Price Analysis

Terra(LUNA) & Solana(SOL) May Hit $120 Very Soon! Will This be a False Breakout or a Resurgence of Bull Run?

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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Apr 7, 2022

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Highlights

    Terra(LUNA) & Solana (SOL) price is draining constantly with an equal margin which may indicate a huge bearish trend awaiting ahead

    Yet the asset appear to be quiet bullish as both the asset appear primed to hit the monthly highs very close to $120

Terra(LUNA) Price Analysis

Terra’s price in the recent time manifested extreme strength to hit the ATH just before the plunge occurred. Despite the current descending trend, the LUNA price seems to be self-assured to range high. And hence nullifying the current bearish trend, the asset is expected to rebound firmly to resume the uptrend to achieve its target of around $120. 

  • The LUNA price after bottoming hard below $50, ignited a steep jump towards a 3-digit price zone in no time
  • However, the asset maintained a significant parallel ascending channel that includes constant testing of the resistance and support levels
  • The asset while on its path to breach through the resistance and hit $120 experienced a huge plunge below $110 and found strong momentum to flip strongly
  • The LUNA price is currently trying to rebound from the middle or average levels and cross the important levels around $110 at the earliest. 
  • Further maintaining the uptrend, the price is expected to hit $120 being with the channel. 

Solana (SOL) Price Analysis

Solana’s price after fighting strongly at the resistance zone between $134 to $137 fell down miserably close to $110. However, the price appears to have ignited with the uptrend firmly but still lags some momentum as the asset is struggling to breach through the upper resistance. Once the resistance and the possibilities of a retest are cleared the SOL price may be confident of the upcoming rally. 

  • The SOL price after swinging within a huge falling wedge is attempting to rebound firmly but is currently failing to do so
  • The next couple of hours is important as the price appears to have been waiting for a substantial bullish momentum to lead the uptrend
  • However, the asset looks pretty bullish as the selling volume over the past couple of hours has been eased which could aim to a strong rebound ahead
  • Therefore, with a fine leg up, then it may be pretty easy for the asset to achieve $120 but it may not stop here as the secure levels lie above $136 
  • Within an extended bullish trend, if the SOL price hit the target at $150, then it may resume with a strong uptrend or bull run towards $200 at the earliest

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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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