Solana Continues to Outperform Ethereum, But Here’s Why SOL Price is Jammed Below $145
Release: 2024/10/11 20:54 Reading: 848
The CPI data release typically causes market volatility, but the recent print did not have the expected impact. Investors had anticipated a rate drop that would boost Bitcoin and altcoins like Solana beyond their established range. However, the higher-than-expected CPI rates led to market consolidation near support levels.
Solana Price Consolidation and Outlook
Despite its muted price movement, the Solana platform is attracting significant liquidity. Transaction volumes have surpassed those of Ethereum, the hub of DeFi and NFTs.
The launch of numerous memecoins on the Solana chain, fueled by the recent PEPE rally, may have contributed to the increased trading activity. Analysts speculate on the duration of Solana's consolidation below $150 and its potential to rise above $160 in the future.
Technical Analysis
Solana's weekly chart suggests continued consolidation within a symmetrical triangle. While the MACD indicates reduced selling pressure, the OBV has faced resistance at the upper threshold. This suggests traders' optimism is not translating into significant buying pressure, keeping the price within the range. The crucial support level remains at $133.
The upper target range remains at $165-$168, which may gradually descend to $160. After a period of compression, Solana may break out of the range and initiate an uptrend, potentially in the second half of Q4 2024.
Recent news
More>- Top 5 Crypto That Have Surpassed Their ATH In Recent Days! 11-26
- Best Wallet Soars Past $1M In Private Sale As Public Presale Starts Today For Web3 Wallet Built For 2024 Bull Run 11-26
- Massive PEPE Whale Sells 130 Billion Tokens: Price Faces Downward Pressure 11-25
- Pump.fun bot nets $6.8M profit with memecoin sniping success 11-25
- Singapore Gulf Bank Plans $50 Million for Stablecoin Payments 11-25
- From Meme to Millions: These 3 Altcoins Are Set to Outperform Shiba Inu With 5,000% Gains! 11-25
- DOGE and SOL Lead Crypto’s Bullish Trend With Record Gains 11-25
- PEPE Faces Crucial Resistance Amid Price Stagnation 11-25
- Solana Memecoin Bullish Pepe to Skyrocket 18,000% Before Exchange Listing, As Bonk and SHIB Drop 11-25
Selected Topics
More>>-
- pepecoin Price Analysis
- This topic provides articles related to PepeCoin price, covering key PepeCoin insights and analysis
-
- pepe:meme star
- This topic provides articles related to the most promising meme, PEPECOIN, a project with the potential to become a mainstream digital currency. It has the advantages of decentralization, reliability, ease of use, fast speed, low cost and scalability, and is expected to be more widely used in the future
-
- pepecoin price prediction
- We’ve gathered facts about pepecoin’s success story and provided a pepecoin price prediction
Selected Articles
More>>- 1 Avalanche and Aptos rival raises over $600k in 2 weeks
- 2 Crypto Prices Today: Market Continues Rally With BTC, Pepe Coin, SEI Rising
- 3 Major Analyst Crypto Tony Bullish on These Meme Coins, But One Stands Out
- 4 MTAUR Ready to Crush DOGE and PEPE: 100x Price Growth Incoming?
- 5 Memecoins Surge in 2024, Popcat Leads with 7,621% YTD Gain, Outshining Top Crypto Tokens
- 6 PEPE Meme Coin Smashes ATH – See How Much an $83 Investment in Pepe Coin Last Year is Worth Now
- 7 Top 4 Altcoins At 70% Discounts – Last Chance!
- 8 Dogecoin Creator Proposes DOGE to NBA Legend Scottie Pippen
- 9 Top Analyst Who Predicted Dogecoin (DOGE) Last 170x Rally Forecasts New Parabolic Rise, Here’s His Price Target
- 10 New Solana Memecoin Trump Loves Elon to Rally 15,000% Before Exchange Listing, SHIB and Bonk Crash
ABOUT US
We are building the most influential，trusted information platform for aglobal community engaged in thd transformation of the financial system andthe emerging crypto economy.PEPE is an integrated platform for media,events,data & indices for the next generation fo investing and the future of money.
Get in touch with the PEPE team at admin@pepecoinbuy.com