Reason to trust
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Solana (SOL) is beginning to show signs of renewed strength as technical indicators hint at a potential breakout. On the weekly chart, the MACD is curling up and has recently crossed above the signal line, a bullish signal that often precedes major price movements. With momentum slowly building, traders are now watching closely to see if this shift marks the beginning of a larger rally.
Momentum Builds For A Possible Solana Breakout
In a recent X post, market analyst Willjayducks drew attention to a significant bearish divergence that unfolded on the Solana weekly chart. He pointed out that as the price surged into its blow-off top, the RSI and MACD indicators showed weakening momentum. This divergence between price action and momentum indicators is a classic technical pattern that typically precedes sharp corrections.
Following this setup, Solana experienced a steep decline, shedding approximately 67% of its value in just 84 days. According to Willjayducks, this dramatic drop suggests the bearish divergence has “arguably played out,” implying that the correction phase may be nearing its end.
He further elaborated that the MACD is now curling upward and has recently crossed above the signal line. This crossover suggests that the recent downward pressure may be easing, setting the stage for a potential recovery. According to his analysis, if SOL can gather enough strength and sustain its current upward momentum, the MACD line could eventually cross above the zero line, a more definitive bullish signal that typically confirms a shift in trend.
Should this scenario unfold, the analyst believes Solana may be poised to push toward new highs, reigniting interest among traders and investors. However, he also noted a word of caution: if or when this bullish breakout occurs, he’ll be closely monitoring the chart for any emerging signs of bearish divergence, which could once again hint at an overheated market.
Bearish Outcome Still On The Table
In the climax, the analyst mentioned that there is still a chance things just fizzle out here and continue into a bear trend. Despite recent bullish signals and technical improvements, he cautioned that the current momentum might not be strong enough to sustain a full reversal.
While price action may stall, leading the market back into a prolonged period of downside movement, Willjayducks emphasized that all we can do for now is watch price action closely and plan for all scenarios. Whether the market pushes higher or fades into weakness, he advised staying alert and adaptable.
Featured image from Adobe Stock, chart from Tradingview.com
My name is Godspower Owie, and I was born and brought up in Edo State, Nigeria. I grew up with my three siblings who have always been my idols and mentors, helping me to grow and understand the way of life.
My parents are literally the backbone of my story. They’ve always supported me in good and bad times and never for once left my side whenever I feel lost in this world. Honestly, having such amazing parents makes you feel safe and secure, and I won’t trade them for anything else in this world.
I was exposed to the cryptocurrency world 3 years ago and got so interested in knowing so much about it. It all started when a friend of mine invested in a crypto asset, which he yielded massive gains from his investments.
When I confronted him about cryptocurrency he explained his journey so far in the field. It was impressive getting to know about his consistency and dedication in the space despite the risks involved, and these are the major reasons why I got so interested in cryptocurrency.
Trust me, I’ve had my share of experience with the ups and downs in the market but I never for once lost the passion to grow in the field. This is because I believe growth leads to excellence and that’s my goal in the field. And today, I am an employee of Bitcoinnist and NewsBTC news outlets.
My Bosses and co-workers are the best kinds of people I have ever worked with, in and outside the crypto landscape. I intend to give my all working alongside my amazing colleagues for the growth of these companies.
Sometimes I like to picture myself as an explorer, this is because I like visiting new places, I like learning new things (useful things to be precise), I like meeting new people – people who make an impact in my life no matter how little it is.
One of the things I love and enjoy doing the most is football. It will remain my favorite outdoor activity, probably because I’m so good at it. I am also very good at singing, dancing, acting, fashion and others.
I cherish my time, work, family, and loved ones. I mean, those are probably the most important things in anyone’s life. I don’t chase illusions, I chase dreams.
I know there is still a lot about myself that I need to figure out as I strive to become successful in life. I’m certain I will get there because I know I am not a quitter, and I will give my all till the very end to see myself at the top.
I aspire to be a boss someday, having people work under me just as I’ve worked under great people. This is one of my biggest dreams professionally, and one I do not take lightly. Everyone knows the road ahead is not as easy as it looks, but with God Almighty, my family, and shared passion friends, there is no stopping me.
Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
