- Silly Dragon price is attempting to recover inside the $0.0676 to $0.11 range.
- A successful flip of the range low into the support floor could propel the altcoin to the range’s midpoint at $0.0933.
- SILLY could also sweep of the range high at $0.11 in a highly bullish case.
- A flip of the $0.0653 level into a resistance barrier will invalidate the optimistic outlook.
Silly Dragon (SILLY) price is close to producing a breakout that could kickstart a trend reversal and a double-digit recovery rally. The Solana-based meme coin could provide handsome gains to patient investors.
Also read: This ‘SILLY’ Solana meme coin is making records after Bonk, rallying by 160% in a week
SILLY price likely to trigger a breakout
SILLY price has been on a downtrend since December 27, 2023, shedding roughly 64% of its market value. But the recent move has created a range, extending from $0.0676 to $0.11, which indicates that a bottom could be near.
After producing a swing low at $0.0653 on January 6, SILLY price has produced a higher low and higher high, indicating a shift in market structure. This move is the second sign that sidelined buyers are starting to bid.
If SILLY price reclaims the range low at $0.0676, it will be indicative of a trend reversal and a potential bounce. In such a case, investors can bet on a mean reversion play that propels the Solana-based meme coin Silly Dragon to retest $0.0933. This move would constitute a nearly 40% gain from the current level of $0.0736.
A sustained momentum here, coupled with new capital entering the ecosystem, could see SILLY price retest the range high at $0.11.
Also read: Avalanche-based meme coins rally by 200% as the Foundation announces its plan to accumulate them
SILLY/USDT 1-hour chart
On the other hand, if SILLY price gets rejected from the range low of $0.0676, it could fall back to the $0.0653 to $0.0702 demand zone. If this support zone is flipped into a resistance zone, it will invalidate the bullish thesis.
If the selling momentum persists, SILLY price could crash 8% and revisit the next key level of $0.060.
Also read: Solana nears $100 as meme coin frenzy continues to drive rally
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
White House Crypto Summit could boost adoption across financial markets: Binance exec Rachel Conlan
Trump’s White House Crypto Summit is hours away, and executives maintain optimism and a positive outlook on crypto adoption. Rachel Conlan of Binance expects increased institutional and retail participation.
Bitcoin Weekly Forecast: Will Trump's Strategic Bitcoin Reserve and White House Crypto Summit support BTC recovery?
Bitcoin (BTC) remains under pressure and continues its decline, trading around $88,900 at the time of writing on Friday and falling over 5% this week.
Solana’s co-founder says ‘No Reserve’ to SOL as a part of Trump’s Crypto Strategic Reserve
Solana price stabilizes and trades around $142.8 at the time of writing on Friday after falling nearly 20% this week. Solana co-founder Anatoly Yakovenko raised concern about SOL as part of the US Crypto Strategic Reserve on his social media X.
BTC, ETH and XRP struggle despite Trump’s Bitcoin Reserve order
Bitcoin price is extending its decline on Friday after falling more than 7% so far this week. Ethereum price is retesting its key support level at around $2,125; a close below would extend the correction.
Bitcoin: Will Trump's Strategic Bitcoin Reserve and White House Crypto Summit support BTC recovery?
Bitcoin (BTC) remains under pressure and continues its decline, trading around $88,900 at the time of writing on Friday and falling over 5% this week.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.