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
Celebrity meme coins controversy continues amid Pump.fun revenue dominance
Pump.fun outperformed the Ethereum blockchain on Tuesday after raking in $1.99 million. Following this achievement, a meme coin based on actress Sydney Sweeney was the subject of controversy after its developers dumped their bags on investors.
PEPE's on-chain metrics indicate potential rally after weeks of silence
PEPE has struggled to see any significant price move after reaching an all-time high in May. Increased adoption rate and low MVRV ratio indicate a bullish run may be on the horizon. A single PEPE outflow from Binance worth $14.7 million gives credence to signs of bullish expectation.
Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF
Ethereum (ETH) is down more than 1.4% on Tuesday following another ETH sale from the Ethereum Foundation. Meanwhile, crypto exchange Gemini's recent report reveals that ETH ETF could see about $5 billion in net inflows within six months of launch.
Crypto community blasts Polkadot following report of treasury spending
Polkadot reports $87 million of treasury spending during H1. Crypto community members expressed harsh feelings toward the DOT team's high spending. DOT is up more than 2% in the past 24 hours but risks correction following the report.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.