Another 10% Plunge, Solana (SOL) Price Could be Ready for a 20% Surge
The post Another 10% Plunge, Solana (SOL) Price Could be Ready for a 20% Surge appeared first on Coinpedia Fintech News
In a surprising move, many tokens have experienced a fine rise during the past weekend, and as a result, tokens like Sapphire Network, Oasis Network, Terra Classic, etc. have gained traders’ attention while Flare, Chainlink, Bittensor, Render Token, and Bitcoin fail to gain their attention. In the meantime, Solana, the top fifth token, has plunged below $100 following a significant rise in bearish momentum. While the token begins the fresh weekly trade on a bearish note, more upward pressure is expected to mount in the coming days.
Solana prices have been consistently rising ever since the trade broke above the consolidation zone back in October 2023. Regardless of the gigantic pullback from the interim highs above $126, the price has displayed strength as it appears to be self-assured to achieve greater highs. Nevertheless, a minor and last pullback may hinder the progress of the rally for a while, beyond which the SOL price may form new highs for the year close to $130.
The SOL price appears to have faced yet another rejection from the interim highs above $100 at $104. The bears have tried frequently to drag the price below the ascending trend line. However, the bullish action has prevented it from doing so, but soon the anticipated action could happen, which may eliminate the shorts. Moreover, the RSI is showing signs of deviating towards the south. Hence, a minor pullback to the 0.618 FIB levels could be on the cards after facing rejection from the 0.786 FIB levels.
Besides, the markets have been displaying strength as the Bitcoin price maintains trade around $43,000. After breaking out of the descending channel, the Solana price is believed to hold significant strength. But the bulls are falling short of strength at the moment, due to which the price has failed to leap long after the rebound. Hence, by the end of the quarter, the SOL price is believed to rise and achieve levels beyond $130.
Filed under: Bitcoin - @ February 5, 2024 10:22 am