The price of Solana has been severely rebuffed by a critical stumbling block, resulting in a sharp drop. Nevertheless, this move has propelled SOL to a launching pad, indicating the possibility of a turnaround that reverses recent losses.
Over the recent month, Solana price tagged the $65.91 to $82.00 demand zone thrice. A rejection at the breaker’s lower limit of $115.51 prompted the second retest. However, after rebounding 8% in the last 24 hours, SOL has already been exhibiting signs of improvement.
The latest rally is only the beginning, and SOL is on track to break through the $115.51 barrier. This trend appears to be likely to continue in the near future. Interested investors might enter into a long position at the current price and hope to profit if SOL rises.
Solana Price is attempting to reclaim lost ground
Solana’s price needs to cut through the moderate resistance hurdles at $93.29, $101.95, as well as $110.03 to reach the breaker’s bottom limit at $115.51, which could take days.
This movement would result in a total gain of 43 percent, and it is at this point that SOL’s potential is limited. Any move beyond this stumbling block seems improbable, and this is where investors can gain.
The bullish premise will be invalidated if the daily candlestick closes below $65.91. This move will take a couple of days, as hopeful as it sounds, adding to the uncertainties in the already market fluctuations. The bullish argument will be invalidated if there is a spike in selling pressure that pushes Solana’s price under $65.91 on a daily basis.
In this case, the price of Solana may continue to fall until it retests the $51.98 support level. However, it is hard to say what the future holds for Solana amid these worldwide tensions.