|

Solana price set for $100 as crypto markets look to the upside

  • Solana price keeps hovering above the monthly S2 support.
  • SOL price sees RSI slowly climbing out of the oversold area on the RSI.
  • Expect a pickup in bullish sentiment once Nasdaq confirms risk-on will be the central theme for this week.

Solana (SOL) price saw its bullish reversal stop short on Sunday and is now nearing the monthly S2 support level again at $89.28. Although ASIA PAC equity and European indices are firmly in the green, the sentiment has not spilled over to US futures and cryptocurrencies yet. Expect a bounce off the monthly S2 support level and look for a first test at $100 to the upside before continuation this week towards $130.70.

Solana bulls are pushing the RSI away from the oversold area

Solana price action saw bulls in good shape on Friday and Saturday, erasing a part of the games and trying to reach $100 to the upside. Instead, the sharp uptick stopped on Sunday as cryptocurrencies again looked heavy, with trading starting on Monday. Strangely enough, the most critical Asian indices and European indices are firmly in the green, where US futures are somewhat mixed and relatively flat during the European trading session.

Expect for SOL price to stay hovering around this S2 level as the Relative Strength Index (RSI) is still at or in an oversold area, limiting any potential downside for bears. This should help bulls to use this window of opportunity to go long and make a bounce off the S2 level at $89.28. Once US futures kick into gear and take over the sentiment from Europe, expect some bullish uptick again, targeting $100 intraday and $130.70 for this week.

SOL/USD daily chart

SOL/USD daily chart

On the downside, a break below the S2 support level would see a dip towards the low from last week, around $82. If European indices give up their gains and turn red, together with US futures firmly in the red, expect to see another wave of selling, with a possible nosedive threat towards $58.84. With that move, the RSI would overshoot firmly into being oversold.

Author

Filip Lagaart

Filip Lagaart is a former sales/trader with over 15 years of financial markets expertise under its belt.

More from Filip Lagaart
Share:

Editor's Picks

Bitcoin Weekly Forecast: BTC retreats as macro headwinds grow
Bitcoin (BTC) remains under pressure, down over 4% this week and trading around $76,900 at the time of writing on Friday. Institutional demand shows signs of weakness as spot BTC Exchange Traded Funds (ETFs) are on track to end their three-week inflow streak, recording nearly $500 million in net outflows through Thursday.
XRP falls toward key support as macro uncertainty, weak momentum cap recovery
Ripple (XRP) falls below $1.33 on Friday, marking the third consecutive day of declines. The token continues to track the broader cryptocurrency market downturn, with investors closely monitoring heightened macroeconomic uncertainty ahead of the United States (US) Consumer Price Index (CPI) release and next week’s Federal Reserve (Fed) monetary policy decision.
Crypto Today: Bitcoin, Ethereum, XRP stabilize at lower levels amid ETF outflows and macroeconomic risks
The broader cryptocurrency market is rising on Friday, with Bitcoin (BTC) trading above $77,000 after testing lower support near $76,500. Ethereum (ETH) shows signs of stability, hovering above the support provided at $2,400 despite capped upside at $2,500. Meanwhile, Ripple (XRP) holds above $1.33 after three straight days of declines, reflecting growing headwinds due to macroeconomic uncertainty.
Bitcoin pulls back as another golden cross fails to deliver
Earlier this week, Bitcoin formed a golden cross, a technical signal that occurs when the price’s 50-day moving average rises above the 200-day moving average and is conventionally viewed as a precursor to a bullish rally. Historically, however, that’s often not been the case.
Bitcoin: BTC retreats as macro headwinds grow
Bitcoin (BTC) remains under pressure, down over 4% this week and trading around $76,900 at the time of writing on Friday. Institutional demand shows signs of weakness as spot BTC Exchange Traded Funds (ETFs) are on track to end their three-week inflow streak, recording nearly $500 million in net outflows through Thursday.