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Why This Analyst Thinks Traders Should Not Be Bearish On Solana

Samuel Edyme
Samuel Edyme
2 years ago
3 mins read
Solana (SOL)

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For traders thinking Solana is controlled by the bears, a popular crypto market analyst, Chris Burniske, is giving a fresh perspective of hope for the major altcoin.   

According to the former lead of Ark Invest’s crypto department, those who think that SOL is generally bedridden in a bearish mood are mistaken.

SOL Sets To Make a Breakthrough

Burniske said that the Ethereum killer still has a breakthrough opportunity to rally its price despite its reverse down at a resistance level.

The prominent analyst urged traders not to be extremely bearish on SOL as the coin would eventually retrace its value. He expects the crypto’s retracement to occur within the next few months. 

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2 years ago

Burniske, however, cautioned that investors might experience price decline due to the market volatility, which might heighten and cause massive losses for traders who have opened long positions in their leverages.

Since the start of the year, Solana has been in a bullish mood and showing signs of resilience and bravery, actually benefiting from the recent market bullishness.

Based on the daily and weekly trading movement since the beginning of the year, the current bearish action of SOL can be regarded as a mere retracement, something which is generally seen in other risky assets.

Most Ethereum killers, including Solana, are witnessing a similar kind of price reversal, which signals no major panic on the part of the SOL price.

Solana Price Analysis Shows Buy Signal

Burniske’s projection seems to be right based on technical price analysis. Over the past three months, Solana moved in a sideways trajectory trend at an average price of around the $14 mark. But within the last two weeks, Solana has surged its value by over 68% to trade at an average price of $23.59.

At the time of writing, Solana is currently trading at $23.18, down 5.50%, with a trading volume of $801,611,149 in the last 24 hours. The altcoin’s market cap stands at $8.6 billion, which puts it the 10th largest cryptocurrency, according to Coinmarketcap.

Related Reading

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Solana (SOL) Outperforms Top Coins With 28% Gains On Weekly Chart

2 years ago

As per the TradingView chart below, the presence of a bullish hammer in the candlesticks signals the buyers are taking back control and pushing the price back above. The green indicator shows the sellers’ inability to drive the price of an asset further down.

SOL price chart on TradingView
SOL price is moving sideways on the 4-hour chart. Source: SOLUSDT on TradingView.com

The 50-day and 200-day moving average settings on the 4-hour price chart further support this bullish trend. The presence of the golden cross, as it is indicated by an asset’s short-term moving average crossing above its long-term moving average, signals a switch from a bear trend to a bull trend.

Based on price analysis, the current sentiment is bullish, as this can also be seen in the RSI stands at 64.22, showing that Solana is in the bull territory. Generally, the technical analysis shows that Solana has the potential to regain its value, though it may experience some corrections triggered by macro events.  

Featured image from Unsplash, Chart from TradingView
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Samuel Edyme
Samuel Edyme

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Read more

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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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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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.

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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

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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