“Solana’s $118 Showdown: Will Binance‘s Buy-Back Be the Savior?”
- SOL‘s $118 zone has defended a price fall several times since start of March 2024
- Binance buying back SOL at the $118 zone after dumping at $135 could shape Solana’s price short-term outlook
Well, shucks, folks! It seems like Solana’s price has been doin’ some fancy footwork around that $118 mark. Since March 2024, it’s been like a game of musical chairs – SOL’s price has been dancin’ around that zone, and when it dips below $115.92, well, let’s just say it’s a whole lotta trouble!
Now, I know what you’re thinkin’, “Mark, what about those previous attempts to stabilize SOL’s price around $110 and $100?” Well, partner, it seems like those attempts are comin’ back to haunt us. Especially since traders have been tryin’ to reclaim that $118 support, but it’s like tryin’ to lasso a greased pig – it just ain’t happenin’!
At the time of writin’, both the MACD line and its Signal line were below zero, like a couple of cowpokes in a saloon fight. And with the potential formation of a bearish crossover, it’s like the whole market is gettin’ ready to stampede in the wrong direction!
But hold up, partner! The histogram was actin’ like a wild mustang, indicatin’ that momentum loss could slow down, and that’s when the market might just start to get a little bit stable.
Now, if SOL can reclaim that $118 mark, it’s like a cowboy lassoin’ a steer – it’s a mighty fine sight! And if it can break through that descending trendline, well, it’s like ridin’ off into the sunset, headed for $150 or higher!
How Binance’s SOL buy-back could shape future movements
Ah, Binance, the big cheese in the crypto world! It seems like they’ve been buyin’ back SOL at the $118 zone after dumpin’ it at $135. And let me tell you, partner, it’s like they’re tryin’ to put out a wildfire with a bucket of water – it’s a mighty big job!
They cleared out them SOL positions through Wintermute, and then they started buyin’ back in. It’s like they’re tryin’ to herd cats, but in a good way, I reckon!
Now, if Binance’s buy-back operation is successful, it could be like a breath of fresh air for Solana’s price. But if it’s not, well, it’s like tryin’ to catch a greased pig – it’s just not gonna happen!
Daily DEX volume from top chains
Well, shucks, Solana’s daily DEX volume is lookin’ mighty fine, partner! It’s like a big ol’ barn dance, with SOL’s volume of $2.417 billion outdancin’ Ethereum‘s $1.899 billion, BSC’s $1.066 billion, and Base’s $973.44M!
Conditions of elevated DEX usage, combined with multiple token creations, could drive SOL’s price towards $130, like a cowboy ridin’ off into the sunset! But, of course, profit-takin’ operations and market movements could reduce SOL’s pricing to $100, like a wild mustang gettin’ loose in a saloon!
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2025-04-04 09:14