Solana Price Forecast: SOL can rally 14% if RSI can reclaim this level

Solana price has attempted many recoveries but all of them have met with a similar fate as sellers pile on. Currently, SOL is in a position to trigger one such bounce, but this move is contingent on the RSI indicator. 

Also read: Solana price sustains recovery rally despite falling daily active addresses

Solana price at opportune level

Solana price slipped below the $20.25 level on August 31 and has been attempting to recover above it ever since. But after two rejections SOL currently trades at $19.45. Interestingly enough, the Awesome Oscillator (AO) has recovered above the mean level, suggesting the resurgence of bullish momentum. The Relative Strength Index (RSI), however, is still knocking on the 50 level. 

While the outlook for Solana price is bullish, the bounce is contingent on the RSI recovering above the 50. Doing so would indicate that the buyers are back in town. A decisive daily candlestick close above $20.25 would be a secondary confirmation. In such a case, SOL might attempt a quick retest of the $22.17.

This move, in total, would constitute a 14% rally for Solana price.

SOL/USDT 1-day chart

The outlook for Solana price is still on the fence and investors need to be cautious about picking a side. Another rejection at $20.25 is not unlikely. In such a case, SOL needs to hold above $18.51 barrier. 

A breakdown of this level would confirm the start of a bearish scenario. In such a case, Solana price could drop 11% and tag the $15.63 support floor.