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Solana Smashes Above $40 In Seemingly Unstoppable Stampede
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Solana Smashes Above $40 In Seemingly Unstoppable Stampede

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
2 mins read
solana sol solusd solusdt solbtc

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Solana, the now seventh-ranked cryptocurrency by market cap, thanks to a recent runaway performance, has surpassed the $40 mark. Take a look at a close-up of the price action and see if the stampede by bulls is sustainable.

Say Goodbye To Single-Digit SOL Forever

Less than one year ago, Solana hit a low of under $10. Single-digit SOL proved to be too enticing for investors to pass up and it could potentially serve as a long-term bottom.

The altcoin fended off a fierce selloff in June this year, but held above double digits. The higher low instilled confidence in the market, possibly considering it a valid retest of support.

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Solana (SOL) Breaks Multi-Month Trend As Firedancer Hits Testnet

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Price then pushed higher, but failed to breach resistance at $26. That is until about two weeks ago when the Ethereum-competitor took out the resistance level and has been on a tear since. As today, it smashed above $40 and set an intraday high around $46.

The latest over 10% gains today cap off a nearly 100% rally in three weeks, and a full 400% off the lows. Anyone who was bold enough to buy SOL at under $10 has now made more than 4x on their investment.

SOLUSD_2023-11-01_15-56-04

Solana smashes above $40 | SOLUSD on TradingView.com

What’s Next For Solana After Smashing Above $40?

Solana has now erased all bearish price action from the FX collapse and beyond. The latest rally touched price levels not seen since August 2022.

The altcoin broke out from a potential ascending triangle pattern three weeks ago and has climbed over 100% since. Objectives based on the measure rule of this pattern put the next target for SOL at around $90.

Related Reading

Solana (SOL) Price Prediction: 2023, 2024, 2025 and Beyond

1 year ago

Above that level, it is possible that Solana could revisit former all-time highs above $260. This level was last reached in November 2021, a full two years ago.

Comparisons with Ethereum put SOL upwards closer to $1,000 if it follows the same previous bull market pathways. Solana’s stand out crypto market performance could be partially responsible for Ether’s muted rally thus far. But with Solana possibly meeting more resistance at this level, prices could take a pause for the time being, prompting impatient profits to roll back into ETH and other altcoins.

Tony is the author of the CoinChartist (VIP) newsletter. Sign up for free. Follow @TonyTheBullBTC & @coinchartist_io on Twitter. Or join the TonyTradesBTC Telegram for daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from Shutterstock, Charts from TradingView.com
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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

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Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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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.

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