What are the odds for Solana price to hit $150

Solana price showed promise last week as it broke above significant levels. However, the recent move below the same significant barriers indicates a steep retracement awaits SOL before any bullish developments.

Solana price tries to break free

Solana price action between March 14 and April 2 saw the altcoin rally 83% in under three weeks to create a swing high at $143.53. This impressive upswing deviated above the $80.75 to $121.50 range set up between January 24 and February 7. 

Often, the price action of assets tends to deviate above the formed range before heading back into the range to find a support floor and relaunch. For Solana price, a move into the range could see it tag the $105.51 support floor. Although unlikely, sometimes, SOL could tag the 50% retracement level at $101.13.

A retest of either of the mentioned barriers will provide sidelined buyers with an opportunity to accumulate SOL at a discount and trigger the leg that pushes the market value higher. The resulting upswing will likely propel Solana price back to retest the range high at $121.52. Clearing this blockade will open the path to $155.31, constituting a 52% gain for patient holders and sidelined buyers.

SOL/USDT 1-day chart

As mentioned earlier, the correlation of altcoins with Bitcoin is significant. A flash crash for the big crypto could ruin a perfect setup for Solana price. Under these circumstances, if SOL produces a daily candlestick close below $101.27, it will create a lower low and invalidate the bullish thesis. This development could see SOL crash by 20% to the tag the range low of $80.67.