Crypto traders can now breathe a sigh of relief. After the pounding of the better part of November, Bitcoin, Solana, and some of the top cryptos to buy are ticking higher.
Specifically, Solana crypto is inching closer to $150, retesting a key resistance level when writing. Even though the path of least resistance is still southwards, a high volume breakout above local liquidation zones could see SOL USDT erupt to $170 and higher.
As Solana stabilizes, some of the top meme coins running on the modern chain are also firm. TRUMP crypto, Pengu, WIF, and Fartcoin are in the green. So far, the total market cap of Solana meme coins is up 2% to $5.7 billion.
(Source: Coingecko)
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If SOL USDT breaks above $150, it will be sufficient confirmation that bulls are back in control.
From the SOL USDT daily chart, the local support is at around $120, a level retested on November 21.
As traders feared the worst, expecting a complete collapse back to $100 and even below this round number, prices snapped back over the weekend. The result was a triple-bar bullish reversal pattern backed by decent trading volume.
For the better part of this week, buyers have been dominant, and trading volume high but still lower than last week’s. Even with this leg up, SOL USDT is still confined within a descending channel, as clear in the daily chart.
Technically, one analyst notes that SOL USDT has printed a clear cup and handle formation.
(Source: CryptoCurb, X)
Presently, Solana crypto is at the bottom of the “handle,” and once it snaps above $300 or all-time highs, SOL USDT can easily fly to $2,000.
Another analyst notes that leverage traders and speculators have been flushed out.
With net unrealized profit/loss (NUPL) — a measure of the profitability of SOL’s owners at current prices —falling for the better part of November, weak hands capitulated, paving the way for strong hands to step in and stabilize prices.
https://twitter.com/ali_charts/status/1993778787767787711?ref_src=twsrc%5Etfw” rel=”nofollow” target=”_blank
Based on this alone, SOL USDT, he notes, has bottomed, and the only way from now is UP.
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While candlestick arrangement may provide a hint of where prices are headed next, fundamental factors do determine the pace of bullish or bearish moves.
By the close of November 26, most funds bought spot crypto ETFs.
While spot Solana ETFs saw net redemptions, mostly via 21Shares, funds have been buying spot Solana ETFs since October 28.
After 30 days of steady inflow, which pushed the total net assets under management to $917M, only $8.1M were redeemed yesterday.
(Source: SosoValue)
In the days ahead, SOL Strategies CEO, Michael Hubbard, believes more firms will prefer HODLing spot Solana ETFs with staking.
So far, the Bitwise’s and Grayscale’s offerings allow for the staking of the underlying SOL.
Staking allows investors to earn a share of a near-risk-free yield, incentivizing participation.
Although SOL Strategies currently holds over 523,000 SOL, its CEO believes that crypto treasuries won’t be sustainable and that staking ETFs are “going to eat their lunch.”
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The post Is The Bottom In For Solana? Analysts Call NUPL Reversal, Cup and Handle Pattern Emerges appeared first on 99Bitcoins.
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