• Solana price has multiple bullish signs coming together, signaling a bright future.
  • The breakout above $21.34, combined with the supporting momentum indicators, forecast a minimum of 28% upswing.
  • A breakdown of the $18.70 support floor will invalidate the bullish thesis for SOL.

Solana price shows quite a few developments on the daily chart, all of which point to a bullish future for SOL holders. Investors can expect a quick run-up, which could develop into a medium-term uptrend if these optimistic conditions remain bullish.

Also read: Solana Price Forecast: A break above $26.30 would spell doom for bears

Solana price ready for a breakout

Solana price formed an inverse head-and-shoulders setup on the daily chart, below the $21.34 resistance level. On June 4, SOL breached this hurdle and flipped it into a potential support floor. Iif the ongoing pullback holds above $21.34 after a thorough retest, investors can expect the uptrend to continue.

Further supporting this narrative is the Relative Strength Index (RSI), which has flipped above the mean line and is currently bouncing off of it. Likewise, the Awesome Oscillator (AO) has also risen above the zero line.

Both the momentum indicators suggest a rising bullish trend is in play for Solana price, hinting at a recovery rally after weeks of non-stop downtrend.

The low-hanging fruit for Solana price and traders is $27.35, which is roughly 28% away from $21.34. If SOL bulls manage to maintain the momentum, a retest of the $31.29 hurdle is also on the cards. This move would mean a 46% gain for holders.

SOL/USDT 1-day chart

SOL/USDT 1-day chart

While the outlook for Solana price seems pretty optimistic, investors need to be cautious about Bitcoin’s uncertainty. A sudden downside spiral in BTC could drag altcoins, including SOL with it. 

In such a case, if Solana price produces a daily candlestick close below $18.70 and flips it into a resistance level, it will invalidate the bullish thesis. This bearish move would attract more sellers and potentially trigger a 22% slide to $14.49.


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

Cardano eyes recovery as it retests key support, funding rate and bullish bets signal optimism

Cardano eyes recovery as it retests key support, funding rate and bullish bets signal optimism

Cardano recovers slightly by 4%, trading around $0.70 on Tuesday after falling nearly 7% the previous day. On-chain metrics signal further recovery as ADA’s funding rate turns positive while its bullish bets reach the highest level over a month.

More Cardano News
Bettors mount pressure on XRP amid signs of a price bottom in on-chain indicators

Bettors mount pressure on XRP amid signs of a price bottom in on-chain indicators

Ripple's XRP declined 10% on Monday, trading around $1.96 at press time after odds of its price plunging below $2.00 skyrocketed to 81% on prediction platform Polymarket. Despite the high risk-off sentiment, XRP's 30-day Market Value to Realized Value (MVRV) Ratio indicates prices may have found a bottom.

More Ripple News
The crypto market cap dips to $2.44 trillion while Mt. Gox moves 11,833 BTC worth $932 million

The crypto market cap dips to $2.44 trillion while Mt. Gox moves 11,833 BTC worth $932 million

The crypto market continued its ongoing downleg as the week started, as its market cap capitalization reached a low of $2.44 trillion on Tuesday, levels not seen since early November. This price crash has triggered a wave of liquidations of over $937 million in the last 24 hours.

More Cryptocurrencies News
Bitcoin hits multi-month lows as crypto, stocks witness heightened risk-off sentiment

Bitcoin hits multi-month lows as crypto, stocks witness heightened risk-off sentiment

Bitcoin fell to $78,000 on Monday, marking a 27% decline from its all-time high, as crypto and stocks stretched their combined market cap losses to $6 trillion. The selling pressure is largely due to a growing correlation between the asset classes and a shift in investor sentiment toward a risk-off strategy.

More Bitcoin News
Bitcoin: Will Trump's Strategic Bitcoin Reserve and White House Crypto Summit support BTC recovery?

Bitcoin: Will Trump's Strategic Bitcoin Reserve and White House Crypto Summit support BTC recovery?

Bitcoin price extends its decline on Friday, falling over 5% so far this week. BTC uncertainty and volatility spikes liquidated $1.67 billion as the first-ever White House Crypto Summit takes place on Friday.

Read full analysis
The Best brokers to trade EUR/USD

The Best brokers to trade EUR/USD

SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.

Read More

BTC

ETH

XRP