- SOL price descends within a parallel channel.
- Solana price shows smart money interest on the volume profile.
- Invalidation of the downtrend is a breach at $76.
Solana price looks on pace to decline further, but profitable countertrend opportunities could occur.
Solana price is still macro bearish until...
Solana price is still steeply declining as the bears have been unsuccessful in their recovery attempts. Today the SOL price trades at $40, still within a descending parallel channel. The mundane price action presents a double scenario in the short term. If the bulls conquer the next move, a rally towards $54 will occur, resulting in a 36% increase from the current SOL price.
Solana price provides confluence of an imminent rally as the volume profile shows considerable trading interest. It has been mentioned in previous outlooks that the SOL price could fall into Fibonacci targets at $34, $17 and possibly $10, which is why this thesis is still considered bearish.
SOL/USDT 4-Day Chart
Invalidation of the macro bearish thesis is a breach at $76. If the bulls can breach the invalidation level, the bulls could reconquer the entire trend and make new all-time highs towards $250, resulting in a 530% increase from the current Solana price.
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.