Solana Coin Bullish Bet Exceeds $2 Billion, Is $200 SOL Near?
Highlights
- A cup and handle pattern leads to the current recovery trend in Solana price.
- The SOL price may witness a strong demand pressure at $125 support.
- The 24-hour trading volume on the Solana coin is $923 Million, indicating a 38% loss.
Solana coin: SOL, the native token of the Solana ecosystem picked up recovery momentum in late February as the broader market turned aggressively bullish. The massive inflow into Spot ETF bolstered the Bitcoin rally and consecutively accelerated the altcoin market. Thus, the Solana price rose for three consecutive days and gave a decisive breakout from the bullish reversal pattern.
Also Read: Solana Price Prediction: How SOL Is Chasing $260 Record High In 2024
What’s Ahead for Solana Coin for 30% Weekly Surge
The last correction trend in Solana coin ended with a price reversal from $79 support. The positive turnaround surged the coin price to $132 within five weeks to register a growth of $68%.
However, an analysis of the daily time showed this upswing developed a well-known bullish reversal pattern called cup and handle. In theory, this pattern signals the bottom of a downtrend as the asset witnesses a long accumulation phase to attract investors.
Amid the recent surge in the crypto market, the Solana price gave a decisive breakout from the pattern’s neckline resistance at $125. Moreover, data from the derivative market provider Coinglass indicates a notable trend in the future open interest for Solana. The asset’s open interest surged from $1.56 billion to $2.14 billion, marking an increase of approximately 37.18%. This significant uptick suggests growing investor interest and confidence in Solana’s future market potential.
Also Read: Solana Price Prediction: Is SOL’s Rally To $200 Imminent In March?
Bullish Pattern Sets a Rally Beyond $200
While the current outlook shows a bullish trend for Solana coin, the daily chart projects long rejection wicks at the $135 mark. This overhead supply could trigger a minor pullback in SOL price and retest the breached trendline at $125.
If the coin price shows sustainability above $125, the buyers may lead a rally to the $250 target.
Technical Indicator
- Exponential Moving Average: The 20-and-50-day EMA stands as two key support during a market correction.
- Average Directional Index: The ADX slope uptick at 18% reflects the buyers have sufficient momentum to prolong this recovery.
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