Solana Price Presents Buy Opportunity Before SOL Bulls Prepare for 30% Rally

Solana Price Presents Buy Opportunity Before SOL Bulls Prepare for 30% Rally

By Sarah Tran | FXStreet

– Solana price has presented a long opportunity as it slid lower toward a crucial line of defense.
– A key technical indicator suggests that SOL has formed a local bottom.
– If bullish sentiment continues to increase, Solana price may eventually reach $130.

Solana price has presented a buy opportunity as it dropped to a critical level of support before resuming its prevailing uptrend. The Ethereum-killer is preparing for a major rally toward $130 as a technical indicator suggests that SOL may have just formed a local bottom.

Solana bulls target $130 next

Solana price has formed an ascending parallel channel on the 12-hour chart, suggesting a bullish outlook for SOL. The Ethereum-killer recently slid toward the lower boundary of the governing technical pattern which acted as a reliable foothold.

The Momentum Reversal Indicator (MRI) has recently flashed a bottom signal, suggesting that Solana price is preparing to reverse the period of underperformance.

The first obstacle for Solana price will emerge at the 50 twelve-hour Simple Moving Average (SMA) at $104, coinciding with the 38.2% Fibonacci retracement level.

Additional hurdles may appear at the middle boundary of the governing technical pattern at $108, intersecting with the 21 twelve-hour SMA, then at the 50% retracement level at $112.

An additional spike in buy orders may push Solana price higher toward the 61.8% Fibonacci retracement level, coinciding with the resistance line given by the MRI at $119.

SOL
SOL/USDT 12-hour chart

If buying pressure continues to increase, Solana price will eventually reach the bullish target at the upper boundary of the prevailing chart pattern at $130, where the 78.6% Fibonacci retracement level also sits.

However, if a spike in sell orders occurs, Solana price will once again retest the 23.6% Fibonacci retracement level as support at $95, then at the lower boundary of the governing technical pattern at $93.

 

Editor’s Note: 

New Global Currencies

New Resistance Global Currencies that support Independent Media and are against the “Great Reset” –

Our World Coin, a force for good and a peaceful revolution, is built to save humanity from the Globalists deadly Great Reset Totalitarian Agenda.

Bitcoin 2.0 is a new cryptocurrency that is looking to innovate the Global Payment System. It is backed by real value in independent media news sites & networks.

Truth Coin, a platform that’s free from Globalists’ control, and will not support the Great Reset Agenda or the vaccine digital passport. This enables everyone to support and benefit from building a better world, by the people for the people, a force for good.


Original Source: https://www.fxstreet.com/cryptocurrencies/news/solana-price-presents-buy-opportunity-before-sol-bulls-prepare-for-30-rally-202202131007

Donate Now to Help Take Back Our World

$1000 Donation Turns Into $4000 of the New Global Currency

Enter email to get USA Tomorrow updates