- Solana price rallied 19% since our bullish forecast.
- Solana price set profitable opportunities for both the bears and bulls this week.
- Invalidation of the macro downtrend thesis remains at $50.50.
Solana price has been a very enjoyable chart to trade, however partaking in additional moves is ill-advised until further evidence can depict a safe entry.
Solana price needs breathing room
Solana price currently trades at $42.70. It was mentioned in the last thesis to continue maintaining a short term bullish bias as the Solana price targeted liquidity levels in the $47 region. This set up a 4-1 short squeeze trade opportunity. The bears were likely eyeing for a short position due to the breach of the ascending trend channel. Solana price managed to rally 19%, forcing a bearish capitulation into the anticipated $47 zone.
SOL/USD 15 Min Chart: Long Setup
Solana price then set up a very impressive 9-1 Kamikaze short within the $47 region. More conventional traders may have chosen a classical rejection-retest-and-fall setup which still provided a 2-1 reward-to-risk ratio.
SOL/USDT 15 Min Chart: Short Setup
Traders should now allow the SOL price some breathing room. Look for other opportunities in the market and allow the next move to develop. Remember that the overall downtrend is still intact until $50.50 is breached. If the bulls can hurdle the invalidation level, they may be able to induce a rally towards $75. This will result in an additional 50% increase from the current Solana price.
In the following video, our analysts deep dive into the price action of Solana, analyzing key levels in the market. -FXStreet Team
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin Price Forecast: Analysts anticipate increased volatility as the US presidential election looms
Bitcoin price teased its all-time high of $73,777 last week but declined to trade below $69,000 on Monday. Analysts suggest that market volatility is expected to rise as the US presidential election approaches.
Litecoin poised for double-digit decline after breaking ascending trendline
Litecoin breaks and closes below an ascending trendline, signaling a change in market structure. On-chain metrics paint a bearish picture, as LTC’s dormant wallets are active, and the NPL indicator shows a negative spike.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP decline ahead of US elections
Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) all faced resistance at crucial levels ahead of the US Elections, leading to a price decline. As of Monday, they neared key support levels, and a firm close below these marks could signal further declines.
21Shares files S-1 for XRP ETF amid ongoing tension between Ripple and SEC
21Shares filed an S-1 registration with the Securities and Exchange Commission (SEC) on Friday for an XRP exchange-traded fund (ETF). While the chance of approval is slim with the current SEC administration, the landscape could change after the upcoming elections.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.