Solana Swing Trade: Target $200!

September 4, 2024

Solana is showing a buy signal for a gain for more than 30% on the charts.

Trends are mixed but price has just broken above its 200-day moving average (~$151) which is a sign of Uptrend. Price is trading in a Sideways Channel ($120 – $190).

Swing Traders: can trade the Channel, enter near channel support of $120 and exit near channel resistance of $190. Stop Loss (SL) at $108.

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Solana Crypto Price Analysis

Current Price: $132.72
Market Cap: $61.94 billion
24h Trading Volume: $1.2 billion
Total Supply: 534.5 million SOL
Circulating Supply: 467.2 million SOL

Solana Swing Trade: Target $200! — Img src- Altfins

Price is trading in a Sideways Channel , which is a neutral pattern (indication of market indecision).

Trend Traders ought to wait for a breakout in either direction, although typically it breaks in the direction of the existing trend.

Weekly Price Analysis

7d Change: +4.6%
Week Open Price: $126.82
Week High: $135.14
Week Low: $123.55
Trend: Short-term trend is Strong Down, Medium-term trend is Strong Down and Long-term trend is Down.
Momentum: Price is neither overbought nor oversold currently.

Technical Indicators

RSI (14-day): 58.32 (neutral)
MACD (12,26): 1.27 (bullish)
Bollinger Bands: Price is near the upper band, indicating potential resistance around $135.
Support and Resistance: Nearest Support Zone is $120.00, then $100.00. Nearest Resistance Zone is $160.00, then $190.00.