In the past four weeks, the Solana price has showcased parabolic growth in the daily time chart. From the June 10th low of $12.8, the coin price surged to the current price of $28.25 registering a growth of 120%. This massive rally is likely linked to the bullish outlook of a symmetrical triangle chart pattern and the ripple effect of the XRP coin price rally. However, can SOL prices sustain this bullish momentum for further growth?
Also Read: Veteran Investor Raoul Pal Predicts A 20x Rally in Solana (SOL) Price
Solana Price Daily Chart
The $26.77 breakout sets the SOL price for a 35.6% upswing
The Solana price is likely to witness minor correction before the next leap.
The 24-hour trading volume on the Solana coin is $146.5 Million, indicating a 37% loss.
Amid the ongoing recovery, the Solana Price showcased a failed breakout attempt from the multi-month resistance of $26.77. The long-wick rejection attached to the June 14th daily candle projected the sellers are actively defending this resistance.
However, with a 6.6% jump today, the aggressive buyers rechallenged the overhead resistance to reclaim higher ground.. Having said that, the potential buyers must wait for a candle closing above $26.77 to confirm this breakout.
If the coin price managed to sustain $26.77 flipped support, the buyers would obtain a solid springboard to rally 35.6% and hit the next significant barrier of $38.6.
Is this the Right Time to Buy SOL?
The Solana price has doubled its market value in a month. An aggressive rally as such could be unhealthy for a long-term bull run despite the current sentiment in the market. Therefore, with a bullish breakout from $26.77, the altcoin is likely to pull back or consolidate above the breached resistance to check its support strength. This anticipated retest could offer a long-entry opportunity to traders.
Bollinger band: The SOL price challenging the upper ceiling of the Bollinger band indicator is a sign of high momentum buying.
Average Directional Index: The rising ADX price closing towards the 40% mark would indicate an over-extended rally and therefore need for minor correction.b
