ↑ Sell  
    Copper 3.7103 ↑ Sell  
    Crude Oil WTI 72.45 ↑ Sell  
    Brent Oil 76.81 ↑ Sell  
    Natural Gas 2.205 ↑ Buy  
    US Coffee C 180.60 ↑ Sell  
    Euro Stoxx 50 4,323.52 ↑ Buy  
    S&P 500 4,282.37 ↑ Sell  
    DAX 16,051.23 ↑ Sell  
    FTSE 100 7,607.28 Sell  
    Hang Seng 18,949.94 ↑ Buy  
    Small Cap 2000 1,830.91 ↑ Buy  
    IBEX 35 9,317.30 Buy  
    BASF 46.790 ↑ Sell  
    Bayer 52.61 ↑ Buy  
    Allianz 210.15 Sell  
    Adidas 159.52 Buy  
    Lufthansa 9.303 Buy  
    Siemens AG 159.28 ↑ Buy  
    Deutsche Bank AG 9.862 Sell  
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,640/ 6,680
(-10/ -10) # 1,051
SJC HCM6,635/ 6,705
(0/ 0) # 1,076
SJC Hanoi6,635/ 6,707
(0/ 0) # 1,078
SJC Danang6,635/ 6,707
(0/ 0) # 1,078
SJC Nhatrang6,635/ 6,707
(0/ 0) # 1,078
SJC Cantho6,635/ 6,707
(0/ 0) # 1,078
Cập nhật 05-06-2023 08:07:48
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$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD23.280,0023.650,00
EUR24.613,3825.991,59
GBP28.653,4729.875,26
JPY164,43174,07
KRW15,4818,86
Cập nhật lúc 08:04:20 05/06/2023
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