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. 

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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