Why Investors Should Consider Solana (SOL) This Week
- Solana’s price remains stuck within a range, hovering beneath the $102 – $104 support barrier.
- Enthusiasts can expect a $135 return by Solana with a successful flip of the hurdle at $104 into a foothold.
- A 24hr candlestick closing beneath the $80.76 range low will cancel SOL’s bullish thesis.
Solana saw its price consolidating under a massive resistance for some time. The latest buying momentum uptick pushed the alt beyond the mentioned level, overturning it into a foothold. Market players can expect Solana to launch an explosive upside move.
Solana Awaits Bulls’ Comeback
Solana’s price remains stuck within a range stretching between $80.76 and $121.52. The boundary appeared after Solana gained approximately 50% between 24 January and 7 February. Range-bound actions are somewhat simple to trade. They mostly include a sweep beyond/beneath a border before an opposite-level retest.
Likewise, SOL swept the $80.76 range low in February before gaining 83% to levels beyond the $122.64 range high. Solana stretched well past the topside limit to set the $143.64 swing high.
However, bearish market sentiment, profit-booking, and retail fear led to a 32% slump that pushed the alt back towards the range and beneath the support floor at $102 – $104. Solana even plunged under the 50% retracement level at $101.70.
Solana has coiled up beneath the two critical obstacles since 12 April, awaiting bullish momentum resurgence to launch an upward move. As BTC kick-started a slight uptrend, alts, including Solana, will likely follow suit.
Therefore, a buying momentum surge that pushes Solana to overturn the obstacle at $104 into support will catalyze a 17% surge to retest the $121.52 range.
Some scenarios would see bulls extending the rally, allowing SOL to a hit the daily candle closing a$136.92, created on 3 April and 4 April. The leg-up would comprise a 35% total surge from the $101.19 current position. Moreover, the highs will likely cap SOL’s upsides.
If Solana prints a daily candle closing beneath the $80.76 range low, it will form a lower low, translating to bears’ preference while canceling SOL’s bullishness. That could see the altcoin sliding lower.
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