- SOL price provides a long opportunity amid downswings toward a critical defense line.
- A vital technical indicator shows Solana printed a local bottom.
- Continued bullish sentiment might see SOL eventually tagging $130.
Solana (SOL) presents a buying opportunity as the altcoin fell towards a crucial support barrier before kick-starting the prevailing upward trends. The ETH –killer appears to prepare for a massive surge to $130. The upside narrative emerged as a technical indicator that showed the altcoin might have created a local bottom.
SOL Bulls Eye $130 Next
SOL price printed an ascending channel on its 12hr chart, indicating a bullish picture for the token. Recently, Solana plummeted towards the primary technical setup’s lower border, securing a reliable footing.
The Momentum Reversal Indicator recently displayed a bottom gesture, showing that SOL price is readying to reverse its underperformance period. Solana’s first hurdle will emerge near the 50 12 Simple Moving Average of $104, the level corresponding with 38.2% FIB retracement.
Additional obstacles might emerge around the governing technical pattern’s middle boundary at $108. This value area intersects with 21 12hr Simple Moving Average. Another hurdle will appear at a 50% retracement zone around $112.
An additional surge in buy orders might push SOL high to 61.8% FIB retracement mark, matching the MRI’s resistance zone at $119.
Surging buying momentum might see Solana’s price hitting the bullish aim around the prevailing chart pattern’s top border at $130, the level where the 78.6% FIB retracement mark also sits. Nevertheless, a surge in selling activity will see SOL price retesting 23.6% FIB retracement zone at support near $95, then the governing technical pattern’s low limit at $93.
For now, SOL will likely dip before its next upswing. The dip presents a ‘buy’ opportunity for market players interested in discounted prices. Moreover, a vital technical indicator shows Solana printed a local bottom, contemplating upside actions. The alternative coin might surge 30%, exploring its higher aspirations near $130.
Most assets in the crypto world contemplate upward moves following brief retracement after the latest remarkable trends. It may be captivating to watch upcoming price trends. Stay around for the latest crypto news.
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