NewsletterSolana Price Forecast: Is a Breakout Above $200 Imminent?
Highlights
- A potential double-bottom reversal increased uptrend chances for Solana.
- A positive cycle in the triangle pattern will increase the chance of a trendline breakout.
- The 24-hour trading volume on the Solana coin is $2.206 Billion, indicating an 11.59% drop.
Solana Price Forecast: With an intraday jump of 5%, the SOL token price takes a bullish turnaround days after an intense correction phase. The turnaround marks a potential upcycle within a triangle pattern, holding the trend momentum trapped. As the market anticipates a broad recovery rally, a month after Bitcoin Halving, will Solana overcome the pullback phase for a breakout?
Also Read: Solana Co-Founder Gives Sarcastic Jib on Meme Coin Situation
Solana Price Teases Double Bottom Reversal
With the market-wide recovery taking baby steps, the Solana price showcases an underlying shift in sentiments, teasing a bullish reversal. The altcoin shows lower price rejection from a support trend line, which increases the possibility of a bull cycle.
With a symmetrical triangle visible in the daily chart, the pullback phase takes a lateral shift. However, the sideways shift between the 50D EMA and the 100D leads to a double-bottom formation. This projects a potential bullish turnaround in the SOL price.
Further, the recent gains offer a possibility of a morning star pattern, which is known for kickstarting a bullish reversal. Currently, the SOL price trades at $142.49 with a bullish intraday candle as it reverts from the bottom support trendline.
With the neckline of the double bottom pattern at $160, the ongoing recovery offers a strong possibility of a breakout rally, setting a bullish chain reaction. In such a case, the bull run could surpass the psychological mark of $200.
Will Solana Price Recovery Hit $250?
With multiple breakout events lining up for Solana, the underlying demand increases with the growing attention of sideline traders. Hence, the daily chart offers multiple entry spots and increases the bull run possibility to $250.
Conversely, if a bullish failure leads to a drop under $130, the SOL token could nosedive to $100.
Technical Indicator
- Exponential Moving Average: The bearish crossover of the 20 and 50D EMA warns of a minor increase in supply.
- Relative Strength Indicator: The negative trend in the daily RSI takes a reversal from the oversold zone and bolsters the bullish reversal chances.
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