Solana Price Prediction: SOL prepares for a 40% move – FXStreet
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Akash Girimath
FXStreet
Solana price has revealed its bullish intentions as it moved above a crucial resistance barrier on April 1. This development is likely to be followed by an explosive move to hurdles after a minor pullback.
Solana price rallied 83% in under three weeks and set a swing high at $143.53. This move deviated above the existing range that stretches from $80.67 to $121.88. While this development is bullish, SOL is likely to first retrace 8% before triggering another run-up.
A retest of the $121.88 barrier will provide sidelined buyers an opportunity to accumulate SOL at a discount, allowing them to ride the next leg higher. This rally, however, will propel Solana price to the $154.5 hurdle and constitute a 26% upswing. Due to the nature of this resistance barrier, it is likely that SOL will form a local top there.
Although unlikely, in some cases, Solana price could extend the run-up to retest the $170.59 ceiling, bringing the total move to 40%.
SOL/USDT 1-day chart
Regardless of the bullish outlook for Solana price, a sudden nosedive in Bitcoin price could turn the optimistic setup sour.
A daily candlestick close below $101.27 will invalidate the bullish thesis for Solana price. Such a move will also open the path for SOL to crash by 20% to the range low at $80.67
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Bitcoin price has shown resilience to sellers as buyers stepped in after retesting a historically strong support level. This development has caused Ethereum, Ripple and other altcoins to trigger a premature rally.
Cardano Network hit a key milestone, as the number of smart contracts, used to validate transactions, crosses 3,000. Despite the delay in the Vasil hard fork, analysts have predicted a breakout in the altcoin.
Ethereum Classic price appears to be going against the grain of widespread market sentiment that it is primed for a significant correction by rising 6.5% in the last 24 hours. The bullish trend began on June 18 but took a breather on July 29.
Dogecoin price has completed its liquidity objective and is currently looking ready to move higher. This development could allow traders to realize short-term gains if played correctly.
Bitcoin has overcome the 200-week SMA and 30-day EMA, denoting a major surge in bullish momentum. As a result, BTC could revisit anywhere from $25,000 to $30,000 soon. A daily candlestick close below 200 four-hour SMA at $21,117 will invalidate this bullish thesis.
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August 3, 2022 at 02:49PM