Solana surges towards July peak
Solana bullish scenario:
The Solana August bull run is gunning for its $206.32 July peak, a rise above which may lead to the slightly higher March 2024 peak at $210.18 being reached as well.
Bullish momentum remains in play with the crypto currency having so far having rallied by over 13% from Monday’s low at $173.43. While this level underpins, the short-term uptrend remains intact.
Potential minor support sits at the 28 July high at $195.26 with more significant support being found between the mid-to-late May highs and 18 July peak at $187.71-to-$184.67.
Solana bearish scenario:
Were Solana to run out of steam below or around its $206.32 July peak, another technical top may be formed.
For this to come to fruition, a fall through the $187.71-to-$184.67 support zone would need to occur.
Only a bearish reversal and fall through the next lower $173.43 low seen on Monday could be interpreted as a medium-term bearish trend reversal, though.
In this scenario the June-to-August support line, currently at $163.37 might be revisited as well as the early August low at $155.83.