Solana price rises on a countertrend rebound. For the bull theory to work, the invalidation point is critical.
When the bulls respond, Solana price could take them by surprise as the first signs of retaliation might develop into an all-out bull charge if the bears do not act soon. Since the unexpected June sell-off caused by liquidity pool losses and network difficulties, Solana’s price has been on a tear.
Since the fall, the bulls have been ambling higher at a leisurely pace until this weekend, when they produced a bullish engulfing candle to an high of $42.92 on the 2-day chart.
People are selling Solana for $40.60 because they have made some profits. The Relative Strength Index has broken through the buyers’ support level at 40, suggesting some degree of bullish divergence.
This crucial proof may put the bears on their heels, since shorting the breach resistant zone is highly unprofessional. At present, the bulls are pushing Solana price targets for a $10 long-term forecast back by an additional month. If market circumstances continue to improve, the bulls may advance further towards $50 and $55.