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AltcoinNewsPrice AnalysisSolana (SOL)

Solana (SOL) Might Double If Bulls Overpower This Barrier

  • Solana has its price hovering within the supply territory in the $188.69 – $200.13 range.
  • A significant-close beyond $216 will catalyze a bullish run to $400.
  • Meanwhile, a daily close under $188.69 will mean a 12% plunge.

Solana saw its price rising from 20 October to 25 October, creating two higher highs. However, buying momentum could not sustain the altcoin, translating to a retracement and lower low. Though Solana battles to recover, failures at this level will mean a drastic retracement.

Solana Stuck in a Rocky Place

Solana saw its price rising by 41% since 25 October, recording two highs an ATH at $218.9. Nevertheless, buying momentum did not persist, resulting in a 19% drop towards the lower low at $176.94. Though the alternative coin has gained nearly 10% since then, it still traverses the supply area in the $188.69 – $200.13 range.

If Solana remains inside this territory, it will have chances to move in either direction. However, a significant-close beyond $200 will signify incoming buyers. That way, Solana can rise to explore the range peak located at $220.21. A decisive candle close past the level will translate to a new upsurge.

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With such optimism, SOL will increase its probability of tagging 161.8% FIB extension zone at $384.08, translating to a 100% surge. Meanwhile, this optimism depends on Solana producing a daily candle close beyond $200.13. Failure to do that will mean plunges.

However, if SOL confirms a close under $188.69, the network will mean weak buying actions and bears taking over. With that, Solana will decline by 9%, retesting the 5% FIB retracement at $170.01. If the selling momentum magnifies, SOL will drop to revisit the support floor at $155.78. Such a downtrend will mean a nearly 17% plummet from $188.69. Meanwhile, buyers can decide to kick-start a new upsurge.

On the other part, Bitcoin seems to jump into the recovery journey as it rose past $60,000. That was after BTC dropped under this psychological zone after its recent ATH move. If Bitcoin maintains its upside actions, it will support the altcoin rally. That will mean alternative coins, including $SOL, rising to explore a higher zone. Magnified broad-market support will have Solana hitting its projected target.

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Adeline Gibbs (Italy)

Adeline Gibbs is a writer and a vital contributor to Tokenhell. She always stays up-to-date with latest happenings in crypto world.

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