- Solana price rallied 19% since our bullish forecast.
- Solana price set profitable opportunities for both the bears and bulls this week.
- Invalidation of the macro downtrend thesis remains at $50.50.
Solana price has been a very enjoyable chart to trade, however partaking in additional moves is ill-advised until further evidence can depict a safe entry.
Solana price needs breathing room
Solana price currently trades at $42.70. It was mentioned in the last thesis to continue maintaining a short term bullish bias as the Solana price targeted liquidity levels in the $47 region. This set up a 4-1 short squeeze trade opportunity. The bears were likely eyeing for a short position due to the breach of the ascending trend channel. Solana price managed to rally 19%, forcing a bearish capitulation into the anticipated $47 zone.
SOL/USD 15 Min Chart: Long Setup
Solana price then set up a very impressive 9-1 Kamikaze short within the $47 region. More conventional traders may have chosen a classical rejection-retest-and-fall setup which still provided a 2-1 reward-to-risk ratio.
SOL/USDT 15 Min Chart: Short Setup
Traders should now allow the SOL price some breathing room. Look for other opportunities in the market and allow the next move to develop. Remember that the overall downtrend is still intact until $50.50 is breached. If the bulls can hurdle the invalidation level, they may be able to induce a rally towards $75. This will result in an additional 50% increase from the current Solana price.
In the following video, our analysts deep dive into the price action of Solana, analyzing key levels in the market. -FXStreet Team
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.
Recommended Content
Editors’ Picks
Solana price slips as Canadian Sol Strategies files with US SEC to list on NASDAQ
Solana (SOL) price upside action stays subdued, leaving the smart contracts token vulnerable to downside risks. SOL is trading at $145 at the time of writing on Thursday, weighed down by elevated risks in the derivatives market.
Crypto Today: Bitcoin, Ethereum pare losses as XRP wobbles amid an unstable derivatives market
Price action in the broader cryptocurrency market remains subdued following the Federal Reserve (Fed) decision on Wednesday, which met expectations leaving interest rates unchanged in the range of 4.25% to 4.50%.
Three reasons why Pi Network could drop below $0.50
Pi Network (PI) is trading in the red around 1% at press time on Thursday, risking a potential drop below the $0.50 psychological level. As the bearish trend gains traction, there are three reasons why Pi Network could drop below $0.50 in June.
US DOJ reports record $225 million seizure of funds related to crypto confidence scams
The US Department of Justice announced on Wednesday the largest cryptocurrency seizure in its history, targeting more than $225 million tied to crypto frauds. The FBI and the US Secret Service utilize advanced blockchain analysis to solve cryptocurrency confidence scams.
Bitcoin: BTC could slump to $100K amid Trump-Musk tussle
Bitcoin (BTC) tumbled to a low of $101,095 on Friday amid volatility in the market. The effect of the tussle between United States (US) President Donald Trump and Tesla Chief Elon Musk negatively influenced the NASDAQ and Tesla's stock price on Thursday, although both are recovering on Friday.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.