Post-Correction Rally May Drive Solana Prices Above $38.6; Enter Now?
With the recent news of Google cloud becoming a Solana validator, the SOL price witnessed a significant inflow. On November 4th and 5th, the bullish rally showed a 26% gain and hit the monthly resistance of $38.65. However, the supply pressure at this resistance triggers a minor correction with a pullback opportunity for interest traders.
Key points
- The combined support of 0.382 Fibonacci retirement level and $34.5 offers a suitable launchpad to resume price recovery.
- Significant growth in daily-RSI slope validates high momentum recovery in Solana.
- The 24-hour trading volume in the Solana coin is $1.827 Billion, indicating a 9% loss.
Source-Tradingview
The late October recovery rally in the crypto market triggered a sharp recovery in Solana price. The bullish reversal registered a 40% growth over the past two weeks and breached local resistances such as $30.5 and $34.5.
However, the altcoin could not break the $38.65 supply zone, resulting in a minor correction to the breached resistances. A volume retest candle indicates a temporary pullback which should eventually lead to the resumption of prevailing recovery.
The post-correction rally could push the prices above the monthly resistance of $38.65.
A bullish Pattern S+potted In Solana’s weekly chart
Source-Tradingview
The Solana price shows a double bottom pattern in the weekly time frame chart. This bullish pattern is well known for trend reversal and offers a long position entry to interested traders. Thus, a breakout from the $38.65 barrier should intensify the bullish momentum for a rally to $47.5.
The $47.5 level stands as a neckline resistance for the aforementioned pattern, holding huge growth potential upon its breakout.
Conversely, a daily candle closing below $34.5 support will weaken the bullish thesis.
Technical indicator
MACD indicator: the MACD and signal lines jump above the neutral zone with a significant gap indicating growth in underlying bullishness.
EMAs: the rising coin price recently breached the 100-day EMA slope, which offers an extra edge for bull rally resumption. Moreover, a bullish crossover between the 20-and-50-day EMAs should attract more buyers in the market.
Solana Price Intraday Level
- Spot price:35.19
- Trend: Bearish
- Volatility: Medium
- Resistance levels: $38.65 and $43.2
- Support levels: $34.5 and $30.5
- French Finance Insider Buys $48.9M in XRP, Expert Hints at Bullish Move Ahead
- Breaking: SWIFT, Banks, & Consensys Announce Shared Blockchain Ledger for Global Payments
- Cathie Wood Calls HYPE Token Next Solana as Perp Dex Trading Volumes Surpass $2T
- BREAKING: US SEC Withdraws All Delay Notices for Solana, XRP, Other Crypto ETFs
- Pi Coin Tanks As Pi Network Allegedly Misused $20 Million Funding
- Aster Price Prediction as US President Adds $110M Worth of Tokens to His Portfolio
- Pepe Coin Price Bounce Likely as Support Zone Aligns With Rising Social Activity
- Solana Price Set for Recovery Amid Wyckoff Accumulation and Canary Capital ETF Filing
- Avalanche Price Could Surge to $50 as Transactions Jump 200%
- CHMPZ Price Prediction:Will This Net-Zero Community Token be the Next Gem?
- Ethereum (ETH) Price Set for a rebound as Whales Accumulate $1.6B ETH and Outflows Hit $622M
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
