Solana price has been hovering around critical support levels recently, with bearish trends casting a shadow over its market performance. The digital currency is struggling to maintain its footing amid a broader downturn in the cryptocurrency sector. This decline mirrors the trends seen across the global crypto market, grappling with significant corrections.
Solana Price Forecast: Analyst Eyes Potential Surge to $400
Crypto analyst Sistine has provided a nuanced analysis of Solana’s current market trajectory, illustrating promising and concerning patterns.
According to her observations, the broader view of Solana reveals a potentially bullish future with formations such as a large bull flag and a cup and handle pattern, suggesting a target close to $400.
SOL Thread w/ Sistine Indicators
1. Big Picture
Big picture, Solana simultanesiouly looks horrendous and phenomenal.
Big bull flag and cup and handle targeting nearly $400.
Zoom in a bit and you’ll see a head and shoulders forming that could take SOL as low as $70.
Zoom in… pic.twitter.com/wk8mFnlUDB
— Sistine Research (@sistineresearch) August 16, 2024
However, a head-and-shoulders pattern emerges when the perspective is narrowed, indicating a possible decline to as low as $70. Further inspection shows an additional head-and-shoulders formation actively influencing the price movement.
Over the past 24 hours, the Solana price has experienced a decline, with its value hovering below the $140 level. This marks a continuation of a downward trend for the asset. In the past week, the layer 1 cryptocurrency has decreased 10%, reflecting broader volatility in the crypto market.
As of the reporting time, the SOL price is currently at $139.51, with a decrease of 4% during the U.S. trading hours. The digital asset has been hovering between a high of $144.79 and a low of $136.38.
Can SOL Rebound or Face More Bearish Trends?
The current market corrections are impacting the overall cryptocurrency landscape. If bears mount more pressure, SOL could hit the $135 support level soon. Continued bearish momentum could push the price down to $130.
The 4-hour technical indicators for Solana price highlight a consolidating bearish pattern. The Moving Average Convergence Divergence (MACD) further supports this bearish trend.,The MACD line is below the signal line, signalling downtrend momentum.
Solana ETFs’ Uncertain Future After Filing Disappearances
As of the recent news by Coingape media, there have been developments regarding the proposed Solana ETFs from VanEck and 21Shares. As of August 17, documentation related to their 19b-4 filings has disappeared from the Cboe website. These filings, identified as SR-CboeBZX-2024-066 and SR-CboeBZX-2024-067, were initially submitted following the SEC’s green light for similar Ethereum-based ETFs.
Forms 19b-4 for VanEck and 21Shares Solana ETFs appear to have been removed from the CBOE website.
Documents SR-CboeBZX-2024-066 & SR-CboeBZX-2024-067 aren’t accessible anymore via direct link, and are no longer visible in BZX Pending Rule Changes.
Another interesting thing is… pic.twitter.com/t81kVGJ3uH
— Summers (@SummersThings) August 16, 2024
Users have noted that both the direct links and their presence in the BZX Pending Rule Changes section are no longer available. This removal raises questions about the future of these Solana ETF initiatives.
However, if bulls make a comeback and investor sentiment improves, the Solana price prediction could initially aim for the $145 mark, followed by a potential rise to $150 and possibly even $180 in the next bullish run.
Frequently Asked Questions (FAQs)
The details surrounding the removal of Solana ETF filings from Cboe are unclear, raising questions about the future of these ETF initiatives.
If Solana’s price recovers, it might target resistance levels at $145, followed by $150 and potentially $180 in a bullish scenario.
Analysts have noted both bullish (like a bull flag and cup and handle) and bearish (like head-and-shoulders) patterns in Solana’s recent price charts.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/solana-price-can-hit-400-if-sol-bulls-can-do-this-analyst-forecasts/
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