04.04.202208:22 Forex Analysis & Reviews: Solana reaches target

Solana is trading around $135 after having made a high on Saturday just above $142. Since the beginning of March we mentioned in our analysis the bullish signals in Solana and if price were to break above $94.65 it would provide important bullish signals.

In a more recent analysis when price was approaching the 23,6% retracement level, we noted that our target for the bounce was at the 38% retracement around $144-$145. Price has reached very close to this area and we see it as a target achieved. Trend technically remains bullish. However with the short-term RSI at overbought levels, a pull back from current levels is justified. A back test of the broken resistance at $118-$120 is very probable and should not come by surprise. The entire decline from $258 is over and price is correcting this decline. If price pulls back and forms a higher low, then our next upside targets will be at $167 and $186.