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Solana (SOL) Tumbling to $200 and Not Stopping: Price Scenario
Crypto Trends

Solana (SOL) Tumbling to $200 and Not Stopping: Price Scenario

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  • Solana gets blocked
  • Risks of losing $200

With its price dropping sharply from recent highs and currently trading just above $210, Solana has entered a decisive correction phase. Selling pressure increased as a result of the token’s sharp decline signals, with $200 emerging as the next crucial test. The market is bracing for further losses because of the speed of this decline, which increases the likelihood that $200 will not hold for long.

Solana gets blocked

Technically, the final immediate support is the 50-day EMA at $206 on the market. The decline may pick up speed toward the 100-day EMA around $193 if Solana does not stabilize here. This level is a more robust support level if bears maintain control because it corresponds with a wider retracement zone. If SOL makes a clear break below $193, it could be subject to a lengthy correction, with a potential decline to the $180 region.

SOL/USDT Chart by TradingView

Market sentiment is mixed, as seen by the volume profile. Despite dominating previous sessions, selling activity has not yet reached levels of capitulation. Volumes instead imply a steady distribution, which implies that bears retain control without resorting to excessive force. This sets up a situation in which additional selling might gradually weaken support levels, instead of causing a single spectacular collapse.

Risks of losing $200

Weakening conditions are also confirmed by momentum indicators. After dropping from early September’s overbought levels, the Relative Strength Index (RSI) is now closer to neutral, indicating waning bullish strength and potential for further decline.

Simply put, Solana’s price action indicates that there is a significant risk to the $200 mark. Bearish conditions that aim for the 100 EMA at $193 are very likely if the token closes below its 50 EMA. To turn the tide back in their favor, bulls must reclaim $221, the most recent breakdown point. The prevailing outlook was bearish until that time. In the absence of a robust recovery from the current levels, Solana’s rally seems to have stalled, and the path of least resistance is still lower.



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Chainlink hits new all-time high of $100b in Total Value Secured
Crypto Trends

Here’s why Chainlink price is tumbling as liquidations jump

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Chainlink price has tumbled over the last three consecutive days, moving from last week’s high of $25.65 to $23.50.

Summary

  • LINK price plunged as the crypto market retreated.
  • It also dropped as whales continued to dump the token. 
  • On the positive side, the coin has strong fundamentals.

Chainlink (LINK), the biggest oracle in the crypto industry, dropped as sentiment in the crypto market worsened ahead of the Federal Reserve and as investors booked profits following last week’s rally.

Chainlink price crashes as liquidations jump

The decline also happened as liquidations jumped. CoinGlass data showed that liquidations rose to over $3.3 million, the highest level since Sept. 1. These liquidations led to more selling pressure.

LINK price also dropped as the crypto market remained in the red. Bitcoin (BTC) slipped to $115,000, while top coins like Ethereum (ETH), and Solana (SOL) were down by over 3% in the last 24 hours. 

Additionally, there are signs that whales are exiting their LINK positions, possibly as they book profits or expect a crash. Nansen data shows that these investors now hold 4.71 million tokens, down from 5.27 million last month. 

Still, Chainlink has some of the best fundamentals in the crypto industry. It is the biggest oracle, helping companies and other organizations bring their off-chain data on-chain. For example, the U.S. government has started bringing its vast data trove on-chain using its platform.

Chainlink has also started to build its LINK reserves using its on-chain and off-chain fees. It has now accumulated tokens worth over $6.5 million, a trend that will continue as its network fees rise amid growing ecosystem adoption. 

Chainlink has some of the most important partnerships in the crypto industry. It has a deal with JPMorgan, the biggest banking group in the United States, and UBS, the biggest player in wealth management. It also has a deal with Swift, a network that is looking for ways to improve how companies send money internationally. 

LINK price technical analysis

Chainlink price chart | Source: crypto.news

The 12-hour time frame chart shows that the Chainlink price has jumped from a low of $10.13 in April to $23 today. It has remained above the 50-period and 100-period Exponential Moving Averages.

LINK price has also formed a symmetrical triangle pattern, whose two lines are nearing their confluence. It has also formed a bullish pennant pattern.

Therefore, the token will likely have a strong bullish breakout, potentially to last month’s high of $27.83, up by about 20% above the current level.



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A pile of Britons rolling down a snowy hillside after a cheese wheel.
Gaming Gear

Cheese Rolling is the best free Steam game about the age-old English tradition of hurling yourself down a hillside in pursuit of tumbling dairy

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Every year since at least 1826, hundreds of questionably-hinged individuals from around the globe gather at Cooper’s Hill in Gloucestershire to enjoy the privilege of throwing themselves down a steep slope to chase a rolling wheel of Double Gloucester cheese. Competitors risk any number of bodily injuries, as the annually overtaxed emergency medical services of the region will tell you.

If, like me, you’ve been faintly, distantly jealous of those cheese-crazed tumblers and their yearly submission to gravity’s bone-shattering whims in hopes of claiming praise and prize (the prize is cheese), I have great news: There’s a game for that now, and it won’t cost you any money. Or fractures.

Cheese Rolling launched just two days ago. In it, you play as one of up to eight hapless Britons. Said hapless Britons are perched atop a hillside. There is a cheese wheel there, and it is already rolling, and you must grab it first to win.


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What follows is a physics-based tangle of flailing, flopping peasantry. You have just enough control over your character’s movement to trick yourself into believing you’re improving at the sacred art of cheese rolling, only to watch as you—and everyone else—reach a high enough velocity that you overshoot the cheese wheel and end up at the bottom in a frantic pile trying to be the first to writhe out of the mass.

As is becoming a standard for physics-based chaos simulators, Cheese Rolling has proximity chat. I could only find one other person online while I was playing, but that meant I could clearly hear his fading wail of “Fuck” as he narrowly missed the cheese and bounced impotently into the misted distance.

(Image credit: The Interviewed)

Luckily, there’s a more than adequate singleplayer mode for anyone who wants to get in early and master your technique. For reasons we may never be able to explain, Cheese Rolling doesn’t have much of a following yet. If you ever hoped to secure your place as a cheese-chasing legend, now’s your chance.

Cheese Rolling is available now on Steam.



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