Skip to content
The Stripes Blog

The Stripes Blog

We Blog For You

Primary Menu
  • Home
  • Sports & Entertainment
  • Travel Planet
  • Gaming Culture
  • Tech Culture
  • Crypto Wallet
  • Business Time
  • Elden
  • Home
  • Latest
  • Solana “Needs To Rest” After FOMO, Is SOL Heading Back To $75?

Solana “Needs To Rest” After FOMO, Is SOL Heading Back To $75?

Frank Fisher 3 min read
156

The cryptocurrency market has been getting a lot of attention lately, with the value of Bitcoin and other top currencies skyrocketing. This is causing a lot of people to want to jump on the bandwagon, but not everyone is as successful as they’d like to be. One company that’s had some trouble recently is Solana Coin.

The why is solana dropping is a question that has been asked several times recently. Solana, the company behind the popular cryptocurrency, has been having a lot of issues in recent months. The company’s CEO, Michael Oved, announced this week that he would be stepping down from his position and returning to the company as an advisor.

Solana is a decentralized blockchain with great throughput and scalability.

It has now established itself as a serious rival to Ethereum and the BSC.

SOL—the local currency, on the other hand, is exploring new ground, defying gravity, and “decoupling” from Bitcoin.

Performance and Status of the Solana Market

The broader crypto community had no cause to dump the currency on September 7 for some inexplicable reasons.

Instead, there was volatility, as shown by the broad range of price movement. SOL prices rebounded in the late New York session, closing higher.

As a result, SOL has remained stable this week, with just a little drop in the early Asian session.

Prices may retrace if SOL continues to trend at all-time highs and encounters resistance around key Fibonacci extension levels of approximately 2.618—near $150.

The general trepidation in the crypto market, as well as the return to prudence following August’s “partying,” may trigger a small sell-off, restoring the positive correlation.

Solana-Needs-To-Rest-After-FOMO-Is-SOL-Heading-Back

In such scenario, aggressive traders may be able to profit from the upswing by fading it. They may dump on pullbacks and tilt the downtrend as a consequence.

This may be confirmed on a technical level if the price drops below the 20-day moving average. In such scenario, SOL prices may fall even more as gravity attempts to bring the market back into balance.

As a result, aggressive SOL traders should keep an eye on how prices respond at the high-low of the bull bar on September 7.

In a state of FOMO, you’re on your own.

SOL, according to one trader on Trading View, is in a condition of FOMO, similar to where other hype coins like MATIC and DOGE were in early Q2 2021.

1631094552_33_Solana-Needs-To-Rest-After-FOMO-Is-SOL-Heading-Back

As previously said, the swing low of September 7 is the immediate objective for sellers hoping to profit from the drop. As a result, the analyst anticipates a longer-term fall of SOL prices down to $130.

The lower correction would bring SOL and ETH/BTC back into line. After the September 7 adjustment, these layer-1 coins are now in deep red.

SOL is robust at spot rates, but it is seeing headwinds that may halt the rise.

Solana “Requires a Break”

Another trader believes it is past time for SOL to take a break.

The analyst thinks this is typical and that it will allow SOL time to establish a strong, robust foundation in preparation for another wave higher to $250.

1631094553_66_Solana-Needs-To-Rest-After-FOMO-Is-SOL-Heading-Back

In the daily chart, there may be an overvaluation. There’s a chance of a wave down in a strong retreat as a result of this.

According to the trader, SOL may drop as low as $75, reducing spot rates.

This zone is identified by the analyst as a support zone where the coin may rebound to $250 without disrupting the development of the rising bull channel.

The Impulsive Wave Up is completed by SOL.

Meanwhile, another trader notices that the SOL coin has completed the Elliot wave pattern of 1-2-3-4-5.

The sixth wave upward was the climactic surge to $150, which doubled in less than two weeks.

As a result, the analyst believes SOL prices will revert to $40 in a sharp drop.

Trading View provided the charts.

Disclaimer: The views presented do not constitute investment advice. Do your homework.

Reserve-Rights-RSR-Price-Prediction

Solana is a cryptocurrency that was created in 2017. It had a peak of $75 before falling to $6. The company has posted on Twitter saying they need to rest after the FOMO run up, but it is unclear if they are going back to their old price or not. Reference: what is solana.

Related Tags

  • is solana a good investment
  • solana price prediction 2030
  • solana price prediction 2021
  • solana price prediction reddit
  • solana price prediction 2022

Continue Reading

Previous: ‘He’s a Hell of a Leader Man’
Next: Tom Brady Just Upped the Ante When It Comes to Retirement Talk

Trending Now

What Sort of Equipment Do You Need to Fit Out a Dojo 1

What Sort of Equipment Do You Need to Fit Out a Dojo

Frank Fisher
Branch Provides Accelerated Workforce Payments to Help Employees Make Ends Meet branch 75m 48m series azevedotechcrunch 2

Branch Provides Accelerated Workforce Payments to Help Employees Make Ends Meet

Frank Fisher
Branch Plans to Use Series C Round to Enter New Markets branch 75m series addition azevedotechcrunch 3

Branch Plans to Use Series C Round to Enter New Markets

Frank Fisher
Why Lee Fixel’s Addition Invested in Branch branch series 48m series azevedotechcrunch 4

Why Lee Fixel’s Addition Invested in Branch

Frank Fisher
Why Branch is the Best Way to Get Paid Faster branch 75m addition 48m series azevedotechcrunch 5

Why Branch is the Best Way to Get Paid Faster

Frank Fisher
Addi’s ‘Buy Now, Pay Later’ Service in LatAm colombia brazilbased addi 140mann azevedotechcrunch 6

Addi’s ‘Buy Now, Pay Later’ Service in LatAm

Frank Fisher

Related Stories

Branch Provides Accelerated Workforce Payments to Help Employees Make Ends Meet branch 75m 48m series azevedotechcrunch
8 min read

Branch Provides Accelerated Workforce Payments to Help Employees Make Ends Meet

Frank Fisher 82
Branch Plans to Use Series C Round to Enter New Markets branch 75m series addition azevedotechcrunch
7 min read

Branch Plans to Use Series C Round to Enter New Markets

Frank Fisher 79
Why Lee Fixel’s Addition Invested in Branch branch series 48m series azevedotechcrunch
8 min read

Why Lee Fixel’s Addition Invested in Branch

Frank Fisher 81
Why Branch is the Best Way to Get Paid Faster branch 75m addition 48m series azevedotechcrunch
11 min read

Why Branch is the Best Way to Get Paid Faster

Frank Fisher 76
How Do I Get Protection if I Report a Workplace Discrimination?
3 min read

How Do I Get Protection if I Report a Workplace Discrimination?

Tony Saxon 104
Points to Remember for Your First Dental Visit
3 min read

Points to Remember for Your First Dental Visit

Tony Saxon 103

Trending News

The Justice Department’s Role in Safeguarding The Rule of Law sources biden doj house technylenpolitico 1

The Justice Department’s Role in Safeguarding The Rule of Law

Frank Fisher
What Would Happen if Elon Musk Bought Twitter look elon musk tesla twitterstreetjournal 2

What Would Happen if Elon Musk Bought Twitter

Frank Fisher
What Did NSO Group Offered a US-Based Mobile Security Company? whistleblower doj nso us mobileumtimberg washingtonpost 3

What Did NSO Group Offered a US-Based Mobile Security Company?

Frank Fisher
Key Differences Between Business and Personal Credit Cards 4

Key Differences Between Business and Personal Credit Cards

Frank Fisher
Get The Most Out Of Your Tax Deductions 5

Get The Most Out Of Your Tax Deductions

Frank Fisher
Learn about the different types of debt securities 6

Learn about the different types of debt securities

Frank Fisher
Business Check vs Personal Check: A Quick Overview 7

Business Check vs Personal Check: A Quick Overview

Frank Fisher
  • Contact Us
  • T/C
  • Privacy Policy
  • Meet the team
© 2022 thestripesblog.com