Price Analysis

Solana Trends Within an Ascending Range,  Is The Next Stop for SOL Price at $130?

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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Feb 10, 2022

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Highlights

    SOL price is maintaining a strong uptrend from more than a fortnight and the possibilities of maintaining with the uptrend are pretty strong

    Despite multiple pullbacks, the asset is showcasing huge possibilities to surging high as it hovers along crucial levels

The Solana price from the past couple of days is maintaining a notable uptrend. While some believe the asset may continue to maintain a strong uptrend, while many foresee a huge possibility of the asset losing its grip over the uptrend and hitting the lower support levels soon. If the asset plunges down, then a fair chance of the price plummeting below $100 arises and in such case flipping from the downtrend may be extremely tough. 

In the short term, the SOL price is manifesting its bullish tendency as the price is swinging along with the 50-day MA levels from the past couple of days. Moreover, the asset comfortably rebounded from the 200-day MA levels multiple times in the past couple of days. Therefore manifesting a notable bullish reversal in action. 

The Solana price was previously consolidated in a similar way within the current parallel channel. And the outcome of the consolidation was a significant spike that plunged further towards the lower support. And hence if in case the asset follows a similar trend, then the SOL price may initially surge just above $120. Here one can expect a minor selling pressure to mount that may drag the price again towards the middle bands around $116. 

However, after a minor consolidation, Solana may inculcate a serious uptrend that may breach through the levels and hit $130 slicing through the parallel channels. While the long-term forecast is slightly uncertain as the price is forming more or less a ‘Doji’ candle signifying a tough fight between the buyers and sellers. And in such cases, a slight omission from any of the players may largely impact and profit the other one. 

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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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