There is no denying that Solana price has seen a significant boost in momentum during the third weekend of June. However, a bull run has yet to be confirmed. Since the June 12 low at $27.80, the bulls have recouped 40% of their losses. Because most investors are unsure of the present market circumstances, there is a lot of uncertainty, which leads to low volume.
On the 9-hour chart, Solana’s price has risen to $40 as bulls continue to push higher. If the recent surge is real, the bulls could rise to $52 for a 40 percent increase. The Relative Strength Index suggests that the volatility of the market is increasing, which could mean good news for short-term traders.
Traders should be on the lookout for bearish confluence targets at $20, as previously stated. If you’re planning to jump aboard the bull market, keep a tight stoploss and take profits accordingly.
From a long-term perspective, $60 is the threshold below which it is safe to declare a new bull run for the Solana price. A rise to $140 would set the stage for a potential $280 gain if the bulls break through the $60 mark.