Solana resumes uptrend towards new record high at $300
|- Solana price sees continuing buying alongside the current uptrend line.
- SOL bulls face no real resistance before hitting all-time highs.
- Current headwinds could slow down the uptrend, and a break below the trend line a buy-the-dip response.
Solana (SOL) price is in a firm uptrend with bulls holding to a green ascending trend line for support as green candles march higher. . At this pace, SOL price should make new all-time highs by next week at around $300. The only element that could slow down the trend are Covid headwinds and global market turmoil, but even these do not look strong enough to really halt the uptrend.
Solana bulls target $300 as the ultimate profit target
Solana price sees a steady and solid rally with consecutive trading days making new highs.. Although the Relative Strength Index (RSI) is soaring towards the overbought area, there is still plenty of upside left over and the steepness of the rally is relatively mild. Therefore,bulls can add to daily positions and book gains without the trend losing steam.
SOL price is expected to hit an all-time high around next week. A squeeze is likely against the existing all-time high at $267.52 that will act as a baseline. The ascending trend line will then provide the tilted side of a bullish triangle. A breakout through the base will see accelerated buying and a quick spike up towards $300. Once there, expect a slight fade in the rally as the RSI will by then be overbought and likely lead investors to cash in some gains.
SOL/USD daily chart
Should the green ascending trend line break, however, expect a quick return towards $219.75, which is likely to provide a first line of defense where bulls will want to try and keep the uptrend intact. Should headwinds start to further weigh, expect a short break and pickup in SOL price action again at the 55-day Simple Moving Average (SMA), at $206. Even the psychological $200 level would be an additional factor that could likely limit any further correction, giving bulls three good reasons and entry points to buy the dip before recovering and driving higher to new all-time highs at $300.
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.