Price Analysis

Solana Aims at a 30% Upswing, Is SOL Price Primed to Hit $120 Levels in the Upcoming Week?

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 19, 2022

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Highlights

    Solana price form extreme bullish signals that may propel the price above $100, may also range beyond $120

    The price is expected to break out from the consolidation and range high only if the asset surpasses one of the important levels just below the $100 resistance levels

Solana price is currently testing the upper resistance of the falling wedge which may ignite a notable uptrend. After constant rejections from these levels a couple of times, the asset may not witness the same scenario again. As the SOL price appears to be primed to rise above the odds to surge beyond $100 levels very soon. But to do so, the asset needs to sustain and clear crucial levels just below the 3-digit levels. 

The SOL price after hitting the highs above $250 maintained a significant descending trend. While it was expected that the asset could hit the lower support at $70, the asset quickly began to chop above the $75 levels. This manifested the reassurance of the uptrend which may cut shot the distance to the 3-digit figure. 

Also Read:  ADA Price Up For A Breakout With 20% Gains! Will Cardano’s TVL To Close Q1 Trade At $1B?

  • Solana price after a steep drop from its highs is chopping around sideways aiming to prevent plunging towards the lower support. 
  • The price is maintains a notable uptrend and tests the crucial levels which may decide the next plan of action
  • The SOL price is accumulating within a falling wedge, where-in a bullish break out is pre-programmed. The uptrend may be validated only after a breakout from the crucial regions around the $96 resistance levels
  • Clearing these levels and surging high may invalidate the possibilities of a fake-out which may, in turn, clear the path towards $100
  • No doubt the price is sliding down within the wedge, yet the RSI is maintaining an upward trajectory and hence a breakout towards $100 to reach the crucial resistance at $120 appears to be imminent. 

Pivot Levels:

Immediate Resistance: $96.70

Strong Resistance: $1.5.97

Immediate Support: $87.42

Strong Support:$77.60

Also Read: Ethereum(ETH) Price Approaches $3K, Bull Trap on Horizon With 40% Plunge! Caution Traders!

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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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