SOLANA : BEWARE OF THE UPPER BOUND
- the market has been trading in a wide 40$ range, between $80 and $120, since the end of 2023. The medium-term trend is therefore neutral.
- This range interrupted the underlying bullish trend started in the last quarter of 2023. Prices first failed to cross the $120 level, then corrected towards $80 where buyers were numerous and powerful enough to prevent the market from going lower.
A rebound then took place, leading prices to trade above a short-term trend line, up to a level close to the upper limit of the trading range.
Both the 21 and 34 period moving averages remain bullish, providing price support, but the DMI indicator continues to display a lack of directionality in the short term.
- Although the growing appetite of individual and professional investors for cryptocurrencies is now certain, technical analysis tells us that it is perhaps still a little early to say that the consolidation has come to an end on SOLANA.
Indeed, the lack of a new high combined with the lack of directionality of the movement could prevent the long-term investor from starting to increase their exposure to this asset.
On the other hand, a clear daily crossing of the $120 barrier will however unlock the new upward potential that everyone is waiting for, with short-term targets located around $132.85, $145.65, $163.90 then $187.15 by extension.
Pierre Veyret, Technical Analyst at ActivTrades
The information provided does not constitute investment research. The material has no been prepared in accordance with the legal requirements designed to promote the independence of investment research and such is to be considered to be a marketing communication.
All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.
- This range interrupted the underlying bullish trend started in the last quarter of 2023. Prices first failed to cross the $120 level, then corrected towards $80 where buyers were numerous and powerful enough to prevent the market from going lower.
A rebound then took place, leading prices to trade above a short-term trend line, up to a level close to the upper limit of the trading range.
Both the 21 and 34 period moving averages remain bullish, providing price support, but the DMI indicator continues to display a lack of directionality in the short term.
- Although the growing appetite of individual and professional investors for cryptocurrencies is now certain, technical analysis tells us that it is perhaps still a little early to say that the consolidation has come to an end on SOLANA.
Indeed, the lack of a new high combined with the lack of directionality of the movement could prevent the long-term investor from starting to increase their exposure to this asset.
On the other hand, a clear daily crossing of the $120 barrier will however unlock the new upward potential that everyone is waiting for, with short-term targets located around $132.85, $145.65, $163.90 then $187.15 by extension.
Pierre Veyret, Technical Analyst at ActivTrades
The information provided does not constitute investment research. The material has no been prepared in accordance with the legal requirements designed to promote the independence of investment research and such is to be considered to be a marketing communication.
All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.
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