Left (LEFT) The price may have dropped to a critical support level before continuing the uptrend, presenting a buying opportunity. A technical indicator suggests that the SOL may have formed a local bottom, if the data of this technical indicator materializes, the SOL price could rise to $130.
Solana price It creates a “parallel ascending channel” on the 12-hour chart, signaling a bullish outlook. The Ethereum killer has recently slipped towards the lower bound of the “governing technical model”, which acts as a reliable support.
The Momentum Reversal Indicator (MRI) has recently signaled a bottom, showing that Solana price is poised to reverse the underperforming period.
The first level of resistance ahead of Solana price is located at the “50 twelve-hour Simple Moving Average (SMA)” at $104, which will coincide with the 38.2% Fibonacci retracement level. Other resistances could be at the middle border of the governing technical pattern at $108, intersecting the 21 twelve-hour SMA, followed by a 50% retracement from $112.
Additional increases in buy orders could push Solana price towards the 61.8% Fibonacci retracement level and coincide with the resistance line given by MRI at $119.
If the buying pressure continues to build, Solana price will surely hit its bullish target at the upper border of the current chart pattern at $130, where the 78.6% Fibonacci retracement level is also sitting.
However, if an increase in sell orders occurs, Solana price will once again retest the 23.6% Fibonacci retracement level at $95 as support, then at $93 at the lower boundary of the governing technical pattern.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.