The Solana (SOL) price witnesses an increase of bullish influence over the consolidation range leading to a double bottom at the $31.75 support level. The bullish pattern has a neckline at the $43 mark and shows an increase in the intraday trading volume, reflecting a strong bullish commitment. Will the reversal rally result in the bullish breakout finally reaching the psychological mark of $50?
On June 19th, the SOL/USDT pair gave a bullish breakout from a month-long resistance trendline. The breakout rally surged the altcoin by 32%, hitting the $43 resistance. However, the June-end sell-off triggered a minor correction and plummeted the coin to $31.75.
Over the past three weeks, the SOL price has twice retested the $31.75 level, indicating the buyers are defending this support. Moreover, the ongoing consolidation has shaped into a double bottom pattern.
On July 13th, the SOL price rebounded from the $31.75 support, with a bullish engulfing candle accounting for a price jump of 7.24%. This completes the bullish reversal pattern of a double bottom.
The bullish pattern has a neckline at the $43 mark, which projects a potential price jump of 16% upon breakout. Hence traders can expect the breakout rally to reach the overhead resistance of the $43 mark.
Conversely, a bullish failure to surpass the neckline at $43 would extend the consolidation phase and trigger a retracement to the $31.75 support level.
The MACD indicator shows the fast and slow lines avoiding multiple bearish crossovers to finally approach the zero line. Moreover, the positive histograms intensify, reflecting an increase in the buying pressure.
Similarly, the Bollinger bands reflect a lateral trend reflecting a contraction phase between $31.75 and $42 horizontal levels. However, the breakout rally from the double bottom can result in a positive trend of Bollinger bands.
The Ethereum price continues to attract significant attention after reclaiming a crucial resistance level, reinforcing…
The Pi Network price has been left behind in the ongoing crypto market bull run.…
The Bitcoin price continues to show renewed strength after breaking through a crucial chart structure…
The Dogecoin price has recently shown renewed strength after a sustained period of consolidation. The…
Floki price has drawn strong attention after recording a bullish daily surge of over 30%.…
BNB Coin price has entered a powerful phase after breaking through a major resistance level…