• Fri. Jun 21st, 2024

Solana (SOL) Eyes 25% Upswing amid Slowed Down Correction

Dec 8, 2021

Briefly –

  • Solana (SOL) might witness a 25% rally from its current price to retest the level at $240.
  • However, SOL bears might push the alt beneath the $176 weekly lows before bulls catalyze the optimistic aim.
  • If Solana records a swing low beneath $163, it will cancel the bullish thesis.

Solana’s price has seen its performance dropping of late. That comes after the alternative coin suffered a flash crash during the 4 December sessions. However, the narrative might change as Solana presents a buying opportunity. That way, SOL will receive more strength when trap bears surrender to join the purchasing party.

SOL Price Ready to Retest Previous Highs

Solana’s price increased by 14% from 6 December to 7 December, printing a swing high near $204. However, the upward move failed to gather liquidity beyond $207. After that, SOL ventured into a downward trend, correcting by 6% to its current level – $190.

Meanwhile, the ETH-killer seems to overcome the $240 swing high and gather buy-stop liquidity beyond the value area. However, that would depend on the levels bulls step up for a comeback. The rally to $240 will mean a 25% upsurge for SOL’s current position.

However, market players might haven’t completed profit-taking. With such conditions, Solana may see a dip towards the weekly lows of 4176 before the anticipated upswing. After that, the crypto will target a 17% surge to explore $207.

If SOL sees magnified buying pressure, the alt might run towards $228 before hitting the hurdle at $240.  Meanwhile, a climb to 4240 from $176 represents a 35% surge from the Ethereum-killer.

While everything might seem impressive for Solana, breaching the support floor at $171 will show buyers’ unwillingness to register a quick comeback. However, Solana will be safe if bullish strength starts around this area. Meanwhile, bears’ dominance to take Solana lower would result in a swing low beneath $163. Such a case will invert the bullish narrative highlighted above.

Meanwhile, the ETH-killer SOL targets a 25% upsurge at the moment. That follows the altcoin’s slowed down retracement actions. Nevertheless, Solana bulls need to step up to rescue SOL from further downswings.

By davide bonaldo-shutterstock.com

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