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.
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