Sarah Tran
Independent Analyst
- Solana price is preparing for a 20% ascent as the token recovers from its swing low at $147.
- SOL will discover resistance at the middle boundary of the governing technical pattern at $212.
- Slicing above the 50-day SMA will see Solana target its all-time high at $261.
Solana price appears to be ready for a 20% climb after SOL managed to secure a reliable foothold above $152, the lower boundary of the governing technical pattern. The bulls are now aiming higher levels at above $200 as the Ethereum-killer prepares for a powerful recovery.
Solana price eyes $212 next
Solana price has formed an ascending parallel channel on the daily chart suggesting an overall optimistic outlook for the token. SOL recently dropped to a swing low at $147, forming a local bottom tagging the lower boundary of the governing technical pattern.
Solana price has managed to find credible support at the downside trend line of the prevailing chart pattern, providing bulls with an opportunity for an upswing. SOL could be headed for a 20% ascent toward the middle boundary of the parallel channel at $212.
The first obstacle Solana price will face is at $186, where the 100-day Simple Moving Average (SMA) and 50% retracement level intersect. An additional hurdle may emerge at the 21-day SMA at $191, then at the 61.8% Fibonacci retracement level at $203.
The near term target for SOL bulls is at $212, where the resistance line given by the Momentum Reversal Indicator (MRI), the middle boundary of the prevailing chart pattern and 50-day SMA coincide.
SOL/USDT daily chart
If buying pressure increases and SOL slices above the aforementioned optimistic target, Solana price may aim for its all-time high at $261 if it also manages to tackle the 78.6% Fibonacci level at $227.
However, if a spike in sell orders emerges, Solana price will discover immediate support at the 38.2% Fibonacci retracement level at $170. An additional line of defense will appear at the October 7 high at $161.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Crypto Today: BNB, OKB, BGB tokens rally as BTC, Shiba Inu and Chainlink lead market rebound
Cryptocurrencies sector rose by 0.13% in early European trading on Friday, adding $352 million in aggregate valuation. With BNB, OKB and BGB attracting demand amid intense market volatility, the exchange-based native tokens sector added $1.9 billion.
US SEC may declare XRP a 'commodity' as Ripple settlement talks begins
The US SEC is considering declaring XRP as a commodity in the ongoing settlement talks with Ripple Labs. FOX News reports suggest Ethereum's regulatory status remains a key reference for XRP’s litigation verdict.
Cardano Price Prediction: ADA could hit $0.50 despite high probability of US Fed rate pause
Cardano price stabilized above $0.70 after posting another 5% decline in its 3rd consecutive losing day. Multiple ADA derivatives trading signals are leaning bullish, but the US trade war impact outweighs the positive shift in inflation indices.
Stablecoin regulatory bill receives green light during Banking Committee hearing
The US Senate Banking Committee voted on Thursday to advance the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, which aims to establish proper regulations for stablecoin payments in the country.
Bitcoin: BTC at risk of $75,000 reversal as Trump’s trade war overshadows US easing inflation
Bitcoin price remained constrained within a tight 8% channel between $76,000 and $84,472 this week. With conflicting market catalysts preventing prolonged directional swings, here are key factors that moved BTC prices this week, as well as key indicators to watch in the weeks ahead.
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.