|

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

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.

Author

Akash Girimath

Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.

More from Akash Girimath
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

Aave Price Forecast: AAVE primed for breakout as bullish signals strengthen

Aave (AAVE) price is trading above $204 at the time of writing on Friday and approaching the upper boundary of its descending parallel channel; a breakout from this structure would favor the bulls.

Meme Coins Price Prediction: DOGE, SHIB, PEPE stall amid warming retail demand

Meme coins, including Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE), struggle to regain strength as the broader cryptocurrency market recovers. Derivatives data reveals fresh retail demand as Open Interest of DOGE, SHIB, and PEPE futures surge.

Terraform Do Kwon gets 15-year prison sentence for role in Terra-Luna $40 billion crash

Terraform Labs founder Do Kwon was sentenced to 15 years in prison by a New York federal court on Thursday for his role in organizing one of the largest cryptocurrency frauds in history.

Top 3 Price Prediction: BTC and ETH eyes breakout, XRP steadies at support

Bitcoin (BTC) and Ethereum (ETH) are nearing the key resistance levels at the time of writing on Friday, and a successful breakout could open the door for a fresh rally. Meanwhile, Ripple (XRP) is stabilizing around a crucial support zone, hinting at a potential rebound if buyers maintain control.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.