LIVE### Solana Price Expected to Rally 18% Soon
After regaining support around Tuesday's one-month rising trendline at $164.50, Solana's price continues to climb on Wednesday. Investors might consider accumulating SOL at support levels between $160.02 and $144.48. However, the bullish outlook would be invalidated if the daily candlestick closes below $137.58.
Sidelined traders now have a chance to buy Solana (SOL) before the token extends its gains, as its price rises for the third consecutive day on Wednesday. Technical indicators suggest it is poised for an additional 18% surge.
Although Solana's price has been steadily rising above the $160 mark, there are still potential buying opportunities at the following levels:
- **$160.02**: This daily support level is the highest point since April 23.
- **$144.48**: This is the 61.8% Fibonacci retracement level.
Assuming a reversal at $160.02, Solana could surge 18% to its all-time high of $188.84 from May 21. The RSI and AO indicators, which have found support at 50 and 0 respectively, indicate that bullish momentum is prevailing, supporting the rebound.
If the bullish trend continues, SOL might revisit the daily closing high of March 31 and gain an additional 7% to reach $202.45. However, if the daily candlestick closes below the $137.58 low of May 13, setting a lower bottom on the daily time frame, the market structure might shift in favor of bears. This shift could invalidate the bullish outlook, potentially leading to a 16% drop to $115.89, the daily support level that has held since April 13.
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