Solana Price Prediction: A sprint towards $30
- Solana price currently auctions at $26.23.
- SOL is setting up for a rally toward $30
- Invalidation of the bullish thesis would arise from a breach below $23.
Solana price is setting up for another bullish move. Traders should consider their risk management rules while engaging in a volatility-induced market.
Solana price is poised for surge
Solana price has displayed strong bullish technicals during the first three weeks of February. At the time of writing, the Solana price stands 27% above where it once stood ten days prior. The flux of buying momentum is visible on the upright looking trend. While skepticism remains a prevalent factor amongst traders, SOL's recent price action seems unfazed by retail opinion and inflation fears,
Solana price is currently auctioning at $26.26. On February 19, the 8-day exponential moving average(EMA) crossed over the 21-day simple moving average (SMA) a signal many in the crypto ecosystem refer to as a bullish cross. The bullish cross is often the spark of strong uptrend moves, with compressive sideways market behaviour occurring prior, which was noted and displayed during the consolidation phase on January 31.
A conservative target towards the $0.30 zone seems plausible, considering the technicals. The bullish move would result in a 19% increase from Solana's current trading price.,
SOL/USDT 1-Day Chart
Invalidation of the bullish thesis would occur from a breach below the compressing indicators at $23.00. If the breach occurs, Traders can expect a decline toward the psychological $20 price level, resulting in a 23% decrease from Solana's current market value.
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.
