What are the odds for Solana price to hit $150

Solana price has pulled a classic ‘deviate and retrace’ move, indicating a retracement to $101.13.
Investors can expect a bounce off the $105.51 or $101.13 support level to trigger a 52% upswing.
A daily candlestick close below $101.27 will invalidate the bullish thesis for SOL.

Solana price showed promise last week as it broke above significant levels. However, the recent move below the same significant barriers indicates a steep retracement awaits SOL before any bullish developments.

Solana price tries to break free

Solana price action between March 14 and April 2 saw the altcoin rally 83% in under three weeks to create a swing high at $143.53. This impressive upswing deviated above the $80.75 to $121.50 range set up between January 24 and February 7.

Often, the price action of assets tends to deviate above the formed range before heading back into the range to find a support floor and relaunch. For Solana price, a move into the range could see it tag the $105.51 support floor. Although unlikely, sometimes, SOL could tag the 50% retracement level at $101.13.

A retest of either of the mentioned barriers will provide sidelined buyers with an opportunity to accumulate SOL at a discount and trigger the leg that pushes the market value higher. The resulting upswing will likely propel Solana price back to retest the range high at $121.52. Clearing this blockade will open the path to $155.31, constituting a 52% gain for patient holders and sidelined buyers.

SOL/USDT 1-day chart

As mentioned earlier, the correlation of altcoins with Bitcoin is significant. A flash crash for the big crypto could ruin a perfect setup for Solana price. Under these circumstances, if SOL produces a daily candlestick close below $101.27, it will create a lower low and invalidate the bullish thesis. This development could see SOL crash by 20% to the tag the range low of $80.67.

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.