Solana (SOL) Price Secures Concrete Foothold, Bulls Eye 20% Surge
- Solana price formulates a 20% flight as the alt recover from the $147 swing low.
- SOL will secure resistance around the governing technical pattern’s middle boundary at $212.
- Slicing beyond the 50-day Simple Moving Average will expose the ATHs of $261.
Solana’s (SOL) price seems ready for a 20% takeoff after the token secured a dependable foothold beyond $152, the primary technical pattern’s bottom boundary. For now, Solana bulls aim higher levels past $200 as the ETH-Killer anticipates a massive price recovery.
SOL Price Targets $212
The daily chart shows Solana’s price created an ascending parallel pattern, confirming an enthusiastic outlook for the coin. Solana recently plunged towards the swing low of $147, creating a local bottom touching the primary technical pattern’s lower boundary.
SOL price managed to secure reliable support around the downside trend-line of the chart formation. That offered Solana bulls the chance to initiate an upswing. The alt might see a 20% surge towards the parallel channel’s middle border at $212.
The initial hurdle SOL will encounter stands around $186, where the 100-d Simple Moving Average and the 50% retracement zone intersect. Another obstacle might appear at 21-day Simple Moving Average near $191, then 61.8% FIB retracement area at $203.
Solana bulls have $212 as their short-term goal. Remember, the Momentum Reversal Indicator’s resistance line and the prevailing chart pattern’s middle border coincide at this optimistic target.
If buying momentum amplifies for Solana to slice beyond the highlighted target, SOL price might eye its ATH of $261. However, bulls have to battle the hurdle at 78.6% FIB area at $227 for a steady climb. Meanwhile, an increase in sell order may see SOL securing closest support near the 38.2% FIB retracement zone at $170. Another defense line will emerge around the 7 October peak of $161.
For now, the global markets move on bullish waves. If the conditions persist, digital tokens will sail towards their optimistic higher targets without challenges. Solana bulls need to maintain the upward push for SOL to overpower near-term obstacles and explore higher price levels.
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