fxs_header_sponsor_anchor

What it will take to get the Solana price out of the gutter

  • Solana price edges near an ascending trendline, a breach could trigger a sellers’ frenzy.
  • SOL price auctions at levels last offered in July 2021, as it is amongst the top 10 biggest crypto losers this week. 
  • Early evidence to invalidate the bearish trend is a breach above $43.50.

Solana price shows strong macro technicals. Defining the true market bottom will be more challenging as SOL price could continue falling to $17.

Solana price is macro bullish but could fall in the short term

Solana price currently hovers at $35.45 as the bears are in control of the price action to start the second trading week of July. The 3-day chart shows the bears are inching away from breaching the counter-trend rally’s ascending trendline. This is a serious endeavor as a break of the ascending trend line could catalyze a 50% decline targeting $17. CoinMarketCap’s Top 10 Crypto Ranking confounds the potential for more decline as the Solana Market Cap is now ranked 9th, having witnessed one of the largest losses in net-value this week. 

Solana price from a macro perspective still has strong technicals. The centralized smart contract alternative has breached the Elliott-wave parallel t-end channel and shows a tapered volume pattern amidst the current downtrend. The current $35 price zone is certainly a discount as it was last auctioned in July of 2021 before an explosive 1,000% rally occurred. 

SOL/USDT 3-Day Chart
Nonetheless, defining a true market bottom is what every analyst in the crypto space is focused on these days. Buying the current Solana price is unwarranted unless the bulls can breach the $43.50 level. In doing so, they could invalidate the bearish trend and trigger a bull run towards $55, resulting in a 58% increase from the current Solana price.

 

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.