- Solana price has been on a downtrend since its all-time high at $261.51.
- The recent stabilization around $44.91 hints at a 42% upswing for SOL.
- A daily candlestick close below $44.91 will invalidate the bullish thesis.
Solana price has found a stable support level which is currently providing a foundation of support for bulls to make a comeback. Since Bitcoin price looks optimistic, there is a good chance that SOL will also rally in the next few days.
Solana price ready for recovery
Solana price has crashed 86% from its all-time high at $261 on November 6, 2021. The most recent crash began on May 5 and tanked the Layer 1 token by 63% from $95 to $35. This downswing pushed SOL below the range low at $66.19 and tagged the $44.91 barrier.
As a result, Solana price filled the fair value gap, extending from $44.91 to $60.03, removing a part of the sell-side pressure. Moreover, the $44.91 support floor further allowed bulls to recuperate and make a comeback.
So far, Solana price has rallied by 69% and is currently hovering around $58.72 and shows promise of a further uptrend. Going forward investors can expect an uptick in Bitcoin’s buying pressure to propel SOL as well.
The target, in such a case, would be a retest of the $77.98 resistance barrier, which would occur after a 37% upswing. In some cases, this run-up could extend to $80 – a whole number.
SOL/USDT 1-day chart
While things are looking up for Solana price, a daily candlestick close below $44.91 would create a lower low and invalidate the bullish thesis. In this situation, SOL bears would take control and crash Solana price down by 51% to $21.05.
