This Bullish Pattern Sets Solana Coin Price To Hit $38.5; Buy Now?
The Solana coin price has witnessed a remarkable recovery since the beginning of the new year. Within the past three weeks, the coin price surged 162% and reached the current price of $25.5.Moreover, the steady growth in volume activity and in between minor corrections indicate a sustained growth in SOL price. Moreover, this parabolic price recovery reveals the formation of a rounding bottom pattern.
Key points
- Under the influence of the rounding bottom pattern, the Solana coin price aims for the $38.6 mark.
- The $27.2 mark stands as a troublesome resistance against buyers
- The 24-hour trading volume in the Solana coin is $2.5 Billion, indicating a 221.5% gain
Source-Tradingview
The bullish rounding bottom pattern currently influences the ongoing recovery in SOL price. This pattern creates a sense of gradual growth in the asset’s market value which leads its prices beyond the neckline resistance. Anyhow, the Solana coin price shows its neckline at the $38.6 mark.
By the press time, this altcoin trades at $25.3 and shows a power struggle to surpass the $27-$27.5 supply. The daily chart shows a Doji-type candle at mentioned resistance indicates uncertainty among market participants.
Also Read: Top Crypto Discord Servers/Groups Worth Joining In 2023
Furthermore, if the selling press persists, the Solana coin price could witness a minor correction to replenish the bullish momentum. This potential downfall could tumble the prices by 20% and revisit the $20 mark.
Anyhow, the daily candle closing above $27.5 will hint at the resumprion of the prior rally.
Technical indicator
MADC: despite recent price correction, the MACD and signal line prevent a bearish crossover and continue to rise higher. The steady growth in this indicator reflects sustained growth in the Solana coin price.
Bollinger band: the rising coin price constantly hits the upper band of this indicator, indicating aggressive buying in the market, which needs a little cooldown.
Solana Coin Price Intraday Levels
- Spot price: $25.8
- Trend: Bullish
- Volatility: High
- Resistance level- $27.1 and $30.5
- Support level- $22.6 and $17.7
- Crypto ETFs Approval Faces Uncertainty as Government Shutdown Looms, Bloomberg Analyst Says
- Fed’s Hammack Backs Restrictive Policy Over Rate Cuts Amid Inflation Concerns
- Fed Governor Chris Waller Champions Stablecoins as a Tool for Cheaper Global Payments
- LBank Celebrates 10 Years With Bold Achievements and Global Expansion
- Breaking: Strategy Buys 196 Bitcoin as Michael Saylor Says ‘Always Be Stacking’
- Bitcoin Price Set to Rebound Ahead of US Government Shutdown, NFP Data
- XRP Price Prediction: How XRP Could React After October 2025 SEC ETF Decisions
- Aster Price Prediction as US President Adds $110M Worth of Tokens to His Portfolio
- Pepe Coin Price Bounce Likely as Support Zone Aligns With Rising Social Activity
- Solana Price Set for Recovery Amid Wyckoff Accumulation and Canary Capital ETF Filing
- Avalanche Price Could Surge to $50 as Transactions Jump 200%
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
