- Solana price has increased 40% since the June 13 lows at $27.80.
- The relative strength back and forth nature signals increased volatility throughout summer.
- Invalidation of the downtrend is a break above $60.
Solana price has room to rise before the bears attack again.
Solana price is for short-term traders only
Solana price shows an increased momentum going into the third weekend of June. Still, a bull run is unconfirmed. The bulls have managed to recover 40% of lost gains since the June 12 low at $27.80. The rise in value comes with sparse volume, as most investors are unsure of the current market conditions.
Solana price currently trades at $40 as the bulls continue to hike upwards on the 9-hour chart. If the short-term rally is genuine, the bulls could rise to the $52 for an additional 40% gain. The Relative Strength Index shows unstable tug-of-war-like movement, which suggests an increase in volatility that short-term scalpers could enjoy in the coming weeks. Traders should also beware that Solana price has bearish confluence targets in the $20 region, as previously mentioned. Hence, if you are looking to join the continued uptrend move be sure to keep a tight stoploss and secure profits accordingly.
SOL/USDT 9-Hour Chart
From a macro perspective, $60 is the invalidation level to call a new bull run for the Solana price confidently. If the bulls manage to breach the $60 level, a $140 target will be back on the cards resulting in up to a 280% increase from the current Solana price.
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.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.