What does the Solana price need to pump back to $40

Solana price is on every investor's immediate radar as the digital token's performance this month has been bull-run nostalgic. Since January 1, the smart-contract token has risen by 135% to trade above $23. As the price cools off post-rally, Solana remains firm and unbothered by the inevitable profit-taking. It is no doubt that the technicals being displayed could be the early stages of a much larger rally.

Solana price poised for ascension

Solana price is currently auctioning at $23.16. According to the Binance Exchange API, Solana's impressive two-week surge saw an influx of $147 million worth of transactions. The volume justifies the bullish price action as the previous two-week auction declined by 17%, under $53 million in transactions.

The next hurdle for SOL to accomplish is the broken support zone at $27. A 2-week candlestick within or above the zone would deem the uptrend genuinely bullish for weeks to come. Under classical technical analysis, the theory is that settlement within a previous trading range is a first sign of right to passage, with intentions to challenge previous liquidity levels and swing trade pivot points. The $40 swing highs established in October would be an ideal first target zone resulting in a 75% increase from Solana’s current market value.
 

SOL 2-week chart

For traders looking to scalp the next wave up, the $17.45 level could be used as an invalidation point of the current trend. If the $17.45 barrier is breached, SOL could be in jeopardy of a much larger pullback targeting $14, resulting in a 40% decline from the present Solana price.