Solana price moves past the halfway point of its 40% ascent to $115

Solana price has bounced off the $65.91 to $82.00 demand zone, triggering a 40% ascent.
A minor retracement to $93.29 seems likely before SOL rallies to $115.
A daily candlestick close below $65.91 will invalidate the bullish thesis.

Solana price has executed an impressive bounce over the last week after finding its feet at a crucial support area. This upside move has passed the halfway point of its journey, confirming a healthy uptrend.

Solana price to continue its climb

Solana price bounced off the $65.91 to $82.00 demand zone on February 23 and rallied 28%. This move set a swing high at $105.26 after slicing through the $93.29 and $101.94 resistance barriers, indicating a strong gust of buying pressure.

While impressive, there is a good chance SOL will pull back, allowing bulls to recuperate their strength for the next leg-up. Suitable candidates for the endpoint of this retracement include the $101.94 and $93.29 barriers.

A bounce off either of these levels will provide a perfect play for interested investors looking to go long. The next stop for Solana price for its second leg includes the $110.03 resistance barrier – clearing it will open the path for SOL to retest the bearish breaker, extending from $115.51 to $144.70.

In some cases, Solana price could extend the run-up to the $135.71 weekly resistance barrier residing inside the said breaker. Investors can choose to book profits at $115.51 or $135.71.

SOL/USDT 4-hour chart

Alternatively, if Solana price shatters through the immediate barriers at $101.94 and $93.29, it will denote a weakening bullish momentum. In such a situation, SOL could revisit the $65.91 to $82.00 demand zone, where buyers could give the uptrend another go.

However, if the selling pressure spike knocks SOL so low it produces a daily candlestick close below $65.91, it will create a lower low and invalidate the bullish thesis. In this case, Solana price might crawl down another level, potentially finding support around $51.98.

Share: Cryptos feed

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.