{"id":555833,"date":"2023-10-18T05:38:38","date_gmt":"2023-10-18T05:38:38","guid":{"rendered":"https:\/\/wncen.com\/?p=555833"},"modified":"2023-10-18T05:38:38","modified_gmt":"2023-10-18T05:38:38","slug":"solana-price-direction-remains-hazy-despite-10-weekly-rally","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/solana-price-direction-remains-hazy-despite-10-weekly-rally\/","title":{"rendered":"Solana Price Direction Remains Hazy Despite 10% Weekly Rally"},"content":{"rendered":"

The recent price surge of Solana (SOL) encountered a significant roadblock at the $25 mark, which prompted a reversal following a retest in early October. Despite this setback, the market sentiment remained relatively positive, with demand showing resilience at press time.\u00a0<\/span><\/p>\n

SOL traders on higher time scales may find themselves in a state of uncertainty regarding price direction. As of the present moment, SOL has been on a modest 10% upward trajectory, surging from $21.5 to $24.70 over the past few weeks.<\/p>\n

Related Reading: Polkadot Road To Recovery \u2013 Will $4 Mark The Turning Point?<\/a><\/div>\n

This development has left traders and investors pondering the possible outcomes for SOL’s trajectory, leading to discussions about potential bullish or bearish trends, or even a breakout.<\/span><\/p>\n

Analysts have pointed to <\/span>encouraging signs within SOL’s price chart<\/span>, notably the Relative Strength Index (RSI) and the Chaikin Money Flow (CMF), both of which have been exhibiting positive trends. These indicators have shown steady upticks, indicating a commendable recovery in buying pressure and an increase in capital inflows over the past few days.\u00a0<\/span><\/p>\n

Solana\u2019s Positive Indicators Amidst Uncertainty<\/strong><\/h2>\n

Market observers have highlighted the significance of a convincing flip of the $25 hurdle into a support level, suggesting potential bullish momentum that could drive the price towards the $27 mark in the near future. However, cautionary notes have been sounded regarding the possibility of a price reversal, given the RSI’s overbought condition and the persistence of the resistance at $25.<\/span><\/p>\n

\"\"Solana seven-day price action. Source: Coingecko<\/pre>\n
Currently, SOL is trading at $24.16 according to <\/span>CoinGecko<\/span><\/a>, with a 24-hour movement of 0.0%. The seven-day rally, however, stands at an encouraging 9.9%, indicating a degree of price resilience even in the face of these challenges.<\/span><\/p>\n
Related Reading: XRP On The Cusp Of Redemption? Unveiling Data-Backed Insights<\/a><\/div>\n
Adding to the complexity of SOL’s price dynamics, the cryptocurrency has experienced negative funding rates, despite the recent price rally. This discord between the price surge and the negative sentiment in the market has fueled debates among investors about the sustainability of the current upward momentum.<\/span><\/p>\n
<\/p>\n
SOL market cap currently at $10.07 billion on the daily chart: TradingView.com<\/a><\/pre>\n
Discontinuation Of Services By Lido Finance<\/strong><\/h2>\n
In a significant development, Lido Finance, a prominent liquid-staking provider, announced its decision to phase out services on the Solana network in the coming months. <\/span><\/p>\n
As the third-largest protocol on the Solana blockchain and with a presence on multiple chains, including Ethereum, this move has sent shockwaves through the cryptocurrency community. <\/span><\/p>\n
The announcement caused a notable impact on Solana’s Total Value Locked (TVL), which witnessed a sharp <\/span>decline of $100 million<\/span><\/a> within a single day following the news.<\/span><\/p>\n
\"\"SOL total value locked. Source: DefiLlama<\/pre>\n
As SOL grapples with these mixed signals and developments, the immediate outlook for the cryptocurrency remains uncertain. Traders and investors are closely monitoring the upcoming price movements, awaiting further market cues and developments that could potentially sway the balance towards bullish recovery or a prolonged bearish phase.\u00a0<\/span><\/p>\n
While the indicators suggest a potential breakout, the cautionary notes regarding resistance levels and market sentiment continue to linger, creating an air of anticipation and apprehension in the cryptocurrency community.<\/span><\/p>\n
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).<\/em><\/p>\n
Featured image from <\/span>Meetinghouse<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
The recent price surge of Solana (SOL) encountered a significant roadblock at the $25 mark, which prompted a reversal following a retest in early October. Despite this setback, the market sentiment remained relatively positive, with demand showing resilience at press time.\u00a0 SOL traders on higher time scales may find themselves in a state of uncertainty regarding price direction. As of the present moment, SOL has been on a modest 10% upward trajectory, surging from $21.5 to $24.70 over the past few weeks. Related Reading: Polkadot Road To Recovery \u2013 Will $4 Mark The Turning Point? This development has left traders and investors pondering the possible outcomes for SOL’s trajectory, leading to discussions about potential bullish or bearish trends, or even a breakout. Analysts have pointed to encouraging signs within SOL’s price chart, notably the Relative Strength Index (RSI) and the Chaikin Money Flow (CMF), both of which have been exhibiting positive trends. These indicators have shown steady upticks, indicating a commendable recovery in buying pressure and an increase in capital inflows over the past few days.\u00a0 Solana\u2019s Positive Indicators Amidst Uncertainty Market observers have highlighted the significance of a convincing flip of the $25 hurdle into a support level, suggesting potential bullish momentum that could drive the price towards the $27 mark in the near future. However, cautionary notes have been sounded regarding the possibility of a price reversal, given the RSI’s overbought condition and the persistence of the resistance at $25. Solana seven-day price action. Source: Coingecko Currently, SOL is trading at $24.16 according to CoinGecko, with a 24-hour movement of 0.0%. The seven-day rally, however, stands at an encouraging 9.9%, indicating a degree of price resilience even in the face of these challenges. Related Reading: XRP On The Cusp Of Redemption? Unveiling Data-Backed Insights Adding to the complexity of SOL’s price dynamics, the cryptocurrency has experienced negative funding rates, despite the recent price rally. This discord between the price surge and the negative sentiment in the market has fueled debates among investors about the sustainability of the current upward momentum. SOL market cap currently at $10.07 billion on the daily chart: TradingView.com Discontinuation Of Services By Lido Finance In a significant development, Lido Finance, a prominent liquid-staking provider, announced its decision to phase out services on the Solana network in the coming months. As the third-largest protocol on the Solana blockchain and with a presence on multiple chains, including Ethereum, this move has sent shockwaves through the cryptocurrency community. The announcement caused a notable impact on Solana’s Total Value Locked (TVL), which witnessed a sharp decline of $100 million within a single day following the news. SOL total value locked. Source: DefiLlama As SOL grapples with these mixed signals and developments, the immediate outlook for the cryptocurrency remains uncertain. Traders and investors are closely monitoring the upcoming price movements, awaiting further market cues and developments that could potentially sway the balance towards bullish recovery or a prolonged bearish phase.\u00a0 While the indicators suggest a potential breakout, the cautionary notes regarding resistance levels and market sentiment continue to linger, creating an air of anticipation and apprehension in the cryptocurrency community. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from Meetinghouse<\/p>\n","protected":false},"author":557,"featured_media":555840,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[142,1144,8686,4735,86420,83626],"class_list":["post-555833","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-altcoins","tag-btcusd","tag-ethusd","tag-price-action","tag-sol-price","tag-solana"],"acf":[],"yoast_head":"\nSolana Price Direction Remains Hazy Despite 10% Weekly Rally<\/title>\n<meta name=\"description\" content=\"The recent price surge of Solana (SOL) encountered a significant roadblock at the $25 mark, which prompted a reversal following a retest in early October.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/wncen.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Solana Price Direction Remains Hazy Despite 10% Weekly Rally","url":"http:\/\/wncen.com\/news\/solana-price-direction-remains-hazy-despite-10-weekly-rally\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/solana-price-direction-remains-hazy-despite-10-weekly-rally\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/a-52.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/a-52.png?fit=919%2C325"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Christian Encila"}],"creator":["Christian Encila"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["altcoins","btcusd","ethusd","price action","sol price","solana"],"dateCreated":"2023-10-18T05:38:38Z","datePublished":"2023-10-18T05:38:38Z","dateModified":"2023-10-18T05:38:38Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Solana Price Direction Remains Hazy Despite 10% Weekly Rally\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/solana-price-direction-remains-hazy-despite-10-weekly-rally\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/solana-price-direction-remains-hazy-despite-10-weekly-rally\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/a-52.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/a-52.png?fit=919%2C325\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Christian Encila\"}],\"creator\":[\"Christian Encila\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"altcoins\",\"btcusd\",\"ethusd\",\"price action\",\"sol price\",\"solana\"],\"dateCreated\":\"2023-10-18T05:38:38Z\",\"datePublished\":\"2023-10-18T05:38:38Z\",\"dateModified\":\"2023-10-18T05:38:38Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/a-52.png?fit=919%2C325","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/555833"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/557"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=555833"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/555833\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/555840"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=555833"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=555833"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=555833"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}