|

These are the levels to watch if you’re scalping the Solana price this month

  • Solana coils in between a critical congestion zone.
  • A fractal has been put in place to forecast a bearish or bullish  scenario in advance.
  • Invalidation of the downtrend is a breach above $60.00

Solana price continues to face resistance, yet the bears cannot make much profit from suppressing the price.

Solana price has a decision to make

Solana price shows extreme turbulence to start the month of August. The bears have been unable to conquer any grounds as the Solana price continues to hover in the congestion $40 zone. Still, the bulls remain in jeopardy according to the Relative Strength Index on the daily time zone.

Solana price currently trades at $41. A fractal has been implemented to forecast a possible resolution for the mundane price action. A breach of $35 could be the catalyst maker bears are looking for to target the $30 and $25 price levels.

SOL/USDT 1-Day Chart

Invalidation of the bearish thesis remains above $60. Traders should remember that a breach above the invalidation point would promote a bullrun targeting $80, resulting in a 100% increase from the current Solana price. 

In the following video, our analysts deep dive into the recent price action of Solana analyzing key levels of interest in the market. -FXStreet Team

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

Ripple steadies after sell-off as low on-chain activity, retail interest weigh

XRP rebounds from last week’s support at $1.50 but struggles below resistance at $1.77. Active addresses on the XRP Ledger dropped below 18,000 on Sunday amid risk-averse sentiment. Retail interest in XRP continues to decline, with futures Open Interest dropping to $2.81 billion.

Crypto Today: Bitcoin, Ethereum, XRP extend correction amid mixed ETF flows, dwindling retail interest

Bitcoin is trading under pressure at the time of writing on Monday, as digital assets across the board extend their correction following a turbulent week. The King of Crypto holds above $77,000 after a sharp decline that briefly tested lows last seen during April’s tariff-driven selloff at $74,476.

Bitcoin Price Forecast: Falling-knife risks grow as BTC breaches $75,000

Bitcoin price recovers slightly after slipping below $75,000 during the early Asian session on Monday. The crypto market correction intensifies, triggering liquidations totaling nearly $800 million over the last 24 hours.

Pi Network Price Forecast: Pi extends decline as pressure mounts amid core wallet outflows

Pi Network (PI) edges lower by nearly 2% at the time of writing on Monday, extending a broader four-week downfall. Consistent outflows from the Pi Network’s core team wallets account for roughly 17 million PI, implying a sell-off under 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: BTC correction deepens as Fed stance, US-Iran risks, mining disruptions weigh

Bitcoin (BTC) price extends correction, trading below $82,000 after sliding more than 5% so far this week. The bearish price action in BTC was fueled by fading institutional demand, as evidenced by spot Exchange-Traded Funds (ETFs), which recorded $978 million in inflows through Thursday.