Solana (SOL) Price Could Hit $95 if This Trade Plays Out Well: But Here’s the Catch!

The post Solana (SOL) Price Could Hit $95 if This Trade Plays Out Well: But Here’s the Catch! appeared first on Coinpedia Fintech News

Ever since the markets inculcated a rising trend, the SOL price has been trading in an ascending trend, holding lower support. The markets further faced major turbulence, due to which the prices of the majority of the cryptos, including Solana, hit the local bottoms below $80. However, the bulls are trying hard to sustain the bullish momentum, but the technicals suggest the SOL price could be due for another 10% correction.

Many tokens recovered during the last trading day, with the SOL price jumping off the lower support at $78.47. With a 14% gain, the price is displaying a huge possibility of reclaiming the levels above $100. However, a final bearish case may roll out, which may drag the price to its last point of defence. If the price fails to hold here, it may eventually head back below $65, which appears to be less likely at the moment.

Even though the price sliced down the ascending support line, the momentum continues to remain under bullish influence. However, the volume continues to remain consolidated below the average range, which suggests a flip may consume more time than required. Besides, the RSI is trying hard to initiate a bullish divergence, but it may not do so as it is stuck in a descending trend. Therefore, the levels may trigger a healthy upswing only after reaching the lower support.

As a result, the SOL price could continue with the descending trend and reach close to $75 to $78, beyond which a rebound may be expected. Alongside, MACD also displays a drop in the selling volume, which may trigger a fresh upswing. DMI is also closer to validating a bullish crossover with the ADX bouncing from the bottoms. However, Bollinger bands continue to hover within a descending pattern, being more or less parallel to each other, suggesting a huge drop in volatility.

The technicals are largely neutral at the moment, and hence the Solana (SOL) price is also believed to hover within a narrow range for a while. A small pullback to the $78 region is expected to induce a catapult action which may lift the price above $90 and eventually hit $100 shortly.