The Solana price reached the price target of the Golden Ratio between 46 – 48 USD and seems to be rejected today. Is Solana continuing the upward trend?
Solana price reaches the Golden Ratio at around 46 USD
Solana Price Chart by Tradingview
In the last Solana price forecast, when Solana was still at around 37 USD, we wrote that Solana could rise to around 48 USD. In fact, the Solana price has now reached the lower end of the golden Ratio between 46 and 48 USD and seems to be rejected bearishly today.
Nevertheless, the MACD is clearly bullish on the daily chart, because the histogram ticks bullish higher and the MACD lines are crossed bullish. If Solana corrects now in the short term, Solana will already find significant Fibonacci supports at around $ 40.8, between $ 37 and $ 38.6 and at $ 33.5.
Should Solana break the Golden Ratio bullish at around USD 46, the next significant Fibonacci resistance awaits Solana at around USD 70. However, Solana is already encountering horizontal resistance between $ 48 and $ 58.
Can the Solana price rise to the 100 USD mark?
Solana Price Chart by Tradingview
Should Solana rise to the 0.382 Fib level at around USD 70, this corresponds to a price increase of around 62%. If Solana breaks this resistance bullish, Solana could even rise to the Golden Ratio at the $ 100 mark. This corresponds to an upside potential of around 130%.
In addition, the histogram of the MACD has been ticking bullish higher for several weeks and the MACD lines are also on the verge of a bullish crossover. The RSI is neutral.
Is the Solana price trend bullish again?
Solana Price Chart by Tradingview
Despite the short-term bullish development, the trend of Solana remains bearish. For a bullish trend reversal, the Solana price must break the Golden Ratio at around 180 USD, which corresponds to a price increase of over 313%.
However, the SOL price has chances of a bullish candlestick formation in the monthly chart. If the Solana price is above $ 45.75 at the end of the current month, a bullish candlestick formation would be present, which would allow the Solana price to continue the upward movement in the following month.
Against BTC, Solana was able to break the 0.382 Fib level bullish
Solana Price Chart by Tradingview
Against BTC, Solana was able to break the 0.382 Fib resistance bullish at around 0.00184 BTC. Thus, Solana now finds the next significant resistance between 0.00203 – 0.00218 BTC, through which the 50-week EMA also passes.
Solana finds the next significant Fibonacci resistance at around 0.0023 BTC, because Solana encounters the golden Ratio there. This resistance is still around 19% away from the current price level.
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