- Despite the surge in selling, Solana and Jupiter did not see a deep decline.
- The JUP, in particular, showed strong confidence in the short term.
Solana (SOL) once again surged to $200 as meme coin trading activity increased in March.
Increase in Unique Addresses Ensures Demand for the Network That May Last Token Rally
$209, local high in the coming weeks.
Jupiter (JUP) has moved towards its $2 ATH and has a highly bullish outlook. With Bitcoin (BTC) back above the $70,000 mark, buyers have reason to be excited.
Solana’s shock was much less than expected
Source: SOL/USDT on TradingView
The 12-hour chart showed that the market structure of SOL remains bullish. The recent low of $105 in early March is the level that the bears must overcome to flip the structure in their favor.
As of press time, that was unlikely to happen anytime soon. Unlike many other large caps, the RSI did not drop below neutral 50 even as BTC prices fell. Alternative Currencies.
OBV was slowly recovering, but has not made new highs recently.
Trading volumes decreased in the second half of March, although prices recovered from the decline to reach $160. This shows that bullish confidence was absent earlier this month.
A one-month retrospective heat map showed that the nearest areas of interest were $200.5 and $180. Additionally, there were a number of liquidation levels at $210 and $170.
Solana is likely to rise further and gather liquidity at $200 and $210, provided Bitcoin does not show strong selling pressure in the coming days.
Subsequently, SOL will need to increase demand and trading volume to sustain the rally.
Jupiter ATH is about time
Source: JUP/USDT on TradingView
Jupiter has a market capitalization of $1.996 billion at press time, making it the 61st largest cryptocurrency by size. Its all-time high is $2. At press time, the market structure on the 6-hour chart was strongly bullish.
OBV has not fallen below the local low even after prices retraced to the 50% Fibonacci level. Therefore the selling pressure was not dominant.
The RSI also remained above the neutral 50 level for almost the entire March, reinforcing the idea of an uptrend.
Prices between $1 and $1.2 and between $0.71 and $0.8 were two areas of strong demand. Revisiting these areas should provide a good risk-reward buying opportunity for investors and swing traders.
While OBV remained stable, spot CVD has skyrocketed over the past three weeks. This was evidence of continued buying pressure from eager bulls. A boom was also seen in the futures market.
Read Solana (SOL) Price Prediction
2024-25
The funding rate is increasing, reflecting the greater number of participants in long positions.
Open interest has also increased in recent days following the price rise, reflecting bullish sentiment from short-term traders.
Disclaimer: The information presented is not financial, investment, trading or other advice and is solely the opinion of the author.
This is an automatic translation of our English version.