• Solana price sits inside the $80.84 to $127.21 range and eyes a breakout.
  • A flip of the range’s midpoint at $104.02 will be a buy signal for SOL.
  • This development could see the altcoin propel to the next key level at $135.
  • A flip of the $80.84 level into a resistance barrier will invalidate the bullish thesis.

Solana (SOL) price saw a 58% gain in mid-December 2023, and has been consolidating since then. But SOL bulls are likely making a comeback, hinting at an extension of this uptrend.

Read more: Solana Price Prediction: Is SOL ready for a breakout?

Solana price likely to fly next week

Solana price created the $127.21 to $80.84 range as it crashed 38% between late December 2023 and early January 2024. After the range low was swept on January 22, SOL has bounced and is trading above the aforementioned range’s midpoint at $104.02. 

A successful flip of this level could propel SOL to retest the range high at $127. But the altcoin isn't likely to stop here but extend higher and tag the weekly level at $135.70. 

Supporting this move is the bullish outlook on Bitcoin, which has triggered Layer tokens like Solana, Ethereum (ETH), Avalanche (AVAX) and so on to rally. Moreover, the Relative Strength Index (RSI) looks like it has reset at the overbought region, indicating a potential bounce. 

Read more: Solana surpasses Bitcoin in weekly performance, garners 85,000 pre-orders for Solana Mobile

SOL/USDT 1-week chart

SOL/USDT 1-week chart

While the outlook for Solana price is bullish, no doubt, investors need to watch for the weekly close above $104.02. A rejection here or a bearish sweep could see SOL slide lower.

If SOL flips the $80.84 level into a resistance barrier, it will invalidate the bullish thesis. In such a case, Solana price could crash 20% to $64.18.

Also read: Solana network outage provokes upwards of $2 million in long position liquidations


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


Recommended Content

Editors’ Picks

Bitcoin reaches new highs near $90,000, on-chain data show chances of pullback

Bitcoin reaches new highs near $90,000, on-chain data show chances of pullback

Bitcoin hit a new all-time high of $89,900 on Tuesday before easing to around $86,000, following a 30% surge since November 5. Technical indicators suggest the rally may be overstretched, with a potential corrective pullback ahead. 

More Bitcoin News
GIGA investor loses $6M to phishing scam via fake Zoom link

GIGA investor loses $6M to phishing scam via fake Zoom link

On Monday, a Gigachad (GIGA) investor lost $6.09 million due to a phishing attack involving a fake Zoom link. Crypto investigation firm Scam Sniffer declared the scam that led the victim to a malicious site, compromising their wallet.

More Cryptocurrencies News
Tron, Avalanche and Uniswap: Double-digit gains on the cards, technical indicators show

Tron, Avalanche and Uniswap: Double-digit gains on the cards, technical indicators show

Tron is breaking above an ascending triangle formation on Tuesday, signaling a potential rally continuation. While AVAX and UNI are retesting their crucial support level — if supported, this suggests an upside move — all three altcoins look poised for double-digit gains as the crypto rally continues.

More Cryptocurrencies News
BNB: Bullish technical pattern validated, eyes all-time high

BNB: Bullish technical pattern validated, eyes all-time high

Binance Coin trades slightly down on Tuesday after breaking above an ascending triangle formation on the weekly chart, following a 12.5% rally last week. The technical outlook suggests a bullish breakout pattern and continuation of the rally, with a target set for a new all-time high of $825.

More Binance News
Bitcoin: Further upside likely after hitting new all-time high

Bitcoin: Further upside likely after hitting new all-time high

Bitcoin hit a fresh high of $76,849 on Thursday as crypto-friendly candidate Donald Trump won the US presidential election. Institutional demand returned with the highest single-day inflow on Thursday since the ETFs’ launch in January.

Read full analysis
Best Forex Brokers with Low Spreads

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.

Read More

BTC

ETH

XRP