Solana Bulls Are Back - Price Pump Expected Soon.

Solana Bulls Are Back - Price Pump Expected Soon.

2021-10-30 | Robin Williams

Solana Bulls Are Back - Price Pump Expected Soon.

Solana is now trading in the $188.69 to $$201.47 supply range. A decisive closing over $216 will set the stage for a bullish move above $400. If SOL closes below $188.69 on a daily basis, it will signify the commencement of a 12 percent fall. From October 20 to October 25, the price of Solana increased, establishing two new highs. However, the purchasing pressure failed to keep SOL going, resulting in a reversal and a lower bottom. While the cryptocurrency is attempting to rebound, failing to do so might result in a significant drop. Starting on October 25, the price of Solana increased by 41%, setting two new highs and an all-time high of $218.93. However, the purchasing pressure did not last, resulting in a 19 percent drop and a lower low of $176.94. While the price of Solana has recovered almost 10% since then, it is still in the supply zone, ranging from $188.69 to $200.13. SOL will have no directional bias as long as it stays within this supply zone, indicating that it might go either way. A definitive close over $200.13, on the other hand, will signal that the buyers are making a comeback. In this scenario, Solana’s price will rise to the range high of $220.21, where a significant daily candlestick close above will signal the commencement of a new uptrend. SOL has the potential to snag the 161.8 percent trend-based Fibonacci extension mark at $384.08 in this situation. This increase would be a 100 percent increase. Sol 1 day chart

SOL/USDT 1 Day Trading Chart -: Source- Coinmarketcap

While the optimistic forecast for Solana pricing is predicated on the premise that it would close over $200.13 on a daily basis, things will turn sour if it does not. On the other hand, if the Solana price closes below $188.69, it means that the buyers are weakening and the bears are gaining control. In this event, the price of Solana will decrease by at least 9% to retest the Fibonacci retracement level of 5 percent at 170.01. If the selling pressure persists, the price of Solana is expected to return to the $155.78 support level. This would be a 17 percent drop from $188.69, where buyers could opt to resume the uptrend.

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