- Solana’s price appears exhausted following the latest 24% upsurge.
- Enthusiasts should beware that SOL might launch another upswing towards $136 after a brief retracement.
- A 24hr candlestick close under $77.61 will annul SOL’s bullish thesis.
Solana has its price ready to create a swing peak near a critical resistance zone, indicating a potential reversal. Such a move might be predicting a downside correction before Solana registers another leg-up.
The alternative token sees positive developments that might support uptrends in the up-and-coming sessions. One of the leading NFT networks, OpenSea, declared support for SOL non-fungible tokens.
Market players know OpenSea for its support of Ethereum-based NFTs. However, the latest addition makes Solana the 4th blockchain network to attain backing after Katlyn and Polygon.
Solana Ready for Slight Retracement
Meanwhile, Solana’s price movements from 24 January to 18 March had the alt forming a declining wedge setup. The pattern predicted a 21% surge towards $112, and Solana hit the target within two weeks. Now, the ETH-Killer appears ready for a brief retracement.
Investors booking profits increase the probability of Solana retracing towards the closest support floor of $102.34. A comeback by buyers around this area will trigger a new upside. However, the outcome will rely on Bitcoin’s directional bias.
If Bitcoin maintains strength, Solana will see the upcoming rally without hurdles. Nevertheless, continued downswings by the leading crypto to fill inefficiencies beneath will see SOL following suit.
That way, the support floor at $92.35 seems lucrative for sidelined buyers to join the bandwagon and catalyze reversals for SOL price. Despite where Solana’s upsurge will originate, the resistance barrier near $136 might limit SOL’s upside.
As highlighted earlier, altcoins’ price reactions will depend on BTC. A 180 by the bellwether crypto will see alts, including Solana, embarking on downside trends.
A 24hr candlestick close under $77.61 will cancel the bullish narrative for SOL by forming a lower low. Such a development might witness Solana falling towards the 24 February low of $75.33. Buyers may regroup at this level to try another upsurge.
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