- Solana price has rallied 15% during the final week of October.
- A Fibonacci retracement tool shows the current consolidation as shallow while the volume remains low, hinting that the uptrend will continue.
- Invalidation of the bullish thesis is a breach below $28.25.
Solana price rallies 15% in sky-rocket-like fashion, key levels have been identified to gauge the strength of the bulls.
Solana price show strength
Solana price has pulled off an impressive rally as the bulls have induced a 15% rally since Monday's opening bell. Solana, the centralized smart contract token, breached the 8-day and 21-day simple moving averages on October 24 while dually flying into overbought conditions on the Relative Strength Index. Based on these signals, the SOL price could be in the beginning stages of a much larger move.
Solana price currently auctions at $31.23 as a profit-taking consolidation occurs just above the recently breached 21-day simple moving average. The volume above the breached indicator is less than the large engulfing candle that pierced through it, which is a subtle gesture of bullish strength. A Fibonacci retracement tool surrounding the piercing candle shows the price as just a 38.2% retracement level, which further fuels the idea that the uptrend move is not yet over.
SOL/USDT 4-Hour Chart
Solana price next bullish targets lie at the previously broken support zone of $33 and $34.50. Invalidation of the uptrend thesis could be a breach below the thrust candle at $28.25. If the bears tag this level, an additional 15% move south could occur, targeting liquidity levels near $26.
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 Price Forecast: Chances of pullback increase as miner selling ramps up
Bitcoin (BTC) price extends its decline for a second consecutive day on Wednesday, trading slightly down at around $87,600 after a 30% surge since November 5 pushed BTC to a new all-time high at $89,940.
Crypto fraudster pleads guilty of taking part in $73 million laundering scheme
Daren Li, a Chinese citizen, pleaded guilty to conspiracy to help launder $73 million stolen in cryptocurrency scams. Li laundered funds using a network of shell companies and international bank accounts.
Cardano bulls show signs of exhaustion
Cardano’s price is falling on Tuesday as it faces rejection around $0.624 and traders engaged in profit-taking following the recent rally. Technical indicators show signs of weakness in upward momentum as the RSI exits from the overbought territory.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP could face pullbacks
Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) trade in the red on Tuesday following strong rallies since last week, driven by crypto-friendly candidate Donald Trump's election victory.
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.
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.