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Bitcoin price has escaped from further downside risks and finds buyers above $29,500. So what about Solana? Altcoin investors can breathe a sigh of relief with the turnaround of the king cryptocurrency. It seems that Solana (SOL) price can focus on new highs this week. Possible targets and current predictions for SOL Coin.
Solana (SOL)
Solana (SOL) price has been experiencing a decline since its annual peak of $32.13 on July 14th. With the recent decline, the $27 zone has been confirmed as a resistance. Readings on the weekly chart indicate that the direction of the trend is still uncertain. According to this chart, a stable breakthrough occurred from a long-term resistance line at the beginning of July. Before the breakout, the line had been active since November 2021 and had been in place for over 600 days.
Such breakouts are usually an indication that the previous trend has ended and a new uptrend is beginning. As a result, we can see that SOL is entering a long-term uptrend. If this is indeed the case, SOL will gradually start testing previous peaks.
SOL Coin Reviews
The fact that Bitcoin price has once again exceeded $30,000 today has reversed the negative sentiment in the market. Many cryptocurrencies other than SOL Coin have successfully broken their 600-700 day resistances and entered a long-term uptrend.
It is important to note that SOL has failed to surpass the $27 horizontal range, resulting in a long upper wick formation that confirms the $27 range as a strong resistance and indicates selling pressure. If SOL Coin can surpass $27 again (which seems likely with the recent BTC rally), the long-term bullish outlook will be confirmed.
In the scenario where the resistance is broken, SOL Coin investors will focus on the $46 resistance zone. This indicates a roughly 96% increase from the current price. However, in the opposite scenario, the $16.50 support area may be visited. SOL Coin will move towards one of these two targets depending on the direction of Bitcoin price. The current expectation for BTC is $32,000 or $28,300.
