Rounding Bottom Pattern Sets Solana’s Price To Hit $48.5
The ongoing recovery in Solana price pierced the $36.25 resistance, offering a breakout opportunity for interested traders. Thus, the altcoin climbing up the ladder indicates the buyers are attempting to resume the prior recovery rally. Moreover, steady growth in volume activity accentuates the buyers’ confidence in this recovery and aims for the last swing high of $48.5
Key points from Solana analysis
- The post-breakout rally from $36.25 resistance will open a 30% growth opportunity for
- The rising prices breach the 50-day EMA, giving an extra edge for long holders
- The 24-hour trading volume in the Solana coin is $1.24 Billion, indicating a 35% gain
Source-Tradingview
The Solana price is currently in a sideways trend, using the $48.5 resistance as a bullish limiter. The recent correction in the crypto market evaporated around 78.6% of the July and early August recovery and slumped the market price to $30.2.
The buyer and sellers wrested at this support for nearly a week to gain trend control. Thus, amid the improving market sentiment, the buyers took their lead and bounced back from this floor.
A U-shaped recovery in the daily chart represents a rounding bottom pattern. This bullish pattern is often found at the market bottom and usually triggers a significant recovery.
Thus, the bullish reversal surged the prices by 24.5% in the last six days. The Solana price currently trades at the $37.72 mark and provides a bullish breakout from a local resistance of $36.25.
This breakout will accelerate bullish momentum for the further rally and would possibly raise the coin price 13.5% higher to reach $42.6.
Moreover, the $42.6 mark is quite important for coin holders, as reclaiming it will increase the chances of resumption prior to recovery.
Technical indicator
Bollinger Band indicator: the sudden price jump today indicates the buying activity has surpassed the standard deviation of the prevailing price range. Thus, a retest or consolidation above the $36.25 level is expected before the further rally continues.
RSI indicator: The daily-RSI rose above the neutral zone, indicating the market participants support the bullish growth to $42.6.
- Resistance level- $42.6 and $48.5
- Support levels- $36.25and $30.2
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