{"id":643741,"date":"2024-09-22T08:00:20","date_gmt":"2024-09-22T08:00:20","guid":{"rendered":"https:\/\/wncen.com\/?p=643741"},"modified":"2024-09-22T06:58:23","modified_gmt":"2024-09-22T06:58:23","slug":"solana-sol-failure-to-break-154-could-lead-to-85-correction-analyst","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/solana\/solana-sol-failure-to-break-154-could-lead-to-85-correction-analyst\/","title":{"rendered":"Solana (SOL) Failure To Break $154 Could Lead To $85 Correction – Analyst"},"content":{"rendered":"

Prominent altcoin Solana was one of the major headliners recently, notching an 8.22% gain in the last seven days, according to data from CoinMarketCap. This positive performance saw Solana climb as high as $150, a price mark last seen in late August. The sentiments around the fifth-largest cryptocurrency are largely bullish, however crypto analyst Ali Martinez has released certain cautionary notes for investors.
\n<\/span><\/p>\n

Related Reading: Solana Liquid Staking Could Touch $18 Billion \u2013 Will It Benefit These Altcoins?<\/a><\/div>\n

Solana\u2019s Price Breakout Crucial To Avoid Slip To $85<\/strong><\/h2>\n

In an X post<\/a> on Sunday, Ali Martinez noted that Solana is currently headed for major price resistance at the $154 price zone. The analyst warns the altcoin must not suffer a rejection at this price level to avoid a major price crash.\u00a0<\/span><\/p>\n

In the crypto market, price rejections at certain price marks occur for various reasons including historical evidence of resistance at said price level.\u00a0<\/span>According to Solana\u2019s daily chart, the $154 price zone presents a strong resistance level stretching as far back as May. If a rejection occurs at this level, Solana could likely fall to around $128 in a best-case scenario.<\/span><\/p>\n

However, the presence of massive selling pressure could drive the altcoin\u2019s price as low as $85, indicating a potential 44.1% decline from Solana\u2019s current price. <\/span>Alternatively, If Solana breaks past $154, it could attain a market price of $190, at which lies its next major resistance. Such price gain would represent a 23.37% increase in the asset\u2019s present market valuation.\u00a0<\/span><\/p>\n

At the time of writing, Solana continues to trade at $147.37 with a 1.24% gain on the last day, amid a 58.13% decline in trading volume activity. <\/span>Also, the altcoin remains one of the market’s most resilient assets with 7.65% and 2.27% in the past seven and thirty days respectively despite long periods of market downturn.<\/span><\/p>\n

As the final quarter of 2024 approaches, Solana remains one of the favorite coins for profitability based on historical price data<\/a>. This bullish stance is further strengthened by a robust meme market<\/a> valued at $6.56 billion and continuous network development.<\/p>\n

 <\/p>\n

\"Solana\"
Source: ali_charts<\/figcaption><\/figure>\n

Solana To Soon Host cbBTC – Coinbase<\/strong><\/h2>\n

In other news, American crypto exchange Coinbase has unveiled a plan to integrate its newly launched wrapped Bitcoin asset- cbBTC – with the Solana network. <\/span>This development was revealed<\/a> by Coinbase executive Hassan Ahmed while speaking at the Breakpoint conference who cited interest in the Solana network from the exchange customers.
\n<\/span><\/p>\n

Coinbase launched cbBTC on September 12 as a new digital product pegged 1:1 ratio with Bitcoin held in the exchange reserves. <\/span>The wrapped Bitcoin asset was initially launched on the Ethereum and Base network with availability to customers in the United Kingdom, Australia, Singapore, and the United States barring New York.<\/span>\u00a0<\/span><\/p>\n

\"Solana\"
SOL trading at $147.92 on the daily chart | Source: SOLUSDT chart on Tradingview.com<\/figcaption><\/figure>\n
\n
Featured image from ProRealCode, chart from Tradingview<\/em><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Prominent altcoin Solana was one of the major headliners recently, notching an 8.22% gain in the last seven days, according to data from CoinMarketCap. This positive performance saw Solana climb as high as $150, a price mark last seen in late August. The sentiments around the fifth-largest cryptocurrency are largely bullish, however crypto analyst Ali Martinez has released certain cautionary notes for investors. Related Reading: Solana Liquid Staking Could Touch $18 Billion \u2013 Will It Benefit These Altcoins? Solana\u2019s Price Breakout Crucial To Avoid Slip To $85 In an X post on Sunday, Ali Martinez noted that Solana is currently headed for major price resistance at the $154 price zone. The analyst warns the altcoin must not suffer a rejection at this price level to avoid a major price crash.\u00a0 In the crypto market, price rejections at certain price marks occur for various reasons including historical evidence of resistance at said price level.\u00a0According to Solana\u2019s daily chart, the $154 price zone presents a strong resistance level stretching as far back as May. If a rejection occurs at this level, Solana could likely fall to around $128 in a best-case scenario. However, the presence of massive selling pressure could drive the altcoin\u2019s price as low as $85, indicating a potential 44.1% decline from Solana\u2019s current price. Alternatively, If Solana breaks past $154, it could attain a market price of $190, at which lies its next major resistance. Such price gain would represent a 23.37% increase in the asset\u2019s present market valuation.\u00a0 At the time of writing, Solana continues to trade at $147.37 with a 1.24% gain on the last day, amid a 58.13% decline in trading volume activity. Also, the altcoin remains one of the market’s most resilient assets with 7.65% and 2.27% in the past seven and thirty days respectively despite long periods of market downturn. As the final quarter of 2024 approaches, Solana remains one of the favorite coins for profitability based on historical price data. This bullish stance is further strengthened by a robust meme market valued at $6.56 billion and continuous network development.   Solana To Soon Host cbBTC – Coinbase In other news, American crypto exchange Coinbase has unveiled a plan to integrate its newly launched wrapped Bitcoin asset- cbBTC – with the Solana network. This development was revealed by Coinbase executive Hassan Ahmed while speaking at the Breakpoint conference who cited interest in the Solana network from the exchange customers. Coinbase launched cbBTC on September 12 as a new digital product pegged 1:1 ratio with Bitcoin held in the exchange reserves. The wrapped Bitcoin asset was initially launched on the Ethereum and Base network with availability to customers in the United Kingdom, Australia, Singapore, and the United States barring New York.\u00a0 Featured image from ProRealCode, chart from Tradingview<\/p>\n","protected":false},"author":581,"featured_media":643743,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[84543],"tags":[87818,93079,1393,83626,93080,86410,83627],"class_list":["post-643741","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-solana","tag-ali-martinez","tag-cbbtc","tag-coinbase","tag-solana","tag-solana-price-correction","tag-solusd","tag-solusdt"],"acf":[],"yoast_head":"\nSolana (SOL) Set For Critical Encounter With $154 Resistance Level<\/title>\n<meta name=\"description\" content=\"The sentiments around 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While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency. Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems. In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others. In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies. Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative. Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information. Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets. Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a \u201cmusic nomad\u201d always ready to listen to new artists and explore new trends. Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination. He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society. In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come. His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry. Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.","sameAs":["https:\/\/www.linkedin.com\/in\/semilore-faleti-7a9046218","https:\/\/x.com\/https:\/\/twitter.com\/SemiloreFaleti"],"url":"https:\/\/wncen.com\/author\/semilorefaleti\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Solana (SOL) Failure To Break $154 Could Lead To $85 Correction – Analyst","url":"http:\/\/wncen.com\/news\/solana\/solana-sol-failure-to-break-154-could-lead-to-85-correction-analyst\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/solana\/solana-sol-failure-to-break-154-could-lead-to-85-correction-analyst\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/09\/Forex-price-action-chart2.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/09\/Forex-price-action-chart2.jpg?fit=809%2C629"},"articleSection":"Solana","author":[{"@type":"Person","name":"Semilore Faleti"}],"creator":["Semilore Faleti"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["ali martinez","cbbtc","coinbase","solana","solana price correction","solusd","solusdt"],"dateCreated":"2024-09-22T08:00:20Z","datePublished":"2024-09-22T08:00:20Z","dateModified":"2024-09-22T08:00:20Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Solana (SOL) Failure To Break $154 Could Lead To $85 Correction – Analyst\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/solana\\\/solana-sol-failure-to-break-154-could-lead-to-85-correction-analyst\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/solana\\\/solana-sol-failure-to-break-154-could-lead-to-85-correction-analyst\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/09\\\/Forex-price-action-chart2.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/09\\\/Forex-price-action-chart2.jpg?fit=809%2C629\"},\"articleSection\":\"Solana\",\"author\":[{\"@type\":\"Person\",\"name\":\"Semilore Faleti\"}],\"creator\":[\"Semilore Faleti\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"ali martinez\",\"cbbtc\",\"coinbase\",\"solana\",\"solana price correction\",\"solusd\",\"solusdt\"],\"dateCreated\":\"2024-09-22T08:00:20Z\",\"datePublished\":\"2024-09-22T08:00:20Z\",\"dateModified\":\"2024-09-22T08:00:20Z\"}<\/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\/2024\/09\/Forex-price-action-chart2.jpg?fit=809%2C629","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/643741"}],"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\/581"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=643741"}],"version-history":[{"count":5,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/643741\/revisions"}],"predecessor-version":[{"id":643751,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/643741\/revisions\/643751"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/643743"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=643741"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=643741"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=643741"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}