- Solana price opens flat with no scope for the bears to try and push below $105.77.
- SOL price is exploding bulls as markets are at the forefront of further good geopolitical news.
- Now, a 25% profit is on the table for the next significant level of this uptrend.
Solana (SOL) price is on track with a perfect technical playbook trade where the rally is now turning into an uptrend as more technical hurdles are turned into support along the way. Although the Relative Strength Index (RSI) appears to be jumping into overbought, with tailwinds increasing daily, investors are looking past this signal and will only start taking profits when the next significant level hits around 130. $.70, where a critical historical pivot level is sitting.
As the markets continue to push for a breakthrough in the peace talks, expect to see the price of SOL climb another leg and hit $120 before rising to the highs at $130.70, registering 25% of the gains .
SOL price sees investors ignore overheated RSI
Solana price sees massive bullish delivery in the ASIA PAC with price action printing gains of over 5% during the day. Expect this to continue into the US trading session as the market is set to book another day of gains. With global markets ahead, investors expect an even more positive outcome in the Russian-Ukrainian talks currently in tail risk. As tailwinds build and tail risks are assessed, Solana has significant incentive to drive prices higher, starting with the first target at $130.70.
The SOL price opened with a flat bottom to the right at the point where the price closed the previous day. This signals massive interest from investors and bulls alike to enter this level as the price first broke above $105.77 on Sunday evening. In hindsight, the bulls come in and drive prices past 5%, with the first cap at $120. The monthly R1 is to be ignored because, given the previous months, this level does not matter much, but is rather a zone to cross quickly to test $130.70, which is a rise of 25% compared to the price of opening this morning.
SOL/USD daily chart
Although a few extreme risks are being assessed, some extreme risks remain present with the increase in the number of COVID in China and the return of some provinces to quarantine. This will put pressure on the supply chain disruption which has finally seen some relief in recent weeks. More negative news from China on more lockdown provinces could weigh on global growth and see markets pull back, with Solana’s price falling back to $90.00, just below the 55-day simple moving average.