|

Solana price nears a bottom as passive income platforms resurface

  • SOL price shows a bullish reentrance on the volume indicator. 
  • Solana price may have produced a double bottom.
  • Invalidation of the downtrend is a breach at $49.50.

Solana price has investors wondering if a secure low is in before investing in the Centralized Ethereum Killer.

Solana price is still in a downtrend until…

Solana price display thought-provoking price action amongst crypto enthusiasts. This weekend, the bulls managed to establish some support at the $43 level. The newly established bullish barrier is certainly an unforeseen anomaly, which has investors wondering whether or not to provide additional support. Besides, the bullish structure couldn't have happened at a better time as a new passive income platform LOG and Solana network are advancing forward with development in the DeFi arena.

Solana price currently trades at $45, still a whopping 80% lower than the all-time highs at $250. Such a significant decline is truly a remarkable presentation of smart money’s influence within the crypto ecosystem. Nonetheless, it is very rare to see any digital asset continuously decay without a countertrend rally.

TM/SOL/5/30/22

SOL/USDT 4-Hour Chart

The earliest evidence to justify allocating one’s portfolio to Solana price will be a breach of the triangle apex at $49.50. If the bulls can establish said price action, then the downtrend could be deemed terminated with bullish targets at $90, resulting in a 100% increase from the current Solana price.

Author

Tony M.

Tony M.

FXStreet Contributor

Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.

More from Tony M.
Share:

Editor's Picks

Kraken’s parent plans regulated US perpetual futures on Hyperliquid

Hyperliquid has named Payward, the parent company of crypto exchange Kraken, as its intended first Commodity Futures Trading Commission-regulated deployer on HIP-3 markets. In an X post on Monday, Hyperliquid stated that Payward plans to use its infrastructure to deploy perpetual futures markets for US customers. The proposed arrangement remains subject to regulatory approval.

Pi Network Price Forecast: PI stalls as weak crypto sentiment caps recovery

Pi Network holds steady above $0.0760 stalling after a roughly 2% rebound the previous day. The broader market's weak sentiment and reduced trading volume weigh on the PI token. The technical outlook is bearish, with price capped below a long-term resistance trendline and weak momentum.

Ripple and Stellar outlook: XRP and XLM remain under pressure as bearish momentum persists

Ripple and Stellar continue to remain under pressure, trading below $1.30 and $0.169 respectively, after a mild recovery the previous day. Both XRP and XLM remain below their key Exponential Moving Averages, indicating bearish price action. Moreover, mixed derivatives metrics and cautious on-chain data are capping sustained recovery in XRP and XLM.

Ripple secures OCC approval for National Trust Bank
Brad Garlinghouse, CEO of Ripple, announced in an X post on Monday that the Office of the Comptroller of the Currency (OCC) has granted final approval to charter Ripple National Trust Bank (RNTB). The federally supervised national bank demonstrates Ripple's progress toward building digital asset infrastructure within a regulated financial system.
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.