Published 1 hour ago
In the past four weeks, the Solana price has showcased parabolic growth in the daily time chart. From the June 10th low of $12.8, the coin price surged to the current price of $28.25 registering a growth of 120%. This massive rally is likely linked to the bullish outlook of a symmetrical triangle chart pattern and the ripple effect of the XRP coin price rally. However, can SOL prices sustain this bullish momentum for further growth?
Also Read: Veteran Investor Raoul Pal Predicts A 20x Rally in Solana (SOL) Price
Solana Price Daily Chart
- The $26.77 breakout sets the SOL price for a 35.6% upswing
- The Solana price is likely to witness minor correction before the next leap.
- The 24-hour trading volume on the Solana coin is $146.5 Million, indicating a 37% loss.
Source-Tradingview
Amid the ongoing recovery, the Solana Price showcased a failed breakout attempt from the multi-month resistance of $26.77. The long-wick rejection attached to the June 14th daily candle projected the sellers are actively defending this resistance.
However, with a 6.6% jump today, the aggressive buyers rechallenged the overhead resistance to reclaim higher ground.. Having said that, the potential buyers must wait for a candle closing above $26.77 to confirm this breakout.
If the coin price managed to sustain $26.77 flipped support, the buyers would obtain a solid springboard to rally 35.6% and hit the next significant barrier of $38.6.
Is this the Right Time to Buy SOL?
The Solana price has doubled its market value in a month. An aggressive rally as such could be unhealthy for a long-term bull run despite the current sentiment in the market. Therefore, with a bullish breakout from $26.77, the altcoin is likely to pull back or consolidate above the breached resistance to check its support strength. This anticipated retest could offer a long-entry opportunity to traders.
- Bollinger band: The SOL price challenging the upper ceiling of the Bollinger band indicator is a sign of high momentum buying.
- Average Directional Index: The rising ADX price closing towards the 40% mark would indicate an over-extended rally and therefore need for minor correction.b
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/whats-next-for-solana-price-after-a-120-surge/