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Highlights
- A SOL price may continue a bullish rally until the ascending trendline is intact.
- A possible correction may witness demand pressure at the $106 and $92 mark.
- The 24-hour trading volume on the Solana coin is $1.92 Billion, indicating a 32% gain.
Amid the weakening bullish momentum in the crypto market, the Solana price witnessed high volatility above $106. The daily chart showing long tail rejection candles at this local support indicates the buyers are actively accumulating a pullback. Should you enter this dip or brace for a prolonged correction?
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Sustainable Recovery Sets Solana Price Leap to $125
An analysis of the daily time frame chart shows the Solana coin made a quick rebound from the last correction phase as the buyer regained control at $79 support. A V-shaped recovery is a sign of aggressive momentum and uplifted the asset price by 42% within a month.
The renewed recovery regained 50% of the losses witnessed during the last pullback indicating the buyers continue to dominate this asset. Moreover, an ascending trendline is acting as a dynamic support to keep the recovery trend intact and extend the bull march.
On February 17th, the SOL price rebounded from the support trendline and 20-day EMA slope with a morning star candle pattern. If the recovery momentum persists, the buyers are likely to drive a 13% upswing to hit the neckline resistance of the cup and handle pattern at $125.
Also Read: Defi Pioneer Set To Rally 1000% Turns Solana (SOL) Investors Heads As They Jump On Board
Cup and Handle Pattern Carries Current Recovery
As Coingape earlier reported, the current upswing in SOL price is developing the handle portion of a cup and handle pattern. In theory, this pullback is the last correction the assets face before buyers give a massive breakout to trigger a directional trend. A bullish breakout from the resistance trendline at $125 will intensify the recovery momentum. With sustained buying, the buyers may chase the potential target of $250 if the pattern holds true.
If the lower support trendline is breached, the SOL price will be at risk of falling below $90.
Technical Indicator
- Exponential Moving Average: The fast-moving 20-and-50-day EMA may offer suitable pullback support to buyers.
- Average Directional Index: The ADX slope at 14% reflects the last correction assisted buyers in reviving strength for the higher rally.
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