Astronomical Gains Expected For Solana (SOL) In Second Half of Q4

Solana (SOL) recently toppled Tether [USDT] from its fourth position by market cap to later settle at the fifth position ahead of Cardano’s ADA. Coinshares, a digital asset manager also recorded inflows up to 15million USD of Solana investment products just last week, bringing the total Solana assets under management to close to a 200million USD.

In DeFi and NFTs [non-fungible tokens], Solana again maintains huge strides as the third-largest blockchain with TVL-total value locked up to 14.86 billion USD in DeFi protocols that currently run on the Solana ecosystem.

  • DapperRadar also record 240 million USD in NFT trades last month, with upcoming game offers.
  • A crucial event that may boost the price of the SOL token is the upcoming Inaugural Breakpoint Conference by the Solana Foundation.

Let’s analyze the SOLUSDT price charts for insights into the technical levels and chart patterns driving the SOL price.

SOL Price Prediction: Weekly Chart 

The SOLUSDT continues to set new highs with the relative strength index [4] printing higher values above the level-25.

A sneak-peek into the monthly time frame reveals that we may be seeing an astronomical surge in the price of the SOL token in the second half of Q4 ’21.

However, threats of a regular bearish divergence on the above weekly chart hint that we should be mindful of a bull-trap above the current all-time high if the RSI still shows values below level-98.

SOL Price Prediction: Daily Chart 

The daily time frame also follows a similar path as the weekly time frame, as it flags a regular bearish divergence with the RSI indicator.

Higher RSI values above level-25 also confirm an uptrend for the SOLUSDT as we look out to buy the correction levels from the 4HR time frame.

Let’s move down to the 4HR time frame for clues into buying the dips.

SOL Price Prediction: 4 Hr Chart 

The intraday 4HR time frame already signaled correction levels at $176.94 and $183.31 respectively.

More recently, the SOLUSDT closed above the 25 October 12:00 resistance and could probably flip it into a new support level. Traders may have to move to a lower 45MINS or 1HR time frame to catch scalping opportunities.

Following the analysis so far, it’s obvious the SOLUSDT is in a well-established uptrend across multiple time frames. On the other hand, we won’t want to ignore the bearish divergence signals on the weekly time frame, which may take effect towards the end of Q4 ’21.

Disclaimer

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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