• Tue. Jun 18th, 2024

Solana to Hit a High of $163 or Low of $75, Price Analysis

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Feb 27, 2022

It was on February 24, when Solana (SOL) suffered a huge loss in terms of its value. The price of Solana had fallen below the $81 per SOL figure, but the bulls were not ready to let it happen. The bulls applied strong buying power in order to bring SOL over the $81 per SOL figure.

Finally, before the day (February 24) came to a close, the bulls had succeeded in pushing Solana over the $81 per SOL price. This way, the bulls showed the bears that they were not going to let them take control over the situation without giving them strong competition.

The quick and sharp action taken by the bulls against the pressure exerted by the bears shows the true potential of the bulls. The attempt made by the bulls to push the price of Solana over the $81 figure managed to form a long tail on the candlestick pattern.

The pattern points towards the strong buying potential of the bulls. It shows that if Solana reaches lower levels again, the bulls may intensify their buying power at such levels to push it back up.

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For now, the situation is not clear whether the bears would prevail or the bulls. However, the bulls have been demonstrating a lot of interest in acquiring SOL at lower levels. This way, they have achieved lower-level rallies and keep the investors coming for more investments.

Given the current mark sentiments for Solana, the investors may face a lot of resistance when pushing it over $100. If the bulls do succeed in pushing Solana over $100, they may face a huge challenge by the bears at $110.

At the time of publication, $110 is the 50-day SMA for Solana and the bears may apply a lot of pressure to keep the bulls from rallying. Their focus would be to keep Solana below the $100 mark and carry on with the bearish trend to pull its price lower.

However, if the bulls manage to cross the $110 hurdle, the bears may lose their confidence and this may lower their selling power. This may result in decreasing the selling level of the bears for Solana, which would help SOL grow in value.

Going forward, the bulls may apply more buying force to elevate the value of Solana. Their first attempt would be to push Solana over the $122 per SOL mark, which is one of the overhead resistance marks for SOL. If things go as planned, Solana may succeed in hitting the $163 per SOL figure.

On the other hand, the strong support of the bulls may get challenged by the bears. The bears may attempt to push the price of Solana below the $81 per SOL mark. This would help the bears in launching a downtrend, bringing the price of Solana down to $75.

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