Solana (SOL) price has been on a steady flow since late August, as the broader market reacted to the US Securities and Exchange Commission (SEC) delay
As social dominance grows for SOL, the token is moving north, with momentum indicators to back it up. Notably, Solana price currently resides within the $19.85 to $19.41 demand zone, which is an order block often characterized by aggressive buying.
Increased buying pressure from this zone could send the purported Ethereum killer up 10% to the $22.09 resistance level. This resistance level is significant for Solana price considering the 100-, 50- and 200-day Exponential Moving Averages have populated around it at $21.70, $21.91, and $22.46 levels, respectively. This makes it a dense supplier congestion zone, likely to be the turnaround point for the anticipated uptrend. In a highly bullish case, Solana price could break past these resistance levels to retest the July to August highs at around $25.23. Noteworthy, the odds for such an outcome would become even greater ifMeanwhile, the Relative Strength Index is moving up, which points to rising momentum. Similarly, the histogram bars of the Awesome Oscillator are edging toward the midline, also adding credence to the upside.breaks below the midline of the order block, otherwise referred to as the mean threshold at $19.15, the odds would tip in favor of bears. Invalidation of the current bullish thesis would occur if it makes a decisive daily candlestick close below it, potentially tagging the base of the order block at $18.41. In the dire case, Solana price could drop to the $17.34 support level, or worse, go as low as $14.49, levels last seen around mid-June. Notably, both momentum indicators are in dangerous zones, the RSI below 50 and the AO in the negative, leaving the SOL market susceptible to a bearish takeover. Noteworthy, a drop below $18.41 would render the demand zone a bearish breaker. Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar , with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.Bitcoin dominance is the ratio of Bitcoin's market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. 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