SOL/USD: Middle of Long-Term Range as Speculators Prowl| MENAFN.COM

Sunday, 23 January 2022 04:23 GMT

SOL/USD: Middle of Long-Term Range as Speculators Prowl

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SOL/USD is trading within a rather tight range as of this writing and is hovering near the 146.00 ratio. Since hitting its record high of nearly 216.000 on the 9th of September, SOL/USD has certainly experienced a selloff, but it has correlated to its major counterparts relatively well. Intriguingly, like Cardano, which also achieved an all-time high in the second week of September, Solana has incrementally seen resistance levels lower but it has maintained sight of its higher price ratios.

Intriguingly, after going offline for a few days in the middle of September due to technological updates when a high volume of transactions reportedly caused transactional problems, SOL/USD has been able to maintain its sphere of influencers and advocates. Technically, the 144.000 to 142.000 price range should have an eye kept on it as important short-term support. The broad cryptocurrency market is showing signs of nervousness since the beginning of October, and establishing a strong reversal higher for SOL/USD has proven difficult.

If support falters at its current levels traders could target the 140.000 to 138.00 values. The 138.000 to 137.000 marks could prove to be important if they are perceived to be vulnerable and could set off additional bearish speculative activity. On the 1st of October, SOL/USD was trading near the 138.000 juncture. However, on the 21st and 26th of September lower values were seen, and the 121.000 mark was tested late in the third week of the month. 

Bearish speculators who believe SOL/USD can demonstrate a reversal lower should keep their eyes open on the 128.000 mark. If this price is punctured it could indicate a strong bearish cycle is about to generate more power. However, if current prices hold back nervous sentiment and the 138.000 to 140.00 support levels appear durable, optimistic speculators could not be blamed for wanting to pursue upwards momentum.

Solana is the 7th highest ranked cryptocurrency regarding its market capitalization. In many circles, it is considered a competitor to Ethereum. While nervous market sentiment appears rather loud in the broad cryptocurrency market momentarily, cautious speculators who believe more selling activity will develop short term may want to pursue downward moves. Waiting for slight moves higher to ignite speculative positions looking for reversals lower and for current support levels to be tested may prove a worthwhile wager.

Solana Short-Term Outlook

Current Resistance: 150.3300

Current Support: 144.500

High Target: 154.920

Low Target: 139.900


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