- Solana price has been on a downtrend since its all-time high at $261.51.
- The recent stabilization around $44.91 hints at a 42% upswing for SOL.
- A daily candlestick close below $44.91 will invalidate the bullish thesis.
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.
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.
Recommended Content
Editors’ Picks
SEC doubles down on TRON's Justin Sun lawsuit dismissing claims over jurisdiction
The SEC says it has jurisdiction to bring Justin Sun to court as he traveled extensively to the US. Sun asked to dismiss the suit, arguing that the SEC was targeting actions taken outside the US.
XRP fails to break past $0.50, posting 20% weekly losses
XRP trades range-bound below $0.50 for a sixth consecutive day, accumulating 20% losses in the last seven days. Ripple is expected to file its response to the SEC’s remedies-related opening brief by April 22.
ImmutableX extends recovery despite $69 million IMX token unlock
ImmutableX unlocked 34.19 million IMX tokens worth over $69 million early on Friday. IMX circulating supply increased over 2% following the unlock. The Layer 2 blockchain token’s price added nearly 3% to its value on April 19.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?