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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