Daily Price Outlook
- Solana has recovered from $19.20 support and surpassed the key level of $20, indicating growing optimism among investors.
- The SEC's lawsuit against Binance has created market uncertainty, impacting both precious metals and cryptocurrency prices.
- If Solana maintains its position above $20, it has the potential to reach targets at $20.39 and $20.76, aligning with Fibonacci retracement levels. Monitoring support at $19.75 is important for the upward trend continuation.
Solana has successfully recovered from the support zone at $19.20 and has now surpassed the significant psychological level of $20. The presence of a bullish engulfing candle followed by another bullish candle indicates a growing sense of optimism among investors, which will greatly influence future price movements based on both technical and fundamental factors.
Presently, investors are facing uncertainty regarding the market's direction, particularly due to the SEC's lawsuit against Binance. This has resulted in a risk-on sentiment affecting both the precious metals market and cryptocurrency prices.
Should Solana manage to maintain its position above $20, it holds the potential to reach the next target at $20.39, aligning with the 38.2% Fibonacci retracement level.
A successful breach of this level could lead to further gains, with a subsequent target at $20.76, corresponding to the 50% Fibonacci retracement level. Beyond that, the subsequent target lies around $21.2, representing the 61.8% Fibonacci retracement level.
Conversely, if Solana experiences a decline below the support level of $19.75, the next level of support is expected to be around $19.20.
Therefore, closely monitoring the price action around $19.75 is crucial, as a sustained move above this level would indicate a strong continuation of the upward trend.
Solana Price Chart - Source: Tradingview
Solana - Trade Idea
Entry Price – Buy Above 19.93
Stop Loss – 19.50
Take Profit – 20.76
Risk to Reward – 1: 1.93
Profit & Loss Per Standard Lot = +$77/ -$43
Profit & Loss Per Micro Lot = +$7.7/ -$4.3
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