Solana Price Prediction: SOL prepares for a 40% move – 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
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.
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.
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Opinions expressed at FXStreet are those of the individual authors and do not necessarily represent the opinion of FXStreet or its management. FXStreet has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.Any opinions, news, research, analyses, prices or other information contained on this website, by FXStreet, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXStreet will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
via Inferse.com https://www.inferse.com
August 3, 2022 at 02:49PM