Share:
  • Solana price has presented a long opportunity as it slid lower toward a crucial line of defense.
  • A key technical indicator suggests that SOL has formed a local bottom.
  • If bullish sentiment continues to increase, Solana price may eventually reach $130. 

Solana price has presented a buy opportunity as it dropped to a critical level of support before resuming its prevailing uptrend. The Ethereum-killer is preparing for a major rally toward $130 as a technical indicator suggests that SOL may have just formed a local bottom. 

Solana bulls target $130 next

Solana price has formed an ascending parallel channel on the 12-hour chart, suggesting a bullish outlook for SOL. The Ethereum-killer recently slid toward the lower boundary of the governing technical pattern which acted as a reliable foothold.

The Momentum Reversal Indicator (MRI) has recently flashed a bottom signal, suggesting that Solana price is preparing to reverse the period of underperformance. 

The first obstacle for Solana price will emerge at the 50 twelve-hour Simple Moving Average (SMA) at $104, coinciding with the 38.2% Fibonacci retracement level. 

Additional hurdles may appear at the middle boundary of the governing technical pattern at $108, intersecting with the 21 twelve-hour SMA, then at the 50% retracement level at $112.

An additional spike in buy orders may push Solana price higher toward the 61.8% Fibonacci retracement level, coinciding with the resistance line given by the MRI at $119. 

SOL

SOL/USDT 12-hour chart

If buying pressure continues to increase, Solana price will eventually reach the bullish target at the upper boundary of the prevailing chart pattern at $130, where the 78.6% Fibonacci retracement level also sits. 

However, if a spike in sell orders occurs, Solana price will once again retest the 23.6% Fibonacci retracement level as support at $95, then at the lower boundary of the governing technical pattern at $93.


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Join Telegram

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

Bitcoin price could retrace to $42,000 if US Nonfarm Payroll comes in at 180,000

Bitcoin price could retrace to $42,000 if US Nonfarm Payroll comes in at 180,000

Bitcoin price just like other assets, is highly impacted by the macro-financial developments. This includes the Nonfarm Payrolls (NFP) report released by the BLS of the United States. This time around, the NFP data is expected to cause a dip in the value of BTC.

More Bitcoin News

Ripple is now only 3% away from becoming a bigger entity than Binance Coin

Ripple is now only 3% away from becoming a bigger entity than Binance Coin

Ripple has overcome a lot of obstacles on its way to becoming the world’s fifth-largest cryptocurrency, as witnessed by the recent rise in XRP price. The native token of the world’s biggest crypto exchange, Binance Coin, on the other hand, has been moving in the opposite direction.

More Ripple News

Ethereum leads altcoins north as Bitcoin halts amid bull trap fears

Ethereum leads altcoins north as Bitcoin halts amid bull trap fears

Ethereum (ETH) price remains northbound, unrelenting despite the king of cryptocurrency, Bitcoin, showing weakness. Behavior analytics tool Santiment observes that Ether and altcoins are on a tear even as BTC momentum fades.

More Ethereum News

BTC headstrong as Spot ETF talks reach technical stage

BTC headstrong as Spot ETF talks reach technical stage

Bitcoin remains steadfast on the higher timeframe, amid news that spot BTC exchange-traded funds (ETF) discussions are now at the technical stage of approval. Specifically, talks with Spot BTC ETF issuers have advanced to key technical details, with Reuters indicating that it could signal a shift toward a potential approval.

More Cryptocurrencies News

Bitcoin Weekly Forecast: BTC uptrend capped by supply barrier at $43,860 as FOMO fails to suffice

Bitcoin Weekly Forecast: BTC uptrend capped by supply barrier at $43,860 as FOMO fails to suffice

Bitcoin (BTC) price uptrend has sustained since mid-September on the weekly timeframe but has since slowed down following the lack of tailwinds to drive the market. All along, narratives, themes and speculation were the driving factors, inspiring a wave of fear of missing out (FOMO) in the market. As it turns out, FOMO is not enough anymore.

Read full analysis

BTC

ETH

XRP