Solana (SOL) Approaches LaunchPad That May Trigger 40% Upswing

• SOL’s rejection around the bearish breaker led to a 27% drop.
• Enthusiasts may expect Solana to rebound from the $65.91 – $81.99 demand territory and gain 41%.
• A daily candle close under $65.91 will annul SOL’s bullish narrative.

Solana price encountered massive rejection on 7 February as the alt challenged a critical resistance before suffering massive retracement. That had SOL breaching many support regions and now approaches a dependable demand territory, suggesting a possible reversal.

SOL Price Gathers Momentum

Solana has its price approaching the demand territory at $65.91 – $81.99. That came after a rejection near the breaker on 7 February. The breaker, stretching between $115.51 and $144.70, was the pivotal level that catalyzed the 27% retracement.

For now, market players may expect SOL to drop another 7% and tag the mentioned demand region. Such a move will likely push Solana for uptrends. The bullish action might overcome the resistance barriers at $93.29, $101.94, then $110.12 before trying to challenge the breaker.

From a traditional viewpoint, an upward move to $115.51 from $81.99 would mean a 41% upswing. Nevertheless, increased bid orders will see Solana rallying towards the weekly resistance zone at $135.71, suggesting a 65% run-up.

Despite the bullish picture for Solana, a surge in selling momentum that triggers a daily candle close beneath $65.91 will form a lower low, supporting bearish actions. Such developments will cancel the highlighted bullish thesis.

A highly bullish scenario may see Solana revisiting the support floor at $51.98, suggesting a 22% price drop.

For now, Solana’s downtrends exhibit bullish sentiment. The altcoin nears a launching pad at the $65.91 – $81.99 demand region, contemplating a 41% upside move. Though potentials of rebounds remain high at this zone, a 24hr candle close under $65.91 will cancel the optimistic narrative.

Meanwhile, SOL’s price performance might depend on the broad market reactions. For now, bears dominate the crypto space, the global market capitalization hovering at $1.73 trillion (4.88% 24hr drop). Such readings reflect the overall crypto market’s downbeat. Nevertheless, pundits remain optimistic about the sector, forecasting upward price movements.

Stay tuned for crypto market updates.

Editorial credit: Rcc_Btn / shutterstock.com