Solana (SOL) Dips -2.50% – A Quick Daily Outlook
- The SOL/USD coin is gaining immediate support at the 185.89 level. However, the overall trading bias remains bullish
- On the other hand, the US dollar has failed to reverse its negative trend and continues to flash red for the day
- BTC has begun a significant decline, trading below the $50,000 support level. Bitcoin (BTC) and other major altcoins, including Solana, have bounced off their immediate resistance levels
Dalio, the founder of Bridgewater Associates, which is the world’s largest hedge fund, believes that the price of Bitcoin will never reach a level as high as $1 million. “Logically… there’s a limit to its pricing in respect to other items like it,” he explained.
At the same time, Mexico’s 3rd-richest Billionaire’s advice to investors is to invest in Bitcoin, which might help limit losses in the crypto market. As per his keywords, “People should avoid fiat currencies like the dollar and the euro, and invest in Bitcoin instead.” He referred to fiat money as “false money made of paper and lies” and said that “central banks are producing more money than ever before.”
This isn’t the first time Salinas has recommended that people purchase Bitcoin. Actually, the billionaire tweeted in November, “buy Bitcoin right now,” claiming that the United States is “looking more and more like any other reckless third-world government,” along with a chart depicting “the extent of false money creation.”
The US dollar has failed to reverse its negative trend and continues to flash red for the day. However, diminishing concerns over the highly contagious Omicron coronavirus strain, paired with solid US Retail Sales figures, may encourage investors to seek riskier assets, rather than going for safe-haven assets like the US dollar. As a result, the declines in the Solana prices appear to be limited by the modest price movement in the US dollar.
Solana (SOL/USD) – A technical outlook
The SOL/USD coin is gaining immediate support at the 185.89 level. However, the overall trading bias remains bullish, and it could drive an uptrend in SOL/USD. A surge in buying could prompt a further uptrend until the $197 or $204 resistance levels. The upward trendline has already been violated, suggesting odds of a continued downtrend. It is likely to provide resistance at 191.45.
On the lower side, the SOL/USD coin is likely to gain support at 185 and 176. A break below 176 could expose the SOL/USD coin to the 168 level. The RSI and 50 EMA support a downtrend; therefore, consider staying bearish below the 196 level. Good luck!
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