SOL plummets by 5%, but investors could still fetch profits from this level

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion SOL saw increased development activity, but investors remained pessimistic A breakout above $11.49 will invalidate the bearish bias Solana [SOL] has been in a downtrend since 14 December. After another decline, the price formed […]

In the three-hour time frame, a pattern breakout from the falling channel. However, the immediate support at the 23.60% Fib level failed to stop the downtrend. The next support level at $11.08 provided solid ground.

But, the uptick showed that some accumulation had taken place. However, the bulls may only have a chance if the RSI is not rejected at the 30-mark. Historically, an RSI rejection at this level gives sellers more leverage. However, a break above immediate resistance at the 23.6% Fib level would invalidate the above bearish forecast. Such a bounce would allow SOL to focus on the 12-period exponential moving average of $11.65 or the 38.2% Fib level of $11.62.SOL saw an uptick in development activity, but investors remained pessimisticAccording to Santiment, SOL saw an upswing in development activity, but analysts remain pessimistic as weighted sentiment remained unchanged.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

CryptoAmb /  🏆 22. in CA

Singapore Latest News, Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Solana updates community on 2023 outlook, could SOL recovery be on the cards?Solana has hinted at the launch of the Solana mobile and the deployment of Fire Dancer in 2023. SOL price has been unable to fully recover post-FTX crash, while developer activity seems to be recovering. In its most recent posts, Solana has provided what could be seen as proof of life by highlighting its accomplishments […]
Read more »

Decoding the ‘Lido on Solana V2’ update for LDO’s long-term holdersLido announced a new upgrade that would improve the user experience for Solana stakers. Despite new upgrades, the number of users on the protocol continued to decline. In an announcement on 21 December, Lido Finance [LDO] stated that it made new upgrades to its technology. Lido updated to V2 on the Solana [SOL] network. However, […]
Read more »

Long-term Litecoin [LTC] investors can profit from these levels if BTC…LTC’s bears had leverage in the market. Its price could drop below $64.67. A move beyond $68.35 would invalidate the forecast. Litecoin (LTC) has faced several price rejections at the $80.24 level since late November. In particular, the $76.72 level saw the highest traded volumes, as indicated by the Volume Profile Visible Range (VPVR) indicator. […]
Read more »

Filecoin [FIL] market weakens, but investors can still profit hereFIL faced price rejection at $3.024. A possible price recovery could set FIL to settle at $2.951. A break above $3.024 will negate the above forecast. Filecoin (FIL) rallied on 20 December, recording over 9% gains for investors after hitting a high of $3.084. However, price recovery followed, clearing about half of the profits. Recent […]
Read more »

Decentraland [MANA] investors can profit from the obstacle at $0.3101, but …MANA was bullish on the 4-hour chart. The alt could sail to $0.3141 if it clears a key obstacle. A break below the demand zone at $0.3019 will negate the forecast. Decentraland [MANA] has been in a price pullback since 21 December. The bulls found steady support at $3019 and attempted a rally. However, bulls […]
Read more »

Where are the stops? Friday, December 23, gold and silverKitco's Jim Wyckoff's buy and sell stop data give investors an idea of some of the key levels to watch during the daily trading session. Investors could see big moves in gold and silver if these daily levels are breached.
Read more »