- SOL price shows a bullish reentrance on the volume indicator.
- Solana price may have produced a double bottom.
- Invalidation of the downtrend is a breach at $49.50.
Solana price has investors wondering if a secure low is in before investing in the Centralized Ethereum Killer.
Solana price is still in a downtrend until…
Solana price display thought-provoking price action amongst crypto enthusiasts. This weekend, the bulls managed to establish some support at the $43 level. The newly established bullish barrier is certainly an unforeseen anomaly, which has investors wondering whether or not to provide additional support. Besides, the bullish structure couldn't have happened at a better time as a new passive income platform LOG and Solana network are advancing forward with development in the DeFi arena.
Solana price currently trades at $45, still a whopping 80% lower than the all-time highs at $250. Such a significant decline is truly a remarkable presentation of smart money’s influence within the crypto ecosystem. Nonetheless, it is very rare to see any digital asset continuously decay without a countertrend rally.
SOL/USDT 4-Hour Chart
The earliest evidence to justify allocating one’s portfolio to Solana price will be a breach of the triangle apex at $49.50. If the bulls can establish said price action, then the downtrend could be deemed terminated with bullish targets at $90, resulting in a 100% increase from the current Solana price.
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