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