Here is the path Solana price will take to surge to $80

Solana price has found a stable support level which is currently providing a foundation of support for bulls to make a comeback. Since Bitcoin price looks optimistic, there is a good chance that SOL will also rally in the next few days.

Solana price ready for recovery

Solana price has crashed 86% from its all-time high at $261 on November 6, 2021. The most recent crash began on May 5 and tanked the Layer 1 token by 63% from $95 to $35. This downswing pushed SOL below the range low at $66.19 and tagged the $44.91 barrier.

As a result, Solana price filled the fair value gap, extending from $44.91 to $60.03, removing a part of the sell-side pressure. Moreover, the $44.91 support floor further allowed bulls to recuperate and make a comeback.

So far, Solana price has rallied by 69% and is currently hovering around $58.72 and shows promise of a further uptrend. Going forward investors can expect an uptick in Bitcoin’s buying pressure to propel SOL as well.

The target, in such a case, would be a retest of the $77.98 resistance barrier, which would occur after a 37% upswing. In some cases, this run-up could extend to $80 - a whole number.

SOL/USDT 1-day chart

While things are looking up for Solana price, a daily candlestick close below $44.91 would create a lower low and invalidate the bullish thesis. In this situation, SOL bears would take control and crash Solana price down by 51% to $21.05.