|

Solana Price Forecast: SOL kick-starts its journey to $115

  • Solana price is bouncing off the $65.91 to $82.00 demand zone, hinting at a 40% upswing.
  • The recent uptick is just the start, and SOL is likely to tag the $115.51 hurdle. 
  • A daily candlestick close below $65.91 will invalidate the bullish thesis.

Solana price has faced an intense rejection by a crucial hurdle, leading to a steep correction. This move has pushed SOL to a launching pad, however, signaling the potential for a reversal that undoes the recent losses.

Solana price vies to recover lost ground

Solana price tagged the $65.91 to $82.00 demand zone, twice over the last month. The second retest was due to a rejection at the breaker’s lower limit at $115.51. Regardless, SOL is already showing signs of recovery after rallying 8% over the last 24 hours or so.

A continuation of this momentum seems plausible in the near future. Interested investors can open a long position at the current level and expect to book profits as SOL moves higher. Although it might take days, Solana price needs to slice through the intermediate resistance barriers at $93.29, $101.95 and $110.03 to make its way to the breaker’s lower limit at $115.51.

This move would constitute a 43% ascent in total and is where the upside for SOL is capped. Any move beyond this hurdle seems unlikely and that is where investors can book profits.

SOL/USDT chart

SOL/USDT chart

Optimistic as it sounds, this trade will take a few days, which increases the uncertainty in already volatile markets. A potential spike in selling pressure that knocks Solana price to produce a daily candlestick close below $65.91 will invalidate the bullish thesis.

In this situation, Solana price could continue to collapse until it retests the $51.98 support level.

Author

Akash Girimath

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.

More from Akash Girimath
Share:

Editor's Picks

Kraken’s parent plans regulated US perpetual futures on Hyperliquid

Hyperliquid has named Payward, the parent company of crypto exchange Kraken, as its intended first Commodity Futures Trading Commission-regulated deployer on HIP-3 markets. In an X post on Monday, Hyperliquid stated that Payward plans to use its infrastructure to deploy perpetual futures markets for US customers. The proposed arrangement remains subject to regulatory approval.

Pi Network Price Forecast: PI stalls as weak crypto sentiment caps recovery

Pi Network holds steady above $0.0760 stalling after a roughly 2% rebound the previous day. The broader market's weak sentiment and reduced trading volume weigh on the PI token. The technical outlook is bearish, with price capped below a long-term resistance trendline and weak momentum.

Ripple and Stellar outlook: XRP and XLM remain under pressure as bearish momentum persists

Ripple and Stellar continue to remain under pressure, trading below $1.30 and $0.169 respectively, after a mild recovery the previous day. Both XRP and XLM remain below their key Exponential Moving Averages, indicating bearish price action. Moreover, mixed derivatives metrics and cautious on-chain data are capping sustained recovery in XRP and XLM.

Ripple secures OCC approval for National Trust Bank
Brad Garlinghouse, CEO of Ripple, announced in an X post on Monday that the Office of the Comptroller of the Currency (OCC) has granted final approval to charter Ripple National Trust Bank (RNTB). The federally supervised national bank demonstrates Ripple's progress toward building digital asset infrastructure within a regulated financial system.
Bitcoin extends pullback as ETF inflows clash with risk-off sentiment

Bitcoin remains under pressure, trading around $81,800 on Friday, recording modest losses so far this week. Despite a mild pullback, institutional demand showed signs of a comeback with spot Exchange Traded Funds recording $442.67 million in net inflows through Thursday.