- During the US session open, the SOL was trading strongly bullish at $114, adding +5.99% so far.
- The US Dollar Index fell to the 92.40 level, the lowest in 18 days, pushing the SOL/USD higher.
- Forex trading participants may look for a buy trade above the $110 level to the target of $129 and $140.
During the US session open, the SOL is trading strongly bullish at $114, adding +5.99% so far. The day before, the SOL/USD closed at $108.380 after placing a high of $129.970 and a low of $103.370. If you are wondering what to expect and where to buy SOL, let’s find out below…
SOL/USD Places All-Time High at $130
The SOL pair surged to its all-time high-level yesterday near the $130 level. However, it faced heavy resistance and profit-taking, which turned its prices to the downside for the day.
Solana’s token SOL surged this week and became the 7th most valuable cryptocurrency by overtaking Dogecoin on Tuesday. The SOL token rose by 28% and reached its all-time high near the $130 level before slipping back to the 8th position. Furthermore, the SOL/USD rose about 220% last month, and the rally continued this month as well.
Solana (NFTs) Market Value Soars to $30 Billion
The SOL token made its debut just 18-months ago, but now it has a market value of over $30 billion. The main reason behind the sudden attraction was the recent entry of networks into non-fungible tokens (NFTs).
Solana launched Degenerate Ape Academy, which sold a collection of pictures of cartoon apes, and in the first 10 minutes of its launch, it successfully sold about 10,000 of them, driving the SOL token higher because people needed the cryptocurrency to buy the cartoon apes.
The increased demand for SOL added to the value of SOL/USD.
The Solana token also surged with the August rally of NFTs, which hit a record in sales of about $900 million. Solana has prioritized smart contracts, which has pushed SOL token prices higher lately. Solana has been taking advantage of the NFT market and DeFi.
The unique feature of the Solana blockchain of using proof-of-history consensus also helped in the recent rally of SOL/USD. The concept of P-O-H allows for greater scalability and trust on the blockchain and reduces the time per transaction.
The US Dollar Slips Ahead of US NFP Figures on Friday.
The declining prices of the US dollar added further gains to the SOL/USD as both have a negative correlation. The greenback was depressed throughout the trading session as investors were cautious about placing a solid bid ahead of the NFP data scheduled for Friday.
The US Dollar Index, which measures the greenback’s value against the basket of six major currencies, fell to 92.4. It pushed SOL/USD higher on board to its all-time high level near $130.
SOL Price Prediction – Technical Levels
Support Resistance
97.844 124.444
87.307 140.507
71.244 151.044
Pivot Point: 113.907
SOL/USD Violates Downward Channel at $225 – Where to Buy?
The SOL price prediction remains bullish above an upward trendline of $110. On the 4-hour chart, the SOL/USD pair’s upward trendline is likely to support the pair at the $110 level. The closing of 4-hour candles above this level supports the odds of an upward trend continuation in the SOL/USD pair.
On the bullish side, the SOL/USD may find the next resistance at the $129 level, and a bullish crossover of this level could lead the pair towards $146. In contrast, the $110 support zone breakout could trigger a strong selling trend until the $89 and $75 support levels. On the 4 – hour timeframe, the 50 day EMA (Exponential Moving Average – Red Line) holds at the $110 level, demonstrating a bullish trend in SOL.
Accordingly, forex trading participants may look for a buy trade above the $110 level to the target of $129 and $140. Alternatively, we can place a sell-stop below $103 to target $90 levels. All the best.
Where to Buy SOL/USD?
You can buy it on eToro. It’s one of the trusted exchange platforms in the crypto space. eToro supports copy trading, which allows new traders to learn from market experts. eToro also charges low trading fees and commissions.
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