Log in

Market Direction

What does Q1 2024 have in store for SOL?

Updated: Aug 23, 2024
Published: Jan 2, 2024
0
Share:

To determine where SOL is headed, we start by looking at the charts on the 4hr to identify local levels more easily.  

Post Feature Image

And from a mechanics’ perspective... it’s simply madness! 

The OI is extremely high, with Funding at 0.1%; this is ten times more than the standard healthy rate, meaning Longs are paying Shorts a huge premium to be Long. 

aligncenter size-full wp-image-292185 

aligncenter size-full wp-image-292186

Unless price consolidates and Longs slowly unwind (best case scenario for Longs), this likely ends in a more meaningful flush if the Spot bid cannot be maintained. 

Technical analysis

  • SOL had a nice breakout from the wedge/pennant-like pattern but is now running into local resistance.
  • $117 is a local resistance for price, while $109 is a local support.
  • The overhead major resistance is $131, with the main horizontal support now being $99.
  • The RSI has calmed down on mid-timeframes but remains very overbought on the 3D and the Weekly.
aligncenter size-full wp-image-292187

Cryptonary's take 

SOL has performed phenomenally so far. And while there could still be more meaningful upside, potentially to $130-$140, we'd feel uncomfortable adding new positions at current prices with any major size. 

We're still moving into the ETF decision with four full months until the halving. 

In the next few months, we may see some profit-taking and repositioning into the coins that haven’t run as well yet.

SOL would be the number one candidate for this repositioning. So, we are reemphasising caution on SOL. This does not necessarily mean we’re selling it, but we would wait for lower prices a month or so post ETF before adding more meaningful size (if you have spare capital on the sides). 

If prices hold up relatively well in the next two months, you can bite the bullet and buy SOL.

But really, we'd be surprised if SOL was massively higher than it is now in the next two months.



100% Success Money Back Guarantee

If our approach doesn’t outperform the overall crypto market during your subscription, we’ll give you a full refund of your membership. No questions asked. For quarterly and monthly subscribers this is applicable once your subscription runs for 6 consecutive months.

Terms & Conditions apply

Star

Trusted by 300,000+ traders

Take your next step towards crypto success

Save 50%

$799/year

Get everything you need to actively manage your portfolio and stay ahead. Ideal for investors seeking regular guidance and access to tools that help make informed decisions.

VisaCardImageMsCardImageCoinbaseCardImageSolanaCardImage

For your security, all orders are processed on a secured server.

What’s included in Pro:

  • Success Guarantee, if we don’t outperform the market, you get 100% back, no questions asked

  • 24/7 access to experts with 50+ years’ experience

  • All of our top token picks for 2025

  • Our latest memecoins pick with 50X potential

  • On hand technical analysis on any token of your choice

  • Weekly livestreams & ask us anything with the team

  • Daily insights on Macro, Mechanics, and On-chain

  • Curated list of top upcoming airdrops (free money)

Our track record speaks for itself

With over 2.4M tokens and widespread misinformation in crypto, we cut
through the noise and consistently find winning assets.

/images/advertorial/corpcomm3.webp
/images/advertorial/corpcomm4.webp
/images/advertorial/corpcomm5.webp

Frequently Asked Questions

Yes. We've consistently identified winners across multiple cycles. Bitcoin under $1,000, Ethereum under $70, Solana under $10, WIF from $0.003 to $5, PopCat from $0.004 to $2, SPX blasting past $1.70, and our latest pick has already 200X'd since June 2025. Everything is timestamped and public record.

No. When we founded Cryptonary in 2017 the market was new to everyone. We intentionally created content that was easy to understand and actionable. That foundational principle is the crux of Cryptonary. Taking complex ideas and opportunities and presenting them in a way a 10 year old could understand.

Signal vs noise. We filter out 99.9% of garbage projects, provide data backed analysis, and have a proven track record of finding winners. Not to mention since Cryptonary's inception in 2017 we have never taken investment, sponsorship or partnership. Compare this to pretty much everyone else, no track record, and a long list of partnerships that cloud judgements.

We share highly sensitive, time-critical research. Once it's out, it can't be "returned." That's why membership is annual only. Crypto success takes time and commitment. If someone is not willing to invest 12 months into their future, there is no place for them at Cryptonary.

Yes. You will have 24/7 to the team that bought you BTC at $1,000, ETH at $70, and SOL at $10. Through our community chats, live Q&As, and member only channels, you can ask questions and interact directly with the team. Our team has over 50 years of combined experience which you can tap into every single day.

Daily. We provide real-time updates, weekly reports, emergency alerts, and live Q&As when the markets move fast. In crypto, the market moves fast, in Cryptonary, we move faster.

If our approach to the market doesn’t beat the overall crypto market during your subscription, we’ll give you a full refund of your membership fee. No questions asked. For quarterly and monthly subscribers this is applicable once your subscription runs for 6 consecutive months.

Recommended from Cryptonary
BTC, ETH, and More: Double Bottoms and a Critical Bounce
PRO
Market Direction
BTC, ETH, and More: Double Bottoms ...Markets rebound off key lows, BTC and major alts flash double bottom signals. Will support hold for ...
6 min read
Oct 20, 2025
BTC, ETH, and More: Bearish Pressure as Key Support Levels Break
PRO
Market Direction
BTC, ETH, and More: Bearish Pressur...Markets face critical retests with BTC and major alts breaking supports; all eyes on bounce zones an...
7 min read
Oct 17, 2025
BTC, ETH and More: Key Supports Reclaimed, Next Targets in Play
PRO
Market Direction
BTC, ETH and More: Key Supports Rec...Markets are showing signs of recovery after last week’s turbulence. Bitcoin and Ethereum are stabili...
4 min read
Oct 15, 2025