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Solana Price Continues To Trade Laterally With Signs Of Further Depreciation

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Solana Price
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Solana price has moving been sideways for the last few months, and it has maintained the same price action.

Over the last 24 hours, SOL has depreciated 2.6%. In the past week, the altcoin’s gains were negated by the ongoing lateral trading.

Buying strength has remained low over the last week and that has further pushed Solana price to their closest support line. If buyers push the price higher, SOL could attempt to topple over the $33 price level.

As sellers continue to dominate, it could be tough for SOL to experience a breakout from the $30-$32 price zone.

The bulls failed to hold onto the $33 price mark and ever since that, the coin has continued to spiral downwards. Increased consolidation of SOL has reduced buyers’ confidence.

For SOL to invalidate the bearish thesis, it needs to move above the $40 price zone. The global cryptocurrency market cap is now $971 billion, down by 0.2% in the last 24 hours.

Solana Price Analysis: One Day Chart

Solana was priced at $33 on the one-day chart | Source: SOLUSD on TradingView

SOL was trading at $33 at the time of writing. The coin experienced heavy resistance at the $41 price mark, and the bulls have been rejected at that mark for over months now.

Immediate resistance for Solana price was at $38, toppling which SOL might attempt to touch $41.

On the flip side, a fall from the present price mark will push SOL to $30 and then to $26.

The amount of Solana traded in the last session declined, indicating that buyers were fewer in number.

Technical Analysis

Solana Price
Solana registered a fall in buying strength on the one-day chart | Source: SOLUSD on TradingView

SOL lost its price momentum because buying strength consistently remained low for over a week. Despite buying strength recovering in the last few weeks, the price of the asset remained unaffected.

The Relative Strength Index was underneath the zero-line, indicating that sellers outnumbered buyers at the time of writing.

Solana price was below the 20-SMA due to a lack of demand. It also indicated that sellers were dominating price momentum in the market.

Solana Price
Solana displayed sell signal on the one-day chart | Source: SOLUSD on TradingView

The asset continued to display signs that the sellers were strong in the market. The Moving Average Convergence Divergence indicates the price momentum and the direction of the asset’s price.

MACD underwent a bearish crossover and formed red histograms.

These red histograms were indicative of sell signal in the market. The Stoch RSI is used to measure the overall market trend and the direction of the current price of an asset.

Stoch RSI was below the half-line and nearing the oversold zone. This reading confirmed bearish pressure in the market and that the asset could further lose value over the upcoming trading sessions.

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Uniswap Could Slide Below Support Zone

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On Thursday, the $6.7 price range of Uniswap was rebuffed once again. The momentum has slowed on the shorter time frames, which is a bearish indicator for traders and investors.

It’s possible that the recent decline in Bitcoin’s value is responsible for UNI’s lag.

Statistics show that there is a moderately high relationship between UNI and Bitcoin.

Recent price changes for both coins show a strong correlation between them. UNI has been closely following Bitcoin’s price action.

As the bearish slump in Uniswap continues into its second day, the currency pair may be retracing its recent gains.

As of this writing, UNI is trading at $6.45, up 12% in the last seven days, data from Coingecko show, Friday.

Uniswap Indicator: Bearish

UNI fell to a closing price of $6.379 yesterday, 7.62% lower than its September 28 closing price of $6.555. Price action in the past is also suggestive of a developing bearish momentum.

The momentum indicator is at a bearish low at the moment.

Daily and 4-hourly trends tell the same pattern as well. The amount of UNI currency on hand is at an all-time high, per CryptoQuant statistics. Foreign exchange reserves on the rise portend worse conditions.

As of this writing, daily UNI transaction volume in the shorter time frames from September 27 to now has been volatile.

During this time range on September 27, UNI rallied and tested the $6.7 resistance level. This price trend mirrored that of Bitcoin.

Although demand for UNI is not very great, both BTC and UNI are currently exhibiting indications of recovery.

A Retreat, Or Advance?

A recent research predicted that UNI would decline to $5.50, a volatile region that might spark a bigger sell-off in the crypto.

A decline of this nature could prompt investors and purchasers to acquire a position inside the aforementioned price range, restoring the currency to its current value.

However, UNI’s technological aspects are relatively neutral. On the charts, this appears as a near-stabilization of the price, which is supported by the 38.20 Fibonacci level.

This neutrality of the technical indicators and the relatively stable price range can assist the bulls in gaining strength for a breakout.

However, UNI has struggled to surpass the $6.49 level of resistance.

A breach of this resistance might initiate a gradual rally toward the $6.7 price level.

As the price trend wanes, UNI has a same chance of falling to $5.5 or rising to $6.7.

UNI total market cap at $4.95 billion on the daily chart | Source:

Featured image from Brightnode, Chart:

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Binance Registers as Financial Service Provider in New Zealand

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Binance Registers As Financial Service Provider In New Zealand
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