The Solana Price Is Expected to Rally 18% Soon

After regaining support around Tuesday's one-month rising trendline at $164.50, the price of Solana continues to rise on Wednesday.

At support levels ranging from $160.02 to $144.48, investors may choose to accumulate SOL.

The bullish thesis would be rendered invalid if the daily candlestick closes below $137.58.

Sidelined traders now have a chance to purchase Solana (SOL) before the token extends gains, as its price raises for a third day in a row on Wednesday and seems ready for another 18% surge, according to technical indicators.

Although the price of Solana has been steadily rising over the $160 mark, there are still potential buying opportunities for bulls on the sidelines at the following levels:

The $160.02 daily support level, which is the highest point since April 23.

Around $144.48, the 61.8% Fibonacci level of retracement.
Assuming a reversal at $160.02, Solana would surge 18% to May 21's all-time high of $188.84. The RSI and AO indicators, which show that bullish momentum is in charge, have found support at 50 and 0, respectively, lending credence to the previously reported rebound.

Assuming a fervently positive prediction, SOL may revisit the daily closing on March 31 and surge an extra 7% to $202.45.

Nevertheless, a shift in market structure in favor of bears might occur if the SOL daily candlestick closes below the $137.58 low of May 13 and sets a lower bottom on the daily time frame. If this shift proves the bullish argument wrong, we might see a 16% drop to $115.89, the level of daily support that held since April 13.

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