Home Cryptocurrency Solana At All-Time Highs, Will BTC Pump SOL/USDT Bulls To $95?

Solana At All-Time Highs, Will BTC Pump SOL/USDT Bulls To $95?

by Serge Shlykov

The cryptocurrency market is at an all-time high after news of a Bitcoin Cash price pump was announced by Bitcoin.com. The price of Bitcoin Cash has jumped from $3,400 to $3,600 since the announcement. The price of Solana, on the other hand, has surged over 100% from $0.00794 to $0.01020. This surge is expected to continue, with the pair trading at $0.01020 as of today, in anticipation of a BTC pump.

Solana has been on a tear over the past few months, with its price steadily rising from the $0.0286 range it was trading at early in 2018. It seems as though Solana is finally starting to hit the heights that all its hard work has earned it, as it’s now trading at above $0.05 and could soon find itself pushing $0.10. This will be a great milestone for Solana, and while it’s likely not all of its work has been done yet, the next phase of its growth seems to be underway.

Solana has been breaking new all-time highs lately, but the rally looks to be slowing down. Solana has broken $0.0500 on many occasions, but the market does not seem to be paying attention. The rally was driven by the fact that Solana was under $0.0020, so selling BTC and buying Solana at around $0.0005 had good odds of making a profit. The problem is that the rally was unsustainable in the long term.

Because of the enormous growth of DeFi, Solana and other next-generation blockchains are gaining traction.

SOL, the platform’s native token, has climbed into the top ten in only two years.

Breaking into the top ten as one of the most valued crypto projects usually comes with a slew of benefits. Liquidity, attention, and, yes, an influx of community members.

Performance and Status of the Solana Market

This is where the smart contracting platform is right now.

Solana is currently grabbing headlines thanks to strong tailwinds such as fresh all-time highs and a gain of more than 3X since bottoming out in Q2 2021.

SOL is now ranked 10th, having flipped Uniswap, Chainlink, and a number of other high-profile projects.

It’s due to an increase in trade volumes during the last several weeks.

SOL is largely stable on the final trading day, having gained 61 percent against the greenback this week. SOL/USDT prices are currently trading inside a bullish breakout trend, which is encouraging.

SOL may record further gains in the coming days now that the path of least resistance has been defined—encouragingly with indications of even more headroom as per the Fibonacci extension levels anchoring on the H1 2021 trading range.

Using Fibonacci techniques, the reversal from the H1 2021 trading range’s 61.8 percent Fibonacci retracement level may serve as a springboard for even greater gains towards $95—the 1.618 Fibonacci extension level.

If this is the case, Solana may gain another 30% in future sessions as part of a buy trend continuation pattern.

SOL Buyers Have Their Eyes on $96

As a result, many traders expect even greater increases.

One trader claims that the greatest loading prices were about $63 on Twitter. SOL is now trading over $70, and the analyst anticipates a price of $95.

USDT * $SOL

At $63 I couldn’t tweet where the greatest spot to purchase was. Later, I’ll tweet about the specifics. The target price is $96. pic.twitter.com/8ttAXKfVSw

August 17, 2021 — PIKA (@crypto Off)

As previously said, based on the H1 2021 range, this level flashes with the 1.618 Fibonacci extension level.

Nonetheless, if this goal is to be met, SOL buyers must come in to keep the momentum going and maintain SOL bull bars along the upper BB.

Prices are also moving, having bounced off the major support trend line.

USDT * $SOL

In the LTF chart, this diagonal support is a good place to buy. $96 is the goal. pic.twitter.com/eKVzbhsnDF https://t.co/ofi6B4v5TV pic.twitter.com/ofi6B4v5TV

August 17, 2021 — PIKA (@crypto Off)

There are signs of vulnerability right now. SOL prices have remained steady during the past trading day, reversing gains made on August 18. Wednesday’s rise was notable for its large trading volume:

USDT * $SOL

At $63 I couldn’t tweet where the greatest spot to purchase was. Later, I’ll tweet about the specifics. The target price is $96. pic.twitter.com/8ttAXKfVSw

August 17, 2021 — PIKA (@crypto Off)

Is the stock of Solana Beach overvalued?

On Twitter, another trader expressed his view.

Despite the fact that prices are at all-time highs, he believes the coin is overbought after the breakout.

SOLUSDT: The RSI is over 80, indicating that the market is overbought. The price may drop to the middle of the bolinger bar lines. which equals 43. pic.twitter.com/CSwj5zW6bW

— August 18, 2021, ksmartboy (@ksmartboy2)

The RSI is specifically mentioned by the expert. The technical indicator is used to detect divergences and measure momentum.

It is now overbought (over 70), coinciding with SOL’s headwinds and slowing pace.

SOL/USDT may retrace to $40—the middle BB—a volatility signal that is one of the strongest cryptocurrency indications available, according to the trader.

SOL/USDT Could Reach $85 With Cup-And-Handle Formation, But Will BTC Allow?

One trader believes Solana bulls will add to their longs based on the SOL/USDT price action analysis on the 2 HR chart. However, the speed at which this growth takes place is determined on BTC’s performance.

Solana At All-Time Highs, Will BTC Pump SOL/USDT Bulls To $95?

Considering the close connection between BTC and altcoins, fervent Bitcoin bulls would easily push SOL to the analyst’s goal.

On the 2HR chart, there is now a cup-and-handle configuration, a foundation that may see SOL rise to $85—a 10% increase—offering a chance to aggressive swing traders and even scalpers.

Trading View provided the charts.

Disclosure: The author’s opinion is his or her own. Make your own investigation.

Solana At All-Time Highs, Will BTC Pump SOL/USDT Bulls To $95?

Solana Network’s (SOL) USDT token has been gaining a lot of attention recently, and it even made it all the way to the top of the CoinMarketCap charts. The last few weeks have been particularly good for the project as it has been trading at an all-time high. This proves that SOL is becoming a more legitimate project, and that the team behind it has been working hard on it.. Read more about solana tradingview and let us know what you think.

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