• Solana price gained 6% on Saturday and pushed Solana above the bull flag channel.
  • A return above the Tenkan-Sen must hold as support if bulls want to push Solana higher. 
  • Oscillators support a push towards $300.

Solana price action experienced an overwhelmingly bullish close on Saturday with a massive 6% drive. Sellers on Sunday attempted to return Solana lower but failed. Bulls were ultimately able to hold Solana above the Tenkan-Sen, creating near-term support. A bullish entry is now in sight to confirm a rise towards $300.

Solana price must close above this recent channel high to hit $300

Solana price is very close to generating a greater than 22% gain. For that rise to occur, Solana must close at or slightly above the prior swing high of $246.50. If that occurs, then theoretical long entry at $246.50 could be triggered. 

The stop loss is positioned between the daily Tenkan-Sen and Kijun-Sen at $231.50. The projected profit target is the $300 level. $300 is the 100% Fibonacci expansion from the swing low of $176.95 on October 27th to the swing high of $259.90 on November 6th. 

The oscillators currently favor Solana price extending higher – pending a close to the defined entry-level. The Relative Strength Index and Composite Index both read neutral, with the Composite Index nearing a bullish crossover of its moving averages. Additionally, the Optex Bands have flattened out near their extreme lows and have begun to turn higher. 

SOL/USDT Daily Ichimoku Chart

Downside risks, however, remain. A daily close that would return Solana price below the Tenkan-Sen would trigger strong selling and signal that bulls are unwilling or unable to participate at the present value area. Therefore, buyers should be cautious of any daily close below the $237.75 value area.
 

 

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

XRP bulls in spotlight as SEC v. Ripple court filing hints at early closure

XRP bulls in spotlight as SEC v. Ripple court filing hints at early closure

XRP price could make or break based on the outcome of Ripple Labs case with the US Securities and Exchange Commission (SEC). In the latest twist and turn in the courtroom drama, Ripple (XRP), which is a cross-border payment settlement firm.

More Ripple News

Bitcoin struggles to fly despite clear skies up to $19,280

Bitcoin struggles to fly despite clear skies up to $19,280

Bitcoin price is struggling to overcome a small hurdle after a fresh start to the week. A closer look reveals that BTC could easily trigger a rally but is unable to do so despite a lack of resistance to the upside.

More Bitcoin News

AVAX's traders bet should be on Avalanche bulls triggering a 15% rally

AVAX's traders bet should be on Avalanche bulls triggering a 15% rally

AVAX price has broken out of a critical hurdle and pattern, signaling the start of a quick run-up. However, bulls face another blockade that needs to be overcome to trigger an extended rally.

More Avalanche News

Ethereum bulls come to the rescue with a plan to revisit $1,500

Ethereum bulls come to the rescue with a plan to revisit $1,500

Ethereum price set up a local top after a quick run-up over the last week. This move was followed by a tight consolidation that resulted in a breakdown, allowing sidelined buyers to step up. As a result, ETH is primed for a quick run-up.  

More Ethereum news

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

A massive bullish move is coming. In the last two articles, we have taken a look at why this is possible from a technical and on-chain perspective. In this weekly forecast, we will take a look at Bitcoin’s monthly performance for the last decade and determine if this bullish outlook is possible. 

Read full analysis

BTC

ETH

XRP