Solana Price Prediction: A scalpers playground

Solana price has provided two profitable opportunities this week. Defining the third will be the more challenging. Here are the possible scenarios.

Is Solana price A falling knife?

Solana price falls in free-fall fashion as expected from this week’s bearish outlook. Solana price has more wiggle room to fall; However, strong support lies within the $37 region. Traders who missed this week’s opportunities to short the digital asset should remain sidelined for now. Placing an entry to aim for the supportive barrier is ill-advised as a sharp rebound could resolve the free-fall decline.

Solana price at the time of writing trades at $40.65. Traders looking to catch a knife can look for a buy opportunity in the $37 zone with an invalidation level at $33.95. Bullish targets lie once again between $44 and $47 target.

SOL/USDT 1-Hour Chart

Remember that a breach below $33.would prompt more liquidations and deem the entire uptrend void. The bears could then reroute south, targeting swing lows in the $31 zone for up to a 25% decline from the current Solana price.

In the following video, our analysts deep dive into the recent price action of Solana analyzing key levels of interest in the market. -FXStreet Team