The rekt have been resurrected, here's where Solana price goes next


  • Solana price ascends in stair-step fashion, as bulls breach through $35.
  • SOL price witnesses a golden cross of the 8- and 21-day simple moving averages.
  • Invalidation is a breach below the trend line currently positioned at $30.50.

Solana price recent incline could be the start of a larger move targeting $50.

Solana price shows bullish strength

Solana price has begun an applaudable retaliation following the devastating sell off in spring. The bulls have established a 25% rally since the higher low at $31 was printed on the final day of June. Bulls in the market witnessed a justifiable entry signal on July 6, when a golden cross of the 8- and 21-day simple moving averages (SMAs) occurred. A liquidity hunt briefly occurred at $35 to shake out weak hands. What traders are witnessing now is traders FOMOing into the market who probably placed their initial trade’s invalidation level below the SMA's.

Solana price currently trades at $39 as consecutive bullish engulfing candles have been established on the 2-day chart. The Relative Strength Index (RSI) has shown an eye-candy-like signal as it perfectly bounced on the 50 levels after seeing its first spike into overbought territory. The indicator is now back in oversold territory, confirming that the breach above $35 is only the beginning. If market conditions persist, the Solana price should rally to $50 for an additional 30% gain.

tm/xrp/7/7/22

SOL/USDT 3-Hour Chart

Invalidation of the bullish uptrend lies below the ascending trendline that connects the higher lows. At the current time, the invalidation point lines up at $30.50. If the bulls manage to breach this level, the uptrend will be entirely void. Traders should expect a decline into $20, resulting in a 45% decrease from the current Solana price.

 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

MakerDAO whales sold over $9 million in tokens, MKR price takes a hit

MakerDAO whales sold over $9 million in tokens, MKR price takes a hit

MakerDAO whales sold over 3,000 MKR tokens in the past day. Maker supply on exchanges climbed between April 20 and Monday. MKR price declined by nearly 2% on Monday. 

More Maker News

XRP rallies past $0.50 as Ripple prepares for response to SEC requirement for $2 billion in penalty

XRP rallies past $0.50 as Ripple prepares for response to SEC requirement for $2 billion in penalty

Ripple prepares to file the opposition brief against the SEC on Monday. Ripple will respond to the SEC’s demand for $2 billion in fines requested in its remedies-related opening brief.

More Ripple News

Crypto AI token comeback likely after Apple's potential on-device LLM

Crypto AI token comeback likely after Apple's potential on-device LLM

Artificial Intelligence (AI) crypto tokens Render (RNDR), Bittensor Tao (TAO), The Graph (GRT), AIOZ Network (AIOZ), Golem (GLM), OriginTrail (TRAC) and RSS3 (RSS3) prices rally on Monday. 

More Cryptocurrencies News

Enjin Coin provides high-reward, low-risk buy-the-dip opportunity Premium

Enjin Coin provides high-reward, low-risk buy-the-dip opportunity

Enjin Coin (ENJ) price has been on a downtrend since the 2021 peak and shows signs of slowing down. The more than 50% crash noted in the past four weeks suggests a potential buy-the-dip opportunity. 

More Cryptocurrencies News

Bitcoin: BTC post-halving rally could be partially priced in Premium

Bitcoin: BTC post-halving rally could be partially priced in

Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days? 

Read full analysis

BTC

ETH

XRP