Solana, not yet in the SOL against Bitcoin!

After an exceptional year 2021 for Solana marked by an increase of + 13,873%, the market seems to have changed its trend since the end of last year and draws us a beautiful bearish configuration. In a complicated economic context, can an altcoin still create a surprise? Let’s see it together in this new analysis!

This analysis of the price of SOLANA shares is offered in collaboration with the Coin Trading and its algorithmic trading solution finally accessible to people.

Solana: a weekly chart still bearish!

Solana vs. USDT, weekly.

The pivot point of Weekly on Sol is very clear here: it’s the $ 130- $ 140 level. We worked this level in September 2021 on several occasions, and we also had a buying reaction in late 2021 during the fall of Bitcoin. So, of course, we failed to test this level again

Remember that financial markets are currently in uncertain condition. Cryptocurrencies are already described as very risky and altcoins are an even riskier branch of cryptocurrencies. It makes perfect sense for large carriers to gradually withdraw from these assets under current conditions.

In a price support, in a volume resistance.

In an area of ​​high volatility in Daily!
Solana vs. USDT, diary

If we expand further on Daily, let me show the volume profile. This indicator allows us to visualize the levels in which there is more volume. To this I add moving averages that allow me to draw confluences.

Thus, we can see that the level of $ 101- $ 102 gives us the confluence of the Control Point, that is, the level at which we have more volume during the observed period, as well as the short-term EMA.

This confluence offers us a clear level of great short-term resistance. For now, the price support level is being maintained, but if it breaks, we will soon be at the $ 90 level, which is our next low volume node (LVN).

We are currently operating in an area of ​​high volatility, due to lower volume. Price support is very visible, but not necessarily very relevant.

Solana, resistant to the whims of Bitcoin

Solana vs. Bitcoin, diary.

Similar to the weekly chart against USDT, here we have a clear pivot point that emerges and holds up relatively well!

I remind you often, but feel free to look at the chart of your high against Bitcoin to see if it is strong or, conversely, weak against Bitcoin.

This could give us an indication, especially the strength of our alternative currency. So I can imagine here that in a Bitcoin bounce against USDT, Solana should give us a good bullish leg, as long as she maintains that pivot point of 25,000 satoshi.

Summary

  • 25,000 satoshis: pivot point against Bitcoin: hold.
  • $ 102: Daily checkpoint and EMA.
  • $ 110: Low Volume Nodes (LVN): They should serve as resistance
  • $ 90: Low Volume Nodes (LVN): They should act as support.

These levels are exposed in the short term, and these are the levels where I find it relevant to run them. In the medium term, I think we will be able to return to the $ 60-50 Solana levels if the whole market is severely corrected.

Conclusion

In an uncertain market, the assets themselves double the risk potential. Therefore, it is quite logical that the cryptocurrency market is currently experiencing a downturn, and even more so the altcoin sector which represents a particularly risky branch of the cryptocurrency market. Be pragmatic and remember that DCA (Dollar Cost Averging) is still the best solution in difficult market conditions.

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