|

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.

Author

Tony M.

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.

More from Tony M.
Share:

Editor's Picks

Pi Network Price Forecast: Core team offloads supply, weighing on PI recovery

Pi Network  hovers below $0.1700, broadly steady at press time on Monday, attempting a recovery after a 2% loss the previous day. Sunday’s decline aligned with nearly 49 million PI tokens offloaded by the Pi Foundation, implying a spike in supply pressure that capped the prevailing four-day recovery.

Cosmos Hub Price Forecast: ATOM under pressure as bearish momentum accelerates

Cosmos Hub steadies near $1.82 at the time of writing on Monday, following a 20% decline the previous week. Weakening on-chain and derivatives data support a bearish outlook, while technical analysis remains unfavorable.

Meme Coins Price Prediction: Dogecoin, Shiba Inu, and Pepe show bearish signals at key levels

Meme coins are hovering around key support zones at the start of this week on Monday, after extending losses in the previous week. Dogecoin (DOGE) signals a neutral near-term bias with a slight bearish tilt.

Solana Price Forecast: SOL consolidates amid rising Middle East tensions

Solana (SOL) trades around $84 at press time on Monday, coiling further within a consolidation range that keeps the momentum trapped. Institutional interest in Solana resurfaced last week, with inflows of over $44 million capping downside pressure.

Bitcoin Price Annual Forecast: BTC holds long-term bullish structure heading into 2026

Bitcoin (BTC) is wrapping up 2025 as one of its most eventful years, defined by unprecedented institutional participation, major regulatory developments, and extreme price volatility.

Bitcoin: Another month of losses, and it’s been five

Bitcoin (BTC) price is stabilizing around $68,000 at the time of writing on Friday, but the Crypto King is poised to close February on a fragile footing, marking its fifth consecutive month of losses since October and a rare start to the year with back-to-back monthly corrections.