Solana Price Forecast: SOL weekly close hints at $135

Solana price sits inside the $80.84 to $127.21 range and eyes a breakout.
A flip of the range’s midpoint at $104.02 will be a buy signal for SOL.
This development could see the altcoin propel to the next key level at $135.
A flip of the $80.84 level into a resistance barrier will invalidate the bullish thesis.

Akash Girimath FXStreet

Solana (SOL) price saw a 58% gain in mid-December 2023, and has been consolidating since then. But SOL bulls are likely making a comeback, hinting at an extension of this uptrend.

Solana price likely to fly next week

Solana price created the $127.21 to $80.84 range as it crashed 38% between late December 2023 and early January 2024. After the range low was swept on January 22, SOL has bounced and is trading above the aforementioned range’s midpoint at $104.02.

A successful flip of this level could propel SOL to retest the range high at $127. But the altcoin isn't likely to stop here but extend higher and tag the weekly level at $135.70.

Supporting this move is the bullish outlook on Bitcoin, which has triggered Layer tokens like Solana, Ethereum (ETH), Avalanche (AVAX) and so on to rally. Moreover, the Relative Strength Index (RSI) looks like it has reset at the overbought region, indicating a potential bounce.

SOL/USDT 1-week chart

While the outlook for Solana price is bullish, no doubt, investors need to watch for the weekly close above $104.02. A rejection here or a bearish sweep could see SOL slide lower.

If SOL flips the $80.84 level into a resistance barrier, it will invalidate the bullish thesis. In such a case, Solana price could crash 20% to $64.18.

Also read: Solana network outage provokes upwards of $2 million in long position liquidations

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.

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