Briefly –
- SOL price prepares for a swift reversal as it nears the 4hr demand territory in the $157 – $166 range.
- A rebound from the zone will see Solana retesting $188 and $200 in a bullish push.
- If Solana produces a four-hour swing low under $153, it will undo the bullish narrative.
Solana has had its price consolidating following the latest buying pressure uptick. The resultant run-up created equal highs, leaving some liquidity resting beyond it. Therefore, market enthusiasts might witness market markers pushing Solana higher and gathering the untapped buy-stops.
SOL Price Targets Higher High
Solana’s price approaches a demand area that extends in the $157 – $166 value area. That is after the altcoin set equal highs of $188. The double top created on 18 December resulted in the 27% run-up that started on 13 December.
Solana has seen retracements since the upsurge and seems to find footing as it drops inside the mentioned demand zone. Keep in mind that this zone harbors the 4 December swing low of $163. A rebound from the barriers might kick-start an upswing to gather liquidity above $188.
This surge might extend above the obstacle and eye the nest obstacle at $196, translating to an 18% increase. If bullish strength persists and SOL overturns this resistance into support, the altcoin can record a move beyond the $204 barrier to collect liquidity beyond another equal high. Solana had the opportunity to gain 22% from the mentioned demand region.
While things look up for SOL price, failure to maintain beyond the demand zone ($157 – $166) will show amplified selling momentum or weak bullish strength. Either way, violating this price range will force Solana down, testing the floor at $153.
A 4hr candle close beneath this level will form a lower low, canceling SOL’s bullish thesis. Such a development might see Solana retesting the support level at $147. However, the alt’s current outlook suggests a higher move. The crypto nears a launchpad that can trigger impressive upswings.
Furthermore, Solana has recorded impressive price moves this year. Will the alt end 2021 with similar actions? You can comment below.
