Solana Price Analysis: Will $SOL Price Surpass $27 Amidst Current Recovery Cycle?
Solana Price Analysis: Over the past seven months, the Solana price traveled in a sideways trend during which it resonated between two converging trendlines acting as major resistance and support. In the daily time frame chart, this trendline structure projected the formation of a symmetrical triangle pattern, offering an opportunity for a directional move upon the breakout of either trendline. Amid the recent growth in the crypto market, the SOL buyers provided a bullish breakout from the triangle pattern, paying the way for further recovery in the near future.
Also Read: Solana Price Recovery: Analyst Sets $27 Price Target for $SOL
Solana Price Daily Chart
- A symmetrical triangle pattern resulted on a bullish note projecting a significant rally underway
- A bullish crossover between the 20-and-100-day EMA project additional confirmation
- The 24-hour trading volume on the Solana coin is $146.5 Million, indicating a 37% loss.
Source-Tradingview
On July 7th, the fast recovery Solana price provided a massive breakout from the resistance trendline of a symmetrical triangle pattern. The following day, the coin price offered a follow-up green candle but the higher price rejection reflected the selling pressure rising.
However, this rejection candle could be profit booking from short-term traders suggesting a minor pullback is possible before the next leap. Currently, the SOL price trades at $21.3 and shows an intraday loss of 2.34%.
This potential pullback could plunge the price by 10% to retest the breach trendline and recuperate the bullish momentum.
Will Solana Price Rise to $27?
After a remarkable recovery in the last four weeks, the Solana price is likely to take a short break before the bull run continues. The pullback could be beneficial for buyers to restore bullish momentum and check price stability at a higher price. If prices manage to sustain above the breach trendline, the buyers could drive a 25% rally and hit the next supply zone of $27, followed by $38.7.
- Exponential Moving Average:: The SOL price turned down from the 200-day EMA resistance stands as the last barrier for sellers to reclaim higher prices.
- Directional Movement Index: The DI+ slope(blue) above the DI- line(orange) and moving further reflect the rising buying pressure among traders.
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