Share:
  • Solana price bounces off crucial support, negating any near-term bearish breakout concerns.
  • Key resistance levels ahead must be broken to continue to new all-time highs.
  • Bitcoin's momentum to benefit Solana price action.

Solana price is showing clear rejection by buyers to any threat of downside pressure. However, bulls have responded strongly to launch Solana away from nearby bearish breakout levels.

Solana price rejected lower, looks to continue prior bull market

Solana price found significant support within the $150 value area. The bottom of the bear flag, Tenkan-Sen, Kijun-Sen and the top of the Cloud (Senkou Span A) proved to be an area of support to strong for sellers to push through. Instead, that support has acted as a kind of springboard, launching Solana higher.

The momentum may be long-lasting as well. The Relative Strength Index remains in technical bear market conditions but is now crossing above the 55 level. If it moves higher and then crosses above 65, the Relative Strength Index may shift to bull market conditions. Adding to the likelihood of sustained bullish momentum are the Composite Index's neutral level and the Optex Bands' neutral condition. All of the oscillators factors give Solana price lots of room to run higher.

The critical level that Solana price must close at to confirm a sustained move higher is $173. A close at $173 could put the daily candlestick above the body of the last swing high on October 3rd, as well as position the Chikou Span into open space.

SOL/USDT Daily Ichimoku Chart

Buyers should always be cautious of any rug pull or black swan event that could negate the current bullish outlook. Any close that would put Solana price below the collection of support levels previously discussed and into the Cloud ($149) would invalidate all bullish bias.

 


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.

Join Telegram

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

Near Protocol Price Prediction: NEAR pumps 10% as investors envision another buy opportunity here

Near Protocol Price Prediction: NEAR pumps 10% as investors envision another buy opportunity here

Near Protocol (NEAR) price is trading with a bullish bias, with a sustained series of higher highs since the last week of January. With investors groping for discounted entry points, NEAR could correct before the next leg up.

More Cryptocurrencies News

Ethereum price teases with a breakout, eyes $3,200 milestone as ETH bulls show resolve

Ethereum price teases with a breakout, eyes $3,200 milestone as ETH bulls show resolve

Ethereum (ETH) price consolidation within the ascending parallel channel has lasted since October, with the Proof-of-Stake (PoS) token making multiple attempts to breakout. As it stands, Ethereum continues to outperform Bitcoin (BTC) with double the gains.

More Ethereum News

Solana Price Prediction: SOL could easily go all the way back to $79.49 low

Solana Price Prediction: SOL could easily go all the way back to $79.49 low

Solana (SOL) price is trading with a bearish bias, recording a series of lower highs and lower lows since mid-February. The downtrend has seen the Layer 1 (L1) token drop below the midline of the market range between $79.49 and $126.27.

More Solana News

BNB price eyes $400 as Binance Coin bulls keep showing up

BNB price eyes $400 as Binance Coin bulls keep showing up

Binance Coin (BNB) price has formed lower highs and lower lows over the past few days, but the bulls continue to maintain a strong presence in the market. BNB has also steadfastly shown strength despite the recent uncertainty in the market as altcoins awaited cues from Bitcoin (BTC) price.

More Binance News

Bitcoin: BTC likely to correct to $50,000 soon

Bitcoin: BTC likely to correct to $50,000 soon

Bitcoin price has formed a potential top signal that forecasts a sell-off. The weekly chart also points to a bearish divergence, which adds credence to the bearish outlook. Investors can expect BTC to consolidate between the $52,062 to $45,160 levels.

Read full analysis

BTC

ETH

XRP