Home Latest News Solana Price Prediction: How high can the X-wave rally? – FXStreet

Solana Price Prediction: How high can the X-wave rally? – FXStreet

Tony M. Tony M.
FXStreet

Solana price shows interesting macro technicals. Ruling the SOL price out for one more FOMO-style bull run would be ill-advised.
Solana price consolidates near the bounds of an ascending trend line that has provided support throughout the summer. When zooming out to observe the technicals, it appears that the bulls are stepping in at a key level on the Relative Strength Index (RSI). 
Being that the SOL price went from oversold to rebounding from the 40 level on the RSI warrants the idea that, at best, a new bull run is starting.  At the worst, a connective X wave could continue to make considerable gains before failing.
Solana price currently trades at $43 as the centralized smart contract token has now rallied 68% since June’s low st $26. Solana price faces strong resistance at the $45 barrier. If  it can produce a close above this barrier on a weekly time frame, an additional 80% rally could be in the cards. The target is the upper bound of an ascending trend channel dating back to 2020. The Volume profile indicator also confounds the idea of an additional rally. 

tm/sol/8/16/22
SOL/USDT 2-week Chart
Still, like all digital assets, the SOL price could suffer a blow in the coming weeks. A breach of the $35 region is likely and could present a knife-catching opportunity. Invalidation of the uptrend scenario targeting $74 will be a breach below the swing low at $25.78. If the bears breach this level, an additional plummet of 75% towards $10 could be on the table. 
In the following video, our analysts deep dive into the price action of Solana, analyzing key levels of interest in the market. -FXStreet Team
 

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Dogecoin price is drifting slowly down to a stable support floor that could potentially provide a reversal point and the start of a new uptrend. 
Shiba Inu price seems to be sticking close to a significant support level formed over the last three months. A consolidation along this barrier is what led to an explosive move two weeks ago. 
Ethereum price has been struggling to move higher, and part of it can be attributed to the movement on Bitcoin price. The other part is because ETH has liquidity to collect to the downside before triggering a run-up. 
EOS price has lost 93% of its market value since May 2021. Santiment's Volume Profile Indicator shows an uptick in volume amidst the countertrend rally.
Bitcoin price shows a tight consolidation on a lower time frame – an ascending parallel channel – that repeats the motif of three larger channels that have developed on higher time frames since the start of 2022. 
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She has spent the past eight years playing the role of an infrastructure consultant, and has now joined Inferse.com as a full time blogger. Her current profession is a result of her deep interest in computer gadgets, laptops, gaming accessories and other tech happenings.