Price Analysis

Solana Traders Caution! SOL Price Might Plunge 25% Before Hitting $150

Written by: Delma Wilson

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Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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Apr 2, 2022

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Solana coin has maintained its upward trend since its low point of $77.6 in March, reclaiming over 65 percent of its value until yesterday’s high. Bears have failed several times to lower the coin price below the $80-mark, which has become the token’s critical support level.

SOL’s price action draws an ascending parallel channel in shorter time frames such as 4-hours and below, where the bullish trend line (noted in the chart) is a powerful dominant point for buyers.

SOL was performing poorly in a descending parallel channel prior to the recovery, so the directional shift may be sustained. This week, though, SOL traders are well-served, with the daily volume bar remaining above the moving average.

Traders warned to not be greedy

This week, the Solana price has been a popular cryptocurrency among traders. Elliot Wave analysts predicted a 40% rally bull rally to begin following the triangle consolidation as early as March 15th.

After the triangle breakout, Solana price will likely face resistance in the $122 zone, according to this week’s bullish theory. On the 6-hour chart, Solana price completely broke over the predicted barrier level earlier today, printing a massive bullish engulfing candle.

The current price of Solana is $134. When reexamining the triangle structure, it appears that the 40% rally has already occurred, as the new $134 high has a completed impulse wave.

As a result, traders should proceed with caution while dealing with the current SOL price. Bulls that are overconfident are nevertheless likely to shoot for $150, and the target can still be met.

The bullish momentum would be invalidated if it fell below the broken barrier level of $117.39. If $117.39 is broken, the bears may start gathering liquidity at $106 and $98, culminating in a 25% drop from the current Solana price. 

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Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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