Solayer (LAYER) Price Analysis: No Slowdown in Sight After New All-Time High

Key Takeaways

• Solayer (LAYER) reached a new all-time high on March 26.
• The price trades above the $1.25 horizontal support area.
• How long will Layer’s price discovery rally continue?
• Interested in buying or selling SOLAYER (LAYER)? Read our review of the best exchanges to buy and sell SOLAYER(LAYER).

LAYER debuted on Feb. 11 with its Token Generation Event, quickly securing listings on major Centralized Exchanges (CEX) such as KuCoin , HTX, and Binance .

Since its initial sell-off, LAYER has been one of the best-performing assets in the crypto market, rallying over 140% since Feb. 21.

LAYER reached price discovery territory after reaching a new all-time high on March 26. With momentum favoring it, how much higher can LAYER go? Let’s find out.

New LAYER All-Time High

The daily time frame chart shows that LAYER has increased inside an ascending parallel channel since March. 

While channels usually contain corrective movements, LAYER broke out from it on March 25, reaching a new all-time high price of $1.49 the next day.

The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) are increasing, and neither has generated any bearish divergences. 

So, the breakout is valid, and the LAYER price has not shown any weakness yet.

Since the LAYER price is at an all-time high, the external Fibonacci retracement of the previous drop can help determine the following targets.

If LAYER continues to increase, it can reach the 1.27 and 1.61 Fibonacci levels at $1.70 and $2.

LAYER’s April Movement

The Solayer wave count is bullish, reinforcing the daily time frame analysis findings. It shows a completed five-wave increase (green) followed by an A-B-C correction (red).

This means the LAYER trend is bullish. The price started another five-wave increase on March 19 and is currently in wave three of this increase.

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While the count is slightly unusual because of the short correction in response to a lengthy increase, it is still valid.

The six-hour RSI and MACD have not generated any bearish divergences yet, so the LAYER price increase may continue without a pullback.

The targets at $1.70 and $2 remain valid for the top of the LAYER increase.

Alternatively, a close below the $1.25 horizontal area will invalidate the bullish count. If that happens, the entire LAYER upward movement was a leading diagonal and could lead to a lengthy correction.

Price Discovery Continues

LAYER’s impressive rally in February has accelerated in March, leading to a new all-time high price of $1.49.

The rally shows no signs of slowing down, with the next closest resistances at $1.70 and $2.