Solana price nears a bottom as passive income platforms resurface
- 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.
Author
Tony M.
FXStreet Contributor
Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.
