Solana price likely to hit $133, data shows Asian traders prefer SOL
- Solana price hovers around $94 as it plans its next rally.
- Investors can expect another bounce around the $78 support level before an upswing kickstarts.
- The next key resistance level for SOL is $133, roughly 70% away from the current price.
- A decisive flip of the $78 support level on the three-day chart will invalidate the bullish thesis.
Solana (SOL) price has been moving slowly after overcoming the $78 support level. SOL is currently finding its footing so it can shoot higher.
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Solana price takes its time
Solana price shot up 78% between December 18 and 24, 2023, breaching the $78 hurdle. Since then, SOL has retested this barrier once on January 22, confirming a successful flip into a support floor.
Considering the explosive move to the upside, Solana price is likely going to cool off and retest $78 again before allowing sidelined buyers to step in. The Relative Strength Index (RSI) and the Awesome Oscillator (AO) are also showcasing a cooling-off period, where they’re returning to their respective mean levels. Hence, investors can expect a sweep of the $78 support level, which will signal the start of an uptrend.
In such a case, Solana price will target a retest of $133, which is the midpoint of the 96% crash witnessed between November 2021 and December 2022. This move would constitute a 70% gain from the $78 support level.
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SOL/USDT 1-day chart
According to VeloData, the three-month price action for Solana price shows that the highest return for SOL comes from the weekdays. To be precise, Wednesdays and Fridays are the highest returning days. Sundays are usually red, which makes them an ideal time to buy the dips and book profits on Wednesday and Friday.
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SOL Average Return by Day
Cumulative returns for Solana price are highest during the Asia Pacific trading session.
SOL Cumulative Return By Session
While the signs are bullish for Solana price, investors need to be cautious of a fluke selling pressure spike. In such a case, a decisive breach of the $78 support level, and its flipping into resistance, on the three-day chart will invalidate the bullish thesis.
If this selling momentum sustains, SOL could slide nearly 40% until it finds a stable support level at $47.
Also read: WEN, JUP: Two altcoins are driving Solana price recovery
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.
