Hello everyone, as we all know the market action discounts everything :)
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Solana has started to drop on September 10th and the market started to trade between the ranges of $110 to 170$ in the last month. and in the last couple of days, the coin value has started a Bullish movement where the price jumped from 137.17 to 162.31 today an 18% increase.
It seems like the market is trading in a triangle pattern near the and now it's getting closer to the end of the pattern with early signs of a breakout happening soon.
Possible Scenarios for the market :
Scenario 1 :
The market is currently trading between the 38.20% and 50% fib level at ($158.09) with good Bullish momentum, in case the market was able to reach the 50% ($165.38) level then it will give us a sign of a breakout that will lead the market to the 61.80% fib level ($177.64) where it might see strong resistance but in case it was able to breakout that level then we could be seeing a visit to the $200 range soon.
Scenario 2 :
The first sign of a Bearish breakout will be dropping below the 50 MA line which is located near the 23.60% fib level ($139.01), By reaching that zone the Bears will try to keep the pressure on the trend but might have trouble breaking out that level. in case they were able to breakout then we could be seeing a drop in value that will reach the $115.11 level.
Technical indicators show :
1) The market is above the 5 10 20 50 100 and 200 MA and EMA (Strong Bullish Sign)
2) The RSI is at 54.04 showing good strength in the market.
3) The STOCH is trading in the upper range with a positive crossover between %K (63.09) and %D (58.57)
Daily Support & Resistance points :
support Resistance
1) 153.130 1) 167.258
2) 146.183 2) 174.439
3) 139.002 3) 181.386
Weekly Support & Resistance points :
support Resistance
1) 141.639 1) 169.256
2) 125.876 2) 181.110
3) 114.022 3) 196.873
Fundamental point of view :
The Solana blockchain has reportedly stopped processing transactions. According to the latest data from blockchain explorers SolScan and Solana Beach, the last transaction on the Solana network happened on September 14th at 11:58 UTC, creating a three-hour gap in transactions at press time.
Shortly after the issue with the transactions was first reported by users on Twitter, the Solana Foundation issued a statement acknowledging that the network was experiencing issues. The Foundation said that it has been aware of the issue and that engineers have been deployed to resolve it.
And while some noted that Solana’s mainnet was still in its beta release and was bound to experience hiccups, they failed to assure the Solana community that the blockchain would be up and running soon.
The Solana Foundation said that resource exhaustion in the network was what caused the denial of service on the blockchain. The foundation also noted that despite the fact engineers were working towards resolving the issue, network validators were preparing for a potential restart if deemed necessary.
Developers have since released a patch in Solana v1.6.23 which is set to resolve some of the resource exhaustion issues. Georgios Konstantopoulos, the research partner at Paradigm, said that the issue was most likely caused by bots spamming the reverting transactions to exploit a bug that made them almost free.
This is my personal opinion done with technical analysis of the market price and research online from Fundamental Analysts and News for The Fundamental point of view, not financial advice.
If you have any questions please ask and have a great day !!
Thank you for reading.
_________________________________Make sure to Like and Follow if you like the idea_________________________________
Solana has started to drop on September 10th and the market started to trade between the ranges of $110 to 170$ in the last month. and in the last couple of days, the coin value has started a Bullish movement where the price jumped from 137.17 to 162.31 today an 18% increase.
It seems like the market is trading in a triangle pattern near the and now it's getting closer to the end of the pattern with early signs of a breakout happening soon.
Possible Scenarios for the market :
Scenario 1 :
The market is currently trading between the 38.20% and 50% fib level at ($158.09) with good Bullish momentum, in case the market was able to reach the 50% ($165.38) level then it will give us a sign of a breakout that will lead the market to the 61.80% fib level ($177.64) where it might see strong resistance but in case it was able to breakout that level then we could be seeing a visit to the $200 range soon.
Scenario 2 :
The first sign of a Bearish breakout will be dropping below the 50 MA line which is located near the 23.60% fib level ($139.01), By reaching that zone the Bears will try to keep the pressure on the trend but might have trouble breaking out that level. in case they were able to breakout then we could be seeing a drop in value that will reach the $115.11 level.
Technical indicators show :
1) The market is above the 5 10 20 50 100 and 200 MA and EMA (Strong Bullish Sign)
2) The RSI is at 54.04 showing good strength in the market.
3) The STOCH is trading in the upper range with a positive crossover between %K (63.09) and %D (58.57)
Daily Support & Resistance points :
support Resistance
1) 153.130 1) 167.258
2) 146.183 2) 174.439
3) 139.002 3) 181.386
Weekly Support & Resistance points :
support Resistance
1) 141.639 1) 169.256
2) 125.876 2) 181.110
3) 114.022 3) 196.873
Fundamental point of view :
The Solana blockchain has reportedly stopped processing transactions. According to the latest data from blockchain explorers SolScan and Solana Beach, the last transaction on the Solana network happened on September 14th at 11:58 UTC, creating a three-hour gap in transactions at press time.
Shortly after the issue with the transactions was first reported by users on Twitter, the Solana Foundation issued a statement acknowledging that the network was experiencing issues. The Foundation said that it has been aware of the issue and that engineers have been deployed to resolve it.
And while some noted that Solana’s mainnet was still in its beta release and was bound to experience hiccups, they failed to assure the Solana community that the blockchain would be up and running soon.
The Solana Foundation said that resource exhaustion in the network was what caused the denial of service on the blockchain. The foundation also noted that despite the fact engineers were working towards resolving the issue, network validators were preparing for a potential restart if deemed necessary.
Developers have since released a patch in Solana v1.6.23 which is set to resolve some of the resource exhaustion issues. Georgios Konstantopoulos, the research partner at Paradigm, said that the issue was most likely caused by bots spamming the reverting transactions to exploit a bug that made them almost free.
This is my personal opinion done with technical analysis of the market price and research online from Fundamental Analysts and News for The Fundamental point of view, not financial advice.
If you have any questions please ask and have a great day !!
Thank you for reading.