Solana price bounces off support to pop back above $100
|- Solana price sees bulls pushing bears back into a bearish triangle.
- SOL price looks set to change its tone and is on the verge of an uptrend.
- Once bulls can throw off the chains of the 55-day SMA, expect to see price pop back above $100.00.
Solana (SOL) price has used the sloping side of the bearish triangle these past two days as an entry point for a return to higher levels. Bulls needed to be present in the price action to prevent bears from returning to their downward trajectory. Instead, if bulls can break and close above the 55-day Simple Moving Average (SMA) at $94.05, the door is wide open for a return to $100.00.
Solana price holds 12% gains once it can hit the monthly pivot
Solana price is going through a transformative phase as an uptrend starts to form itself. With bulls twice defending the sloping trend line from the bearish triangle, a new wind looks to hover through the Solana landscape. The next expectation is that bulls can show their hand, represented by a break above the 55-day SMA and even above $95.00.
SOL price from there is ideally positioned to at least try and possibly break above $100.00 with resistance just below there, turned into support. The monthly pivot will be acting as a trampoline for bulls to try and leap towards either $120.00, or $125.00 further upwards, as $130.70 is a bit too far out to try and test in just a few trading sessions. Depending on the news flow and global environment, either the rally will need to take a breather at the monthly pivot at $100.00 or the monthly R1 resistance at $122.80, before trying to take out $130.70 to the upside.
SOL/USD daily chart
As mentioned a few times in the paragraphs above, the 55-day SMA is crucial for this rally to be viable. If another rejection happens, expect SOL price to slip back into the bearish triangle with Solana price tanking towards the monthly S1 and baseline of the triangle around $75.00. If a negative factor is causing severe headwinds for Solana, expect a possible nosedive towards $58.84.
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