Why Solana price will post explosive gains above this level

Solana price is steadily moving toward its short-term target at $77.98.
Investors can ride the 48% upswing to $77.98 which could extend to $80.
A daily candlestick close below $44.91 will invalidate the bullish thesis for SOL.

Solana price has been consolidating above a stable support level for nearly two weeks and is slowly climbing higher. Patient investors can capitalize on this steady climb to crucial hurdles.

Solana price continues its journey

Solana price faced an intense sell-off at $141.59 aka the 50% retracement level of the range extending from $66.19 to $216.98. This sell-off received an extra boost on April 4 as bulls failed to move above the range’s midpoint at $141.59.

As a result, SOL crashed 69% and swept below the range low at $66.19 and has been vying for recovery since. Investors can expect SOL to slowly climb higher and retake the lost grounds. Therefore, interested market participants are likely to gain 48% as Solana price rallies to the $77.49 hurdle.

This run-up to the significant resistance barrier will occur if SOL manages to flip the range low at $66.19 and make its way to the target at $77.98. This level, unlike the other hurdles, has a high chance of stopping Solana price and the bulls from ascending.

SOL/USDT 1-day chart

On the other hand, Solana price has a solid theory backing its recovery and has support from Bitcoin price, which is also trying to bounce back higher. So, an upswing is logical for the Ethereum-killer.

However, if SOL fails to flip the $66.19 barrier and gets rejected, it will indicate a lack of buyer interest. In such a case, SOL could take a U-turn and retest the $44.19 foothold; a breakdown of this level will create a lower low and invalidate the bullish thesis.

Under these circumstances, Solana price could crash 54% and revisit the $21.05 support level.

Share: Cryptos feed

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.