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If SOL bulls take back this level, Solana's price might reach $40

After a short dip below a steady support level at $29.94, the price of Solana is now above it.

Photo by Marthijn Brinks / Unsplash

After a short dip below a steady support level at $29.94, the price of Solana is now above it.

The current situation

This kind of purchasing pressure might see a 22% increase to $39.02 if buying pressure picks up again. Below $27.62, the bullish thesis will be refuted, which might result in a retest of $25.76. The Solana price (1) has risen above a key support level, increasing the likelihood of an upward movement. Investors must wait for a push over a major obstacle that will clear the way for bulls to advance higher.

Price of Solana at a turning moment

On October 19, the price of Solana strayed below the $29.94 to $39.02 range, but it rose above it following the FOMC meeting on November 2 (2). The rebound shows that SOL is expected to rise; therefore, this move points to an optimistic future for SOL. The point of control, or larger volume traded level since April 2, is at $32.48 and is situated above. A successful conversion of this barrier into a support floor will free up consumers to drive the price of Solana toward the $34.48 and $39.09 barriers.

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This movement would result in a 22% upswing for SOL, where the potential is limited. Any movement above this point is challenging, but a strong rise might push this uptrend to $44.45. As a result, investors should wait for the Solana price to pass the $32.48 threshold before acting.

Bad news?

Although the Solana price is trending upward, a breakdown of the range low at $29.94 will indicate a lack of purchasing interest. This trend will result in a lower bottom and undermine the bullish thesis if SOL keeps producing daily candlestick closes below $27.62. This trend may cause the so-called "Ethereum-killer" to drop below the $25.76 resistance level, where SOL bulls can reorganize and try again with their upbeat forecast.