- 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
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.
Recommended Content
Editors’ Picks
Mantle Price Forecast: MNT eyes 200-day EMA breakout for further gains
Mantle (MNT) edges lower by over 1% at press time on Tuesday after three consecutive days of gains, while the optimism holds in the derivatives market, reflected by heightened Open Interest.
Bonk Price Forecast: BONK rallies as OI hits yearly high, LetsBonk.fun tops Solana launchpad revenue
Bonk (BONK) continues its bullish momentum, extending gains, trading around $0.000027 on Tuesday after rallying almost 20% the previous week.
Fed, OCC, FDIC issue joint guideline for banks safekeeping crypto assets for customers
The Federal Reserve (Fed), Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) issued a joint statement on Monday aiming to guide banks seeking to offer crypto safekeeping services to customers.
Top Crypto Gainers: XCN, PENGU, SUI – Hold momentum while Bitcoin slips under $119,000
Bitcoin (BTC) takes a breather after hitting a record high of $123,218 on Monday, resulting in a pullback under $119,000 at press time on Tuesday.
Bitcoin: BTC hits new all-time high and enters price discovery mode
Bitcoin price prints a new all-time high near $118,900 on Friday, entering uncharted territory as bullish momentum accelerates. The surge in BTC was supported by rising corporate and institutional demand, with spot Bitcoin ETFs recording a total of $1.69 billion this week as of Thursday.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.