Will Solana Price Correction Bottom at $120 Amid Bitcoin Halving?
Highlights
- The SOL Price correction seeks support at the 38.20% Fibonacci retracement level.
- A support trendline acting in the daily chart signals a potential bounce back.
- The 24-hour trading volume on the Solana coin is $4.7. Billion, indicating a 15% gain.
Solana Price: The cryptocurrency market remains in a consolidation phase even after Bitcoin successfully completed its fourth halving. Despite a brief increase in early trading on Saturday, the BTC price fell back to $63,665, marking a 0.4% decline. Consequently, major altcoins, including Solana, continue to exhibit a neutral candlestick pattern on the daily charts, maintaining a week-long sideways trend. Has the post-halving rally yet to begin?
Also Read: Solana Memecoins Face Weekly Selling Pressure
Here’s Why $120 Level Stands As Crucial Support For Solana Price
With the broader market uncertainty intensifying, Solana struggles to pause the increasing supply waves. The growing selling pressure leads to an almost 40% fall in the SOL price within two weeks.
Amidst the downfall, this high-performance altcoin loses the psychological mark of $150 and tests the 100D EMA. However, the daily candles reflect lower price rejection highlighting demand at lower levels.
Currently, the SOL price is heading closer to the long-coming support trendline for a new bullish bounce back. This ascending trendline has acted as dynamic support for the past five months, offering investors a suitable platform to accumulate during dip opportunities. Amid the Bitcoin halving, the Solana price is like to utilize the support trendline to prevent correction below $120. The altcoin trades at $137, with an intraday growth of 1.20% forming a Doji candle.
Further, the Solana market price tests the 38.20% Fibonacci level. Hence, the daily chart of the SOL price trend showcases multiple bullish supports aligned to ignite the next recovery rally.
Also Read: Solana’s DePIN Project IO Net Tokenomics Revealed, What Next?
Will Solana Price Return to Recovery Trend?
As the broader market remains volatile, the Solana price trend highlights a possibility of a bullish reversal. With a long-coming support trendline in play, the sidelines anticipated a prolonged uptrend with another bounce back. In such a case, the SOL price could surpass the psychological mark of $150 and aim for the $200 resistance level.
Conversely, an increment in the supply pressure could nosedive Solana to the next psychological support level at $100.
Technical Indicator
- Exponential Moving Average: The 50-day fails to provide a bounce back as the altcoin tests the 100-day EMA.
- Directional Movement Index: The bearish crossover in the DI lines is gaining space, reflecting an intense correction wave. The rise in the ADX line showcases a surge in trend momentum.
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