Solana
SOL Price Breakdown Responds to Demand and Hints at a Reversal to $150
With a short surge in altcoins, Solana shows a promising recovery and teases a bullish extension this week. As it bounces off a crucial support zone, reflecting solid demand, SOL price could return to the $150 mark in May.
However, increasing volatility in the broader market and a potential Bitcoin correction could hamper the recovery phase. Will Solana resist the bearish market noise to reach the $500 mark in 2024? Learn more in our SOL Price Prediction.
Solana Price Performance
With a double reversal from the $200 mark, Solana has seen a huge surge in supply over the past couple of months. The altcoin loses the psychological $150 mark and breaks a long-standing support trendline. However, with a market capitalization of $54.33 billion, it ranks as the fifth largest cryptocurrency in the world.
Despite breaking the support trendline, SOL price holds on to the $112 demand zone and finds a cushion to bounce back. With a bullish pivot, the altcoin retests the broken trendline and the 50% Fibonacci level at $135.
With a post-retest intraday decline of 3.72%, Beairsh’s chances of extension are increasing. However, as the altcoin trades near $135 with a 6% jump last night, buyers are trying to take control.
Technical indicators:
MACD Indicator: The MACD and signal lines are indecisive and merged into negative territory.
EMA: Price Breakdown SOL is trading in the 50D and 200D EMAs with a looming possibility of deathcross.
Will SOL price recover $150?
With the market as a whole failing to find a bullish pivot, Solana is struggling to siphon energy. However, rising against the trend, SOL price hints at a potential jump above the $135 mark.
If SOL price reverses to cross the 50% Fibonacci level, the altcoin can re-establish a positive recovery and reach $150 in May.
Also discover: Solana on the verge of breakdown! Will SOL Price Hit $100 This Week?