Why Solana price could rally to $50 before the next collapse
|- Solana price has increased 40% since the June 13 lows at $27.80.
- The relative strength back and forth nature signals increased volatility throughout summer.
- Invalidation of the downtrend is a break above $60.
Solana price has room to rise before the bears attack again.
Solana price is for short-term traders only
Solana price shows an increased momentum going into the third weekend of June. Still, a bull run is unconfirmed. The bulls have managed to recover 40% of lost gains since the June 12 low at $27.80. The rise in value comes with sparse volume, as most investors are unsure of the current market conditions.
Solana price currently trades at $40 as the bulls continue to hike upwards on the 9-hour chart. If the short-term rally is genuine, the bulls could rise to the $52 for an additional 40% gain. The Relative Strength Index shows unstable tug-of-war-like movement, which suggests an increase in volatility that short-term scalpers could enjoy in the coming weeks. Traders should also beware that Solana price has bearish confluence targets in the $20 region, as previously mentioned. Hence, if you are looking to join the continued uptrend move be sure to keep a tight stoploss and secure profits accordingly.
SOL/USDT 9-Hour Chart
From a macro perspective, $60 is the invalidation level to call a new bull run for the Solana price confidently. If the bulls manage to breach the $60 level, a $140 target will be back on the cards resulting in up to a 280% increase from the current Solana price.
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