Solana rises near support at 97.00 as risk appetite improves and Middle East tensions ease, with focus on FOMC decision.
Solana had been falling to a key support area amid concerns over possible US military action against Iran, which dampened crypto market mood. Those worries turned out to be baseless, and risk appetite has begun recovering alongside declining oil prices.
Looking at the broader landscape, the situation remains unchanged: the Middle East conflict keeps pushing inflation higher and holds back global expansion. The Fed is compelled to keep a tightening stance, and the approaching US midterm elections introduce further uncertainty. Such headwinds should cap any significant Solana advance.
Market attention this week centres on the Wednesday FOMC decision and any new Middle East events.
The central bank is anticipated to hold rates steady, meaning an unexpected increase could provoke a steep Solana drop. No Dot Plot is due at this gathering, shifting the focus to Fed Chair Warsh. He tends to avoid clear forward guidance, so he may say little, yet traders will monitor for any hawkish remarks.
On the daily timeframe, Solana rebounded near the critical support area around 97.00. Buyers are expected to keep defending that level, with a clear risk below it, aiming for a climb to 148.00. Sellers, conversely, are looking for a breakout lower to add to bearish positions targeting the main upward trendline.
The 4-hour timeframe reveals a downward trendline that marks the bearish pattern. A pullback to that trendline could see sellers utilise it as resistance with risk above, aiming for a decline back to 97.00 support. Buyers wish for a breakout higher to build long positions toward the next resistance at 113.00.
The 1-hour timeframe shows a small descending channel shaping current price moves. Sellers are likely to keep using the channel's upper boundary as resistance with risk above, continuing to aim for fresh lows. Buyers are waiting for an upside break to enter and push toward the major descending trendline.
Tomorrow brings the US Consumer Confidence report. Wednesday features the FOMC interest rate decision. Thursday sees the US GDP report, the PCE data, and the latest Jobless Claims figures. Friday concludes the week with the US Employment Cost Index.
Share to
Disclaimer: this article comes from third-party media and is provided for reference only. It does not constitute investment advice. Crypto and other financial products carry significant price volatility risk, so please make your own decisions carefully.
Bitcoin treasury analyst Allard Peng discusses Metaplanet's U.S. preferred plan, the Strategy-Strive capital pool and possible upside for common shareholders.
After a PHP exploit took down government and hospital sites, Bitcoin Magazine's Shinobi discussed why it happened, AI's role, and whether Bitcoin is exposed.
Bitcoin's ratio vs. tech stocks recaptured its 200-day average; historically, such reclaims led to higher bitcoin a year later in five of six cases, with a…
Strive bought 6,182 bitcoin for $511.4 million, lifting its treasury to 43,000 BTC. The purchase was disclosed in a Monday SEC filing.