- Solana price is close to breaking out of its horizontal resistance level at $44.45.
- Rising momentum and the presence of the $39.14 to $42.75 demand zone hint at an explosive bullish move for SOL.
- A daily candlestick close below $39.14 will invalidate this bullish thesis and trigger a steep correction.
Solana price shows an interesting setup as it tries to overcome a stiff resistance level. The fifth attempt to overcome hurdles will likely be successful due to multiple bullish confluences.
Solana price ready for a quick move
Solana price has been on a clear uptrend since producing the June 14 swing low at $25.76. This steady move has produced five higher highs and is on the verge of creating a sixth. While the upside for SOL is blocked by the $44.53 resistance level.
An interesting take here is that Solana price has managed to push past the highest traded volume level at $40.46, aka Point of Control (PoC). Additionally, SOL has also managed to bounce off the daily demand zone, extending from $39.14 to $42.75.
The Relative Strength Index (RSI) also shows a strong persistence of bullish momentum, adding a tailwind to the bullishness of SOL. The only thing left for Solana price to do is break above the $44.53 hurdle and retest the next barrier at $60.
Investors should note that the bulls could pause at the $50 psychological level before breezing through to $60. An extension of the uptrend could see Solana price revisit the $65.71 blockade, which is likely where the rally will form a local top.
SOL/USDT 1-day chart
On the other hand, if Solana price fails to stay above the $39.14 to $42.75 demand zone, it will signal weakness and invalidate the bullish outlook by producing a lower low. This development could see SOL drop to the August 3 swing low at $37.40 initially. However, as the selling pressure builds up, this correction could steepen to $34.65.
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