- On Tuesday, the SOL/USD is trading at 167 with a bearish bias, dropping -1.46%.
- The price of SOL tokens surged more than 50% last week despite a wide-market crash.
- Forex trading participants may look for a buy trade above the $160 level to target $177 and $185.
On Tuesday, the SOL/USD is trading at 167 with a bearish bias, dropping -1.46%. The day before, the SOL/USD was closed at $169.630 after reaching a high of $174.960 and a low of $150.640. SOL/USD fell for the fifth consecutive session on Monday, extending its decline. If you are wondering what to expect and where to buy SOL, let’s find out below…
The recent fall in SOL/USD prices could be attributed to profit-taking as the cryptocurrency reached its all-time high last week at $215.190. After rising for the past eight consecutive weeks, SOL/USD experienced some selling pressure this week amid profit-booking by many investors.
Solana topped its ATH level on September 9 after the growing popularity of NFT. SOL is a native token of the Solana blockchain, an open-source project implementing a new, high-performance, permissionless blockchain that the Geneva-based Solana Foundation maintains.
In the past 30-days, Solana has surged by more than 300%, and the reason could only be the increased interest of investors in Solana’s blockchain as an emerging rival to Ethereum. There are two different NFT projects launched in the ecosystem of Solana, and the demand for SOL from retail buyers is increasing every day.
SOL tokens surged more than 50%.
As a result, the price of SOL tokens surged more than 50% last week despite a wide-market crash. Furthermore, the launch of the NFT Degenerate Ape Academy, hosted by Solana on August 15. It featured a collection of 10,000 cartoon apes and has also supported the rally in SOL/USD.
Solana also added an FTX-backed digital collectibles marketplace earlier this week, which pushed the SOL prices to an all-time high level. FTX is a crypto derivatives platform that would enable NFT creators and owners to trade their digital arts cross-chain using Solana and Ethereum.
On Saturday, the Solana blockchain saw its first million-dollar NFT sale after the Blockchain advisory firm Moonrock Capital bought one of the Degenerate Ape Academy NFTs for 5,980 SOL worth $1.1 million. Despite this, SOL/USD dropped over the weekend as the investors started booking profits.
SOL Price Prediction – Technical Levels
Support Resistance
155.194 179.514
140.757 189.397
130.874 203.834
Pivot Point: 165.077
SOL/USD Supported Over 150 by Upward Trendline – Where to Buy?
The SOL price prediction remains bullish above a support level of $165. On the 4-hour chart, SOL/USD is facing immediate resistance at the $177 level. A bearish breakout of $177 can extend a buying trend until the next resistance level of 192.31.
However, the 50-day exponential moving average is likely to provide significant resistance at 185 levels in the 4-hour time frame.
On the bearish side, the pair is likely to find immediate support at the $151 level. A bearish break below this level can extend a strong selling trend until the 132.400 level. The leading technical indicator Stochastic RSI is holding in a buy zone, while the upward trendline is supporting a buying trend. At the same time, the 50 EMA is extending resistance at 185. Thus, there’s no clear direction for the SOL/USD pair right now.
Accordingly, forex trading participants may look for a buy trade above the $160 level to target $177 and $185. Alternatively, we can place a sell-stop below $150 to target $132 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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