Solana price continues to consolidate in the range from $80 to $120. If the bullish momentum continues to flow, altcoin investors may turn to Solana for next opportunities…
Why could Solana be the next altcoin to explode, according to analyst Akash Girimath?
Solana price has been consolidating below a strong resistance level for some time now. The recent increase in buying pressure has pushed the SOL price above the said level, turning it into a support base. After rallying 51% on January 24, it set a range from $80.76 to $121.52. SOL is trading between two levels with no signs of escape. Although it tried to break out of this range in April, the bulls were battered.
Ranged moves often sweep one side to gather liquidity and target the next limit to do the same. In a similar situation we covered in the cryptokoin.com analysis, SOL price diverged below the February 20 drop and triggered an 83% rally. This rally took a swing at $143.56, followed immediately by a corrective wave due to the bearish market structure coupled with the investor taking profits. As a result, Solana price dropped 32% and re-entered the range.
Additionally, the enormous selling pressure pushed it below the 50% retracement level from $101.70. As of April 11, Solana price started its consolidation below $101.70, and it has not created any significant moves from it. While the SOL has managed to turn this into a support level, only a resurgence of buyers could initiate a rise.
Conclusion
For reasons up, an increase in buying pressure could push SOL up to 20% to retest the higher range at $121.52 . In a highly bullish case, SOL could extend the uptrend to tag the $136.92 level, bringing the total gains up to 32% from the current position. Regardless of the recent drop to the $101.70 barrier, a sudden change in Bitcoin’s market structure will cause altcoins to spiral out of control. Such a development will invalidate the bullish argument, which sees Solana price producing a daily candlestick near $80.76.
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