Price Analysis

Solana(SOL) Price at the Foothill of a Massive Explosion But $100 Appears Still Distinct

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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Jun 25, 2022

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Article Highlights
  • Solana price is from the past couple of days is maintaining a significant upswing gaining more than 25%

  • While the price appears to be poised to achieve a 3-digit figure at the earliest, a crucial zone is required to be cleared first

Solana price gained a huge bullish momentum ever since the co-founder announced the plans of rolling out an SMS platform & Android phone. The price which had broken the falling wedge had broken out of the descending consolidation and rose high a week ago. However, the recent positive announcements did give the asset a larger boost which surged more than 25% in the past 24 hours. 

The SOL price even after a notable upswing, still appears extremely bullish. The price is constantly forming higher highs and lows aiming to regain the levels able $50 before the weekend. No doubt, reaching out to these levels is a tedious job as important resistance at $44, $46 and later at $48 may hinder the rally. However, a major SOL upswing is approaching fast which may raise the price towards the 3-digit figure very soon.

Also Read: Shiba INU(SHIB) in Top 15, This is When it May Enter the Top 10 Defying Dogecoin (DOGE)

solana
Source: Tradingview

According to the patterns formed in the weekly chart, the SOL price formed a constant higher low, starting in May 2021 and ending in June 2022. Moreover, each time, the asset reversed its trend, it began with a Doji candle forming at the end of the bearish trend registering the first green candle after accumulating massive bearish pressure. On the other hand, the altcoin market cycle consists of an 8-month plunge followed by an 8-month consolidation followed by a strong bullish wave. 

Therefore, the possibility of hitting a new low before the consolidation phase is much possible with the beginning of the current rally. Even if the bears strengthen their grip, the probability of a significant rebound toward the immediate resistance close to $75 surfaces. However, a 3-digit figure still appears pretty distinct and a strenuous job to achieve in 2022. 

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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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