Solana Price Shows Consecutive Gains: Are Buyers Taking Charge?
The Solana price witnesses the formation of a bullish pin bar candlestick on the daily chart.
The daily chart showcases that the SOL price is stuck between the 50 day and 200 day EMA.
The Solana price has been trading higher on the second consecutive day and is trying to stretch higher after stabilizing above the 200 day EMA. The price surge may help the crypto recover the recent losses caused after a double top pattern formation near the $200 level.
The daily chart suggests that the SOL crypto loomed sharply after the buyers failed to surpass the $200 level. A double top pattern was observed after which the price dropped breaking below the 50 day Exponential moving average.
Currently, the Solana price is stuck between the 50 day EMA on the higher side and the 200 day EMA on the lower side. The long term trend outlook is bullish until the price is maintained above the 200 day EMA.
However, the short term trend outlook seems to have weakened after the recent fall. Now, the breakout or breakdown on either side of the EMA may indicate a clear trend in the short term.
Solana Crypto: Social Sentiment Data Study
<iframe title="Santiment Chart: Social Dominance (SOL), Social Volume (SOL)" width="1170" height="425" src="embed.santiment.net/chart?ps=solana&pt=SOL&df=2023-12-25T00:00:00.000Z&dt=2024-03-26T00:00:00.000Z&sat=shchcfg_0fkcqXWOckcn&emcg=1&emhwm=1&wm=social_dominance_total;social_volume_total&wax=0;1&wc=#5275FF;#68DBF4&ws={"interval":"1d"};{"interval":"1d"}" scrolling="no"></iframe>
The social dominance and social volume of Solana price reveals the activity performed by the social media users. Social media tools like Twitter (X), Telegram, Instagram are a medium to increase the awareness and news about the SOL crypto.
The above chart reveals that the social volume and social sentiments were comparatively high in December and dropped in January and February. However, a sharp growth in the social volume and social sentiment was observed in March. The social dominance was 2.8% in February which surged to 12.1% by the end of March suggesting a 600% growth. However, the social dominance curve witnessed a drop in April and currently stands at 6%.
The Sentiments Curve Suggest A Slightly Positive Outlook.
<iframe title="Santiment Chart: Negative sentiment (Total) (SOL), Positive sentiment (Total) (SOL), Weighted sentiment (Total) (SOL)" width="1170" height="425" src="embed.santiment.net/chart?ps=solana&pt=SOL&df=2023-12-25T00:00:00.000Z&dt=2024-03-26T00:00:00.000Z&sat=shchcfg_0fkcqXWOckcn&emcg=1&emhwm=1&wm=sentiment_negative_total;sentiment_positive_total;sentiment_volume_consumed_total&wax=0;1;2&wc=#FF5B5B;#FFCB47;#5275FF&ws={"interval":"1d"};{"interval":"1d"};{"interval":"1d"}" scrolling="no"></iframe>
The weighted sentiment data displays the short term bias among the traders and Investors. As per the chart, the weighted sentiment was bullish in January and turned negative in February indicating a short term correction.
Moreover, the overall sentiments turned positive in March and a sharp rally was observed on the charts. Currently, the weighted sentiment curve has fallen back near the mean line indicating a short term correction in the price. The short term trend outlook is neutral to slightly bullish on a combined analysis of sentiment curve and price data.
Solana Crypto Forecast 2024
The analysts have a wide range of price targets for April 2024. The most optimistic view of analysts assumes the Solana price could advance to a high of $202.05 suggesting a potential gain of over 39.3%. The lower price target which the crypto could attain as per the analysts is $108.7 if it breaks the recent support and 200 day exponential moving average.
Conclusion.
Solana price is rising for the second consecutive session hinting at a recovery from recent losses. Recently, the buyers failed to break above the recent swing high and psychological level of $200 triggered a profit booking and slumped below the 50-day EMA.
Currently, the SOL crypto is wedged between the 50-day and 200-day EMAs suggesting a bullish long-term outlook but a shaky short-term trend. Also, Social media buzz, reflected in social volume and dominance, peaked in March, signaling increased interest. The sentiment data is neutral to mildly bullish, suggesting a possible short-term price correction. The Breakout of the EMAs on either side may indicate a clear trend.
Technical levels:
Support levels: $122.61 and $108.37
Resistance levels: $204.09 and $224.86
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
The daily chart showcases that the SOL price is stuck between the 50 day and 200 day EMA.
The Solana price has been trading higher on the second consecutive day and is trying to stretch higher after stabilizing above the 200 day EMA. The price surge may help the crypto recover the recent losses caused after a double top pattern formation near the $200 level.
The daily chart suggests that the SOL crypto loomed sharply after the buyers failed to surpass the $200 level. A double top pattern was observed after which the price dropped breaking below the 50 day Exponential moving average.
Currently, the Solana price is stuck between the 50 day EMA on the higher side and the 200 day EMA on the lower side. The long term trend outlook is bullish until the price is maintained above the 200 day EMA.
However, the short term trend outlook seems to have weakened after the recent fall. Now, the breakout or breakdown on either side of the EMA may indicate a clear trend in the short term.
Solana Crypto: Social Sentiment Data Study
<iframe title="Santiment Chart: Social Dominance (SOL), Social Volume (SOL)" width="1170" height="425" src="embed.santiment.net/chart?ps=solana&pt=SOL&df=2023-12-25T00:00:00.000Z&dt=2024-03-26T00:00:00.000Z&sat=shchcfg_0fkcqXWOckcn&emcg=1&emhwm=1&wm=social_dominance_total;social_volume_total&wax=0;1&wc=#5275FF;#68DBF4&ws={"interval":"1d"};{"interval":"1d"}" scrolling="no"></iframe>
The social dominance and social volume of Solana price reveals the activity performed by the social media users. Social media tools like Twitter (X), Telegram, Instagram are a medium to increase the awareness and news about the SOL crypto.
The above chart reveals that the social volume and social sentiments were comparatively high in December and dropped in January and February. However, a sharp growth in the social volume and social sentiment was observed in March. The social dominance was 2.8% in February which surged to 12.1% by the end of March suggesting a 600% growth. However, the social dominance curve witnessed a drop in April and currently stands at 6%.
The Sentiments Curve Suggest A Slightly Positive Outlook.
<iframe title="Santiment Chart: Negative sentiment (Total) (SOL), Positive sentiment (Total) (SOL), Weighted sentiment (Total) (SOL)" width="1170" height="425" src="embed.santiment.net/chart?ps=solana&pt=SOL&df=2023-12-25T00:00:00.000Z&dt=2024-03-26T00:00:00.000Z&sat=shchcfg_0fkcqXWOckcn&emcg=1&emhwm=1&wm=sentiment_negative_total;sentiment_positive_total;sentiment_volume_consumed_total&wax=0;1;2&wc=#FF5B5B;#FFCB47;#5275FF&ws={"interval":"1d"};{"interval":"1d"};{"interval":"1d"}" scrolling="no"></iframe>
The weighted sentiment data displays the short term bias among the traders and Investors. As per the chart, the weighted sentiment was bullish in January and turned negative in February indicating a short term correction.
Moreover, the overall sentiments turned positive in March and a sharp rally was observed on the charts. Currently, the weighted sentiment curve has fallen back near the mean line indicating a short term correction in the price. The short term trend outlook is neutral to slightly bullish on a combined analysis of sentiment curve and price data.
Solana Crypto Forecast 2024
The analysts have a wide range of price targets for April 2024. The most optimistic view of analysts assumes the Solana price could advance to a high of $202.05 suggesting a potential gain of over 39.3%. The lower price target which the crypto could attain as per the analysts is $108.7 if it breaks the recent support and 200 day exponential moving average.
Conclusion.
Solana price is rising for the second consecutive session hinting at a recovery from recent losses. Recently, the buyers failed to break above the recent swing high and psychological level of $200 triggered a profit booking and slumped below the 50-day EMA.
Currently, the SOL crypto is wedged between the 50-day and 200-day EMAs suggesting a bullish long-term outlook but a shaky short-term trend. Also, Social media buzz, reflected in social volume and dominance, peaked in March, signaling increased interest. The sentiment data is neutral to mildly bullish, suggesting a possible short-term price correction. The Breakout of the EMAs on either side may indicate a clear trend.
Technical levels:
Support levels: $122.61 and $108.37
Resistance levels: $204.09 and $224.86
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
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