For some time, Solana (SOL) has been demonstrating a recovery trend. Its price has been moving on the positive side and the investors are hoping it continues.
Solana’s Price Recovery Continues
The investors had hoped the same for Solana on June 28 and it continued demonstrating a performance moving into the bullish zone. So far, the price of SOL is moving in somewhat of a neutral zone. This means that it neither indicates a bullish run nor a bearish run ahead.
However, the price of SOL is indeed moving into positive territory. It is being predicted that the price of SOL may soon come close to hitting a checkpoint that will push it into a strong bullish zone.
As per the majority of the analysts, it will be a classic bullish run for the digital. It will act as a reversal setup for SOL.
According to the performance graph of SOL, it started moving on the positive path on June 14. At that time, the trading price of SOL was considered a low-tiered one at $26.
However, the price of SOL continued recovering and until June 28, it achieved up to a 50% rally, which brought its price up to $39.40. This is a high price that SOL has achieved in a matter of less than two weeks. In the past 24 hours, a 2.42% rally was recorded, which moved its trading price up to $39.40.
Solana is eyeing a 75% Rally
Although many small- or medium-level investors may be thinking it is just a normal trend but the analysts and major investors are seeing the true picture.
They can clearly see that the price elevation being recorded for SOL from June 14 is an unusual movement in the price of SOL. The constant rally is painting a unique pattern commonly known as “IH&S” pattern.
SOL’s Price Prediction in the Light of 75% Rally
According to the analysts, the $41.50 checkpoint is the neckline resistance for SOL. If SOL succeeds in crossing the $41.50 figure, then it will be able to brace itself for a stronger rally.
This would allow SOL to go for the 83.5% retracement from the losses it has incurred since the beginning of June 2022. If SOL achieves the retracements, its trading price may move up to $68. If that happens, then it means SOL will have achieved a 75% rally in order to hit the particular mark.
After SOL hits the $68 mark, it’ll act as a strong resistance checkpoint. If SOL is able to cross the mark with the support from bulls, then its trading price may start moving into the higher resistance zones.