Solana (SOL): Should You Capitalize on Potential 60% Price Surge? - 27-5-22 - News

Solana (SOL): Should You Capitalize on Potential 60% Price Surge? - 27-5-22 - News
2 min read
13 November 2022
  • Solana price maintained downtrends for over six months, but the narrative is about to shift.
  • A bullish divergence would unveil a 60% upsurge, taking Solana to $66.19.
  • A 24hr candle closing beneath $36.98 will cancel the optimistic thesis.

Solana price presents a fascinating divergence on its long timeframe, which might trigger the much-anticipated rally. For now, crypto experts need to watch $SOL as patient buyers can capitalize on the upside opportunity.

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SOL Price Prepared for Swift Upsurge

Solana's price lost 86% since hitting the $261.57 all-time high on 6 November last year. The downswing emerged as altcoins suffered colossal plummets. SOL's two lower lows connected with a trend-line show a potential support trend line for the alternative token.

Furthermore, scrutinizing the recently created swing lows on 12 May and 26 May reveals a possible bullish divergence. This technical pattern consists of the token forming lower lows as the momentum indicator prints higher lows. Meanwhile, Solana prices produced lower lows, while the Relative Strength index printed higher lows. This pattern resolves to allow value increases in the underlying asset.

Thus, market players may expect Solana to record such actions. Considering Bitcoin's bullish flip plus the potential move to $35K, market players may expect Solana to track BTC's optimism and hit the $66.19 range low, confirming a 60% increase.

However, nothing is 100% guaranteed in the market. Beware of broad market bearishness. For now, bears control assets in the crypto world. Though Bitcoin contemplates upside moves, it exhibits massive bearish tendencies. The bellwether crypto fails to overcome the crucial hurdle at $30,000.

While publishing this content, BTC traded at $29,070, following a 2.05% decline within the past 24 hours. Also, the global crypto market capitalization confirms the current downbeat mood. This metric plummeted to $1.21 trillion after dropping 3.62% within the previous day. A significant climb beyond $30K by Bitcoin would support upticks in the alt space. That can see Solana surging without hurdles.

Meanwhile, SOL extending its current declines will cancel the bullish divergence narrative. The alt would form a 24hr candle closing beneath $36.98, forming a low lower to welcome a bearish regime. SOL will likely crash to explore $21.05.

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Edward Bail 2
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