Quiet Session to Continue Sideways Action

Until Bitcoin does something, Solana is probably going to sit still. 

Solana did very little on Friday as we continue to see the $101 level as an area that continues to offer support. The $100 level just below there also offers a significant amount of support, so I think this is more or less going to be a “support zone.” If you look at this chart, you can see that the market has gone sideways for a little over a week, and now it looks as if we are going to continue to see this market try to figure out what is going to happen next.

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Just above, we have the 50-day EMA near the $108 level and going sideways. At this point, the market looks as if it is simply trying to figure out what to do next, as it has been sideways for a while. If we break down below the $100 level, that would be a negative turn of events, and more likely than not would send the Solana market down to the $80 level. The $80 level has been important multiple times in the past, so I think it would make a nice target, as well as a major support level. If we break that level to the downside, that would be the worst-case scenario for Solana, and would almost certainly send this market to reach the $50 level.

On the upside, if we were to break above the $120 level, then it opens up the possibility that the market could recover. If we can break above the $120 level, then Solana could go looking to the $140 level as a target. Breaking above that market could then send the Solana market to the $160 level.

In general, I think the one thing that you are probably going to see is a lot of volatility and a way of mimicking Bitcoin and Ethereum more than anything else. It is worth noting that we are going to continue to see a lot of chop here, just as we have seen in various crypto markets. Until Bitcoin does something, Solana is probably going to sit still. Even more of a correlation would be Ethereum to this market.