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SOL USD Making A Push For $200: Will Solana Join Alt Season?

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SOL USD had a strong response to the massive sell-off event, reclaiming more than 60% and leaving a long wick below. Now is the time for Solana investors to step up and support the bullish cause. Breaking the $200 level resistance and reclaiming it is potentially what separates us from the next ATH run.

Will the new ETF provide the necessary liquidity for SOL to overcome the last line of defense? Fundamentally, it appears that Solana is performing well, with no recorded outages over the past 21 months. That is a big deal!

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SOL USD Pushing For $200 Reclaim: What’s Next?

(Source – Tradingview, SOLUSD)

Starting with the Weekly timeframe, we can get the most context for where we are at the moment. Basically, SOL USD has been in a 2-year sideways accumulation. It spans a broad range, from $120 to $260, providing significant volatility.

In the meantime, the trend remains bullish, as the price is trading above all Moving Averages. And RSI is rather neutral at its current spot. Whenever a breakout occurs, it will be a defining moment.

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SOL USD is making another attempt at $200. Will it be successful? Explore the newest price analysis focused on RSI, MAs and key levels. (Source – Tradingview, SOLUSD)

Next for our analysis is the Daily chart. A lot is going on, I know. Let’s take it one step at a time. The Moving Averages are first. MA200 has been the latest support. MA100 is acting as resistance right now. MA50 is on top and needs to be reclaimed.

The order is bullish – the shortest MA is on top. Moving on, we examine the RSI, which has been bottoming out for the past month. Now, bulls are hoping it starts moving upward towards strength.

Price is currently in a range – $175 and $212 – aligning with MA200 and MA50. Following the MSB, SOL was rejected from the Bearish Order Block. This might be a resistance area if we push above $200.

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Concluding Thoughts And 4H Chart Analysis

(Source – Tradingview, SOLUSD)

Finally, our analysis ends with the 4H timeframe. Price has been ranging in this 18% bottom -> top zone for almost 20 days. In the meantime, providing multiple entries for longs at the support level of $180. Two candles ago, SOL USD touched the underside of MA200.

The Bullish Engulfing candle on October 21st gives some hope for more upside. Although RSI is currently high, it may need to reset first. Let’s see what the market brings next.

Stay safe and happy trading!

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SOL USD Making A Push For $200: Will Solana Join Alt Season?

  • SOL USD price still ranging – needs a decisive reclaim of $200.
  • RSI on 1D and 1W has space to grow, on 4H it’s in overbought
  • Current range is $180-$210.
  • Solana ETF Hong Kong starts trading tomorrow. Bullish?

The post SOL USD Making A Push For $200: Will Solana Join Alt Season? appeared first on 99Bitcoins.

2d ago
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