The trading expert has set a technical preparation that Solana (SOL) can see $ 4000, as decentralized financing assets (Defi) continues to determine its price over the 100 dollar support area.
According to Ali Martinez, Solana has an amazing rate of 2900 %, indicating the formation of a cup and handle pattern as a strong indicator of the trend of climb, and said at X mail On March 14.
Martinez indicated that since November 2021, Solana has witnessed a U -shaped decline, followed by a flat stage, which is now developing into the “handle” of the style. This artistic training is often seen as a prelude to a major price movement.
The cup style and the handle ascended, where the price is a round bottom (cup) followed by the unification stage (the handle). The outbreak of the resistance level indicates a possible gathering. Martinez suggested that Solana could break the resistance of $ 200, which paves the way for a height of $ 4,000.
He emphasized that if Solana managed to collapse decisively, the possibilities of increasing the continuous upward gathering increase significantly.
In this case, the evaluation is likely to raise $ 4,000 from Solana to the highest -ranking digital assets with a market ceiling that exceeds $ 2 trillion, provided that Bitcoin recesses (BTC) during this period.
At the same time, another analysis by Ted pillows in X mail On March 14, he also stressed the importance of Solana, which bears a level of $ 110, as the decline under this mark can be included in a continuous correction of the Sol.
The expert stated that Solana stands at a major turn, taking into account the re -testing of the multi -year support area and the long -term trend line. Historically, these levels have provided strong purchase opportunities.
The importance of the area between 110 to $ 120 was highlighted, indicating that failure to obtain support can open the door to correct deeper than 30 % to 40 %. However, a successful bounce can indicate a reflection, with a potential upward trend if the upscale momentum returns.
Solana price basics
Although technical indicators are crucial to the following price path for Solana, other basics also enter into force, with the classification of the exchange box (ETF) as a major factor. Several entities applied to obtain the product with the Securities and Stock Exchange Committee (SEC).
On March 11, the Supreme Education Council delayed Its decision on several investment funds circulated in Altcoin, including those for XRP, Solana, Litecoin (LTC) and Dogoin (Doge). The agency extended the review period, and the decisions on the XRP ETF were pushed from Grayscale and CBOE BZX Solana Etf to May.
It is worth noting, Bloomberg ETF analyst James Sevart described the “expected” delay, noting that the final dates extended to October. An analyst’s colleague Eric Balunas added that other ETF proposals, including ETHEREUM (ETHEM) proposals, was also delayed.
SEC previously extended Crypto ETF decisions amid driving changes after Gary Ginsler’s exit from the organizer.
Although part of the Solana momentum last year was driven by a Meme Coin activity on its network, ETF approval can help expand Sol’s attractiveness and attract long -term investors.
On the other hand, a proposal to reduce the inflation rate in Solana failed by 80 % (SIMD-228) in traffic after the required approval decreased by 66.67 %. Although 61.39 % of the “Yes” votes are secured, the opposition from the smaller auditors blocked the balance, while maintaining a Sol version unchanged.
The decision may lead to a short -term sale, as low inflation would reduce the distinctive symbol supply, which may lead to a high price of Sol. However, the highest rewards may maintain the audit and network security, which are long -term positive.
Sol price analysis
As of the time of the press, Solana was traded at $ 133.10, much lower than 50 days ($ 183.93) and 200 days ($ 186.79), which indicates a strong decline.
Market morale in assets is still down, with fear and greed index in 27 (fear). However, the 14 -day relative index (RSI) is 35.38. Sol must restore $ 150 and break the highest levels of resistance to the reversal of the declining direction. Until then, the negative risks of play remain.
Distinctive image via Shutterstock
