Solana (SOL): Securing Support Will Mean a Climb to $135

ByDawn Pipkin

Feb 9, 2022
  • SOL lost 11% after meeting the bearish breaker, stretching between $115.51 and $144.70.
  • The resulting downswings secured support near $110.03, suggesting a reversal rally.
  • A downside break of the barrier at $93.30 will cancel SOL’s bullish thesis.

Solana price had its overall downtrend reversing gradually after the token retested a critical support zone. Nevertheless, the trend comes after an impressive uptrend that halted amid a challenging resistance zone, translating to pullbacks. Solana bulls appear to step up for a comeback, suggesting a potential uptrend in the upcoming sessions.

SOL to Kick-Start Its Ascent

SOL saw a nearly 11% fall after hitting the bearish breaker at $115.51 – $144.70 again. The downward move discovered support near $110.03 and establishes a directional trend now.

Buyers’ resurgence will likely lead to a rebound from the mentioned footing, translating to uptrends towards the breaker. That way, market players may expect SOL price to surge high and retest the $135.71 weekly resistance barrier.

That will translate to a 23% total surge from $110.03. Moreover, Solana might pause after this run-up. Any action past this barrier will need more buying strength or a correction that tests the bullish pressure.

Though the support at $110.03 appears strong to hold the downtrends, breaching this level might see SOL retesting the barrier at $101.95. This downswing may attract bulls for another comeback attempt. Failure to record a 180 will reveal buyers’ weaknesses.

If Solana forms a daily candle close under $93.30, it will cancel the bullish tale, opening the potential of printing a lower low. That way, the coin might revisit the demand territory within the $65.91 – $81.90 range.

For now, Solana necessitates actions from buyers. Securing a dependable footing might propel SOL high towards $135. Nevertheless, broad market sentiment remains crucial for Solana’s performance. While writing this blog, the crypto spectrum displays bearish actions.

The global market cap incurred drops overnight, standing near $1.99 trillion at this publication. Keeping such trends might weaken Solana further. However, experts believe a bullish move will emerge after the ongoing dip, assets unveiling higher highs.

Editorial credit: davide bonaldo /

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