|

Solana price clings to 88% upswing narrative as SOL joins BTC and ETH on Bloomberg Terminal

  • Solana price is currently testing the $216 support level in hopes of triggering an 88% rally.
  • SOL becomes the third cryptocurrency after Bitcoin and Ethereum to be listed on the Bloomberg Terminal.
  • A breakdown of the $200 psychological barrier will invalidate the bullish thesis.

Solana price is currently hovering around a crucial demand zone that needs to hold for an upswing to emerge. Breaching this barrier will reduce the probability and also open SOL up for a potential correction. 

Bloomberg welcomes SOL after BTC and ETH

Solana price can now be tracked on the Bloomberg Terminal via the “Bloomberg Galaxy Solana Index,” making it the third cryptocurrency after Bitcoin and Ethereum to have this feature. Tim Grant, the Head of Europe at Galaxy Digital, announced that this development was a result of the collaboration with Galaxy Digital and Bloomberg LP. 

Grant stated,

This marks our fifth index in the Bloomberg Galaxy family of indices which are... Bloomberg Galaxy Bitcoin Index (BBG TICKER: BTC), Bloomberg Galaxy Ethereum Index (BBG TICKER: ETH), Bloomberg Galaxy Crypto Index (BBG TICKER: BGCI), Bloomberg Galaxy DeFi Index (BBG Ticker: DEFI), Bloomberg Galaxy Solana Index (BBG Ticker: SOL).

This institutional-grade index for Solana will now be available globally to 400,000 users, and the pricing source will allow Solana-based products to be launched in jurisdictions that allow it.

Solana price contemplates directional bias

Solana price set up two rounded-bottom structures between September 9 and November 2. The larger structure is referred as the cup, while the smaller one that follows it is known as the handle. The peaks of these structures can be connected using a trend line to form a horizontal resistance barrier at $216.

The cup-and-handle pattern forecasts an 88% upswing to $407, determined by adding the distance between the cup’s swing low and the horizontal supply barrier at $216. 

While Solana price broke out on November 2 and rallied 20%, the recent downswing has undone the gains.

Currently, SOL is hovering around $216 and inside a demand zone, extending from $208 to $218. Solana price needs to hold above this area to have the highest probability of an upswing. 

In some cases, Solana price could extend its climb and retest the 161.8% Fibonacci extension level at $430.

SOL/USDT 1-day chart

SOL/USDT 1-day chart

However, a failure to do so will result in a retest of the $204 support level. If SOL produces a lower low below the $200 psychological level, it will invalidate the cup-and-handle bullish thesis. In this case, SOL could head to the $178 support level, where the buyers could give the upswing another go.

Author

Akash Girimath

Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.

More from Akash Girimath
Share:

Editor's Picks

NEAR Protocol Price Forecast: NEAR rebounds on the launch of India’s biggest IPO, Jio Platforms perps

NEAR Protocol price ticks higher extending its roughly 3% rebound from the previous day. NEAR Intents launched confidential trading of India’s biggest IPO, Jio Platforms, perpetual contracts on Tuesday. Institutional investors' activity shows mild profit-taking after nearly $5 million in outflows on Tuesday.

Top 3 Price Predictions: BTC, ETH and XRP recover as Big Tech earnings take center stage

Bitcoin, Ethereum, and Ripple extend their recovery on Wednesday as investors turn their attention to major technology companies' earnings reports. Microsoft and Alphabet are due to report their Q3 earnings on Wednesday, followed by Amazon on Thursday.

Pepe Price Forecast: PEPE climbs as Justin Sun-linked wallets spark bullish sentiment

Pepe surges over 15% so far this week, trading above $0.00000494 as bulls remain in control. Improving derivatives metrics and rising social dominance signal bullish sentiment, amid reports that Justin Sun-linked wallets hold almost 3% of the PEPE supply. In addition, strengthening bullish momentum suggests further upside for the meme coin.

Ethereum ETFs near record monthly outflows as ETH tests $2,310
Ethereum (ETH) held steady on Tuesday, consolidating at $2,340, just above $2,300 after last week’s decline. Three measures sit within about $18 of each other: ETH’s realized price at $2,310, the 200-day Exponential Moving Average (EMA) at $2,315, and the $2,328 average cost basis of wallets holding 1K-10K ETH.
Bitcoin extends pullback as ETF inflows clash with risk-off sentiment

Bitcoin remains under pressure, trading around $81,800 on Friday, recording modest losses so far this week. Despite a mild pullback, institutional demand showed signs of a comeback with spot Exchange Traded Funds recording $442.67 million in net inflows through Thursday.