Solana Price Prediction: How high can the X-wave rally?
- Solana price has fallen into a supportive level on the Relative Strength Index on larger time frames.
- Solana price could rally an additional 80% under conservative macro conditions.
- Invalidation of the uptrend scenario is a breach of the low at $25.78.
Solana price shows interesting macro technicals. Ruling the SOL price out for one more FOMO-style bull run would be ill-advised.
Solana price could surprise you
Solana price consolidates near the bounds of an ascending trend line that has provided support throughout the summer. When zooming out to observe the technicals, it appears that the bulls are stepping in at a key level on the Relative Strength Index (RSI).
Being that the SOL price went from oversold to rebounding from the 40 level on the RSI warrants the idea that, at best, a new bull run is starting. At the worst, a connective X wave could continue to make considerable gains before failing.
SOL/USDT 2-week Chart
Still, like all digital assets, the SOL price could suffer a blow in the coming weeks. A breach of the $35 region is likely and could present a knife-catching opportunity. Invalidation of the uptrend scenario targeting $74 will be a breach below the swing low at $25.78. If the bears breach this level, an additional plummet of 75% towards $10 could be on the table.
In the following video, our analysts deep dive into the price action of Solana, analyzing key levels of interest in the market. -FXStreet Team
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.
