Will This Bullish Pattern Boost Solana Price To $48
The Solana (SOL) price displays a bullish reversal opportunity with a double bottom pattern at the psychological Mark of $30. However, the declining 50-day EMA opposes the bullish growth to reach the neckline at $38. So, should you consider taking a bullish trade or wait until prices exceed $38?
Key points From SOL Technical Analysis:
- The Solana price rose 10% in the last 48 hours.
- The daily-RSI slope spikes slightly above the halfway line reflecting.
- The 24-hour trading volume in the Solana coin is $1.04 Billion, indicating a 19% gain.
Source-Tradingview
During the last few bearish weeks, the SOL/USDT chart shows the Solana market price declined sharply to reach the bottom crucial support level at $30. The correction coincides with a reversal from the 100-day EMA accounting for a bear cycle of 20%, undermining the previous recovery rally seen in July.
The bear cycle, however, fails to break the psychological Mark of $30, leaving a consolidation with the overhead resistance of $38. Additionally, the bullish resurfacing influence over the consolidation range teases a double bottom which generally forecasts a reversal from a notion formed at a solid base level.
The consolidation’s ceiling at $38 acts as the neckline of the bullish pattern and the recent reversal of 10% over the last two days cements the idea of a trend reversal. Hence, optimistic swing traders can find buying opportunities at the current market price.
However, the traders waiting for a breakout entry opportunity will have to be patient till the Solana market price surpasses the $38 neckline. The bullish pattern gives the next target as the $47 horizontal level.
However, considering the reversal rally fails to exceed the 50-day EMA, the double bottom theory will be nullified, potentially leading to a drop to $30.
Technical indicator
The rising RSI slope peaks above the halfway line supporting the bullish reversal theory by indicating a rise in the underlying bullishness. However, the sideways trend in the midterm reflects a bullish turmoil over the trend control.
The declining trend in the crucial daily EMAs displays an overall downtrend, with the 50-day EMA providing resistance to the recovery rally.
- Resistance level- $38 and $47.2
- Support levels- $30 and $25
- $1.7T Morgan Stanley to Partner with ZeroHash to Offer Crypto Trading
- Ripple and Securitize Enable RLUSD Support for BlackRock and VanEck’s Tokenized Funds
- Breaking: SEC To Introduce ‘Innovation Exemption’ Rules to Ease Crypto Product Launches
- Asset Manager Pushes 45% HYPE Token Supply Cut, Analyst Calls $100 Price Target by Year-End
- Fed Jerome Powell Speech Today: Bitcoin, Ether ETF Data Signals Selloff Sentiment
- Shiba Inu Price Eyes 25% Rally as Outflows Jump and Whales Buy 62B Coins
- XRP Price Rises on mXRP Launch, Recovery Ahead?
- Solana Price Prediction: $836M Whale Transfer Spark Fear of $200 Retest Before 62% Rebound
- Bitcoin Price Prediction: $150K in Q4 as Gold’s ATH Momentum Sets the Tone
- PUMP Price Forecast: Whale Buys 1B Tokens as Bullish Pennant Signals 65% Breakout
- Bitcoin Price Prediction: Analyst Highlights Breakout Patterns as Coinbase CEO Backs Crypto Structure Bill
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.
