Solana Price Forecast: SOL faces tough resistance ahead of 10% move
- Solana price is retesting the upper limit of the range, extending from $51.16 to $63.95.
- A clean flip of the $63.95 level into a support floor will open the path for SOL to kickstart a 10% upward move.
- A rejection at $63.95 could see SOL retest the immediate support level at $57.55.
Solana (SOL) price attempts to breach a level that could be key in determining where SOL goes next. Investors looking to open long positions need to be watchful of this hurdle.
Read more: There is a 25% probability of Solana flipping Ethereum: Santiago Santos
Solana price ready to move higher
Solana price has been trading inside the $51.16 to $63.95 range for nearly three weeks. With the Relative Strength Index (RSI) clearing the 50 mean level and the Awesome Oscillator (AO) flipping the zero level, a bullish outlook is more likely.
A daily candlestick close that flips the range high of $63.95 into a support level is the signal that Solana price could go higher. Investors looking to open long positions could do so on the retest of this level.
The next target of $70.35 is roughly 10% away.
Also read: Solana price eyes $70 as founder Anatoly Yakovenko bins narrative that SOL is an Ethereum killer
SOL/USDT 4-hour chart
On the other hand, if Solana price is rejected at $63.95, it could drop 10% and retest the $57.55 support level. A breakdown of this barrier will invalidate the bullish thesis for SOL. In such a case, SOL could slide lower and tag $51.16.
Also read: Week Ahead: Altcoin plays for traders as Bitcoin crosses $42,000
Author
Akash Girimath
FXStreet
Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.
