Price Analysis

Perfect Trade Set-Up for Solana(SOL) Price, A Slight Pullback Towards $91 May Ignite A Rally to $157!

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Mar 1, 2022

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Highlights

    Solana price has broken from the descending trend and smashed the much required 3-digit target

    Yet another minor plunge to the lower support is much expected before the asset kick-starts a mega rally of more than 50%

Solana Sol price, after trending within a narrow range for a long time, recorded the much required bullish monthly close. The asset was attempting very hard to attain these levels for quite a long time, and also faced multiple rejections. However, the price began the monthly trade on a bullish note, yet a plunge may hinder the rally soon. 

The present daily candle does not appear to be pretty strong compared to that of the previous day. And hence, despite fighting back with the bears to a large extent, the bull may get exhausted for some time. And hence a minor pullback close to $90 may be fast approaching which is also a huge demand area. Therefore, a strong flip may ignite here where the price may hit $157, slicing through a couple of resistance levels. 

Also Read: Terra (LUNA) Jumps High as Bitcoin(BTC) Price Nears $44,000, This is When it May Hit $1000!

A popular analyst lets out huge targets which go as high as $157 in the next fortnight. However, before that analyst expects a plunge to the $91 price zone which may be extended to $ $82.72 regions in the worst-case scenario. Further, a strong flip may be ignited that could uplift the price to regain the levels above $100 yet again quickly. The analysts also set the upper targets for SOL price as follows,

  • TP1 – $112.05
  • TP2 – 130.75
  • TP3 – $157.43

Therefore, considering the upcoming price rally, the Solana price may let out a decent buy signal in the next couple of days. However, a significant buy signal is about to let out as the selling volume appears to have eased out significantly in the STF. But the RSI has hit the overbought levels and showcased a huge possibility of a pullback. Therefore the Solana(SOL) price is currently primed to hit the local support once before ranging high towards $150. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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