- 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
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
Editors’ Picks
Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch
Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers
Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins.
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction
Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs
The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin (BTC) price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot Exchange Traded Funds (ETFs) in January and the reduced supply following the fourth halving event in April.
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.