FX.co ★ Solana could soon provide a bullish signal.

Solana is in a bearish trend since November when it peaked around $261. Since then price is making lower lows and lower highs and has reached as low as $79,97. The last couple of days Solana price shows signs of a reversal.

Solana is in a bearish trend at least as long as price is below the blue trend line. Breaking above this trend line would be a bullish sign and could push price towards $132 at least. Support is at recent low at $90. With price now at $101, the risk reward favors bulls as there is much more upside expected than downside.The blue trend line resistance is at $106. Our first bullish target is at $132 and and our second target at $147 where we find the 38% Fibonacci retracement of the entire decline from $261 to $80.