fxs_header_sponsor_anchor

Solana price to retest $125 if SOL can shatter this supply zone

  • Solana price faces a $104.68 to $108.13 supply zone after rallying 15%.
  • Clearing this hurdle will open the path for SOL to rally another 15% and retest $126.48.
  • A rejection at the supply zone is likely to lead to a correction to $93.12.

Solana price experienced a quick run-up over the past two days. While this move was obvious, it failed to set up a higher high on a daily chart. Despite the recent shortcomings, SOL has a chance to prove itself by clearing a crucial hurdle and triggering another rally.

Solana price at a decisive point

Solana price rallied 15% after stabilizing around the weekly support at $93.12. This upswing set a swing high at $105.82 as SOL pierced the four-hour supply zone, extending from $104.68 to $108.13. 

A resurgence in buying pressure that pushes SOL to produce a four-hour candlestick close above $108.13 will flip this hurdle into a foothold and suggest that the bulls want to move higher. In this case, Solana price is likely to make a run at the $126.48 hurdle, bringing the run-up to 15% 

This uptrend, however, relies solely on the fact that Solana price can slice through the said supply zone. Failing to move past this hurdle is likely to lead to a rejection that will push SOL lower.

SOL/USDT 4-hour chart

Assuming Solana price fails to muster up the momentum to slice through the four-hour supply zone, ranging from $104.68 to $108.13, it will indicate weakness among buyers. 

A reduced bullish momentum combined with profit-taking could be the key to pushing SOL lower to tag the weekly support level at $93.12. Here, Solana price can form a base and give the uptrend another go. 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.