Solana
Solana Price regains power above her crucial support! Will SOL Price Retest $150 Soon?
After trading in bearish sentiment for a brief period, Solana price saw a strong bullish jump of around 10% over the past few hours, indicating an increase in the altcoin’s price action in the cryptocurrency space.
Additionally, with increasing market volatility, the SOL Price record bullish price action and head towards its higher levels or dive towards its crucial $100 support level in the times to come?
SOL coin price forms an inverted cup and handle pattern:
Once the 4th largest cryptocurrency by market capitalization, Solana Price has wiped more than $22 billion off its valuation in the past few weeks. Moreover, the altcoin is currently approaching its crucial support level, the outcome of which is unpredictable.
TradingView: SOL/USDT
Positively, SOL price stabilized its loss from the previous week by adding 9.39% to its portfolio in the last 24 hours with a 122.26% rise in its trading volume. However, it recorded a valuation correction of 19.76% over the last 30 days.
Additionally, with its recent surge, Solana coin has formed an inverted cup and handle pattern in its price chart, indicating a growing bearish sentiment for the altcoin in the crypto market.
Solana (SOL) Market Sentiments:
The simple moving average (SMA) is about to register a positive crossover on the 1D timeframe, suggesting an increase in altcoin price action in the crypto space.
On the other hand, the MACD shows a steady decline in the red histogram, indicating stronger buy-on-sell pressure for the Solana crypto. Additionally, the averages show potential bullish convergence, highlighting that the SOL token price could continue to gain value this week.
Will SOL price rise further?
If the crypto market experiences a bullish reversal, Solana price will gain momentum and test its resistance level of $155. Sustaining the price at this level will set the stage for SOL coin price to head towards its upper resistance level of $181.50 in the coming times.
On the other hand, if the bears dominate the bulls, the Solana token will retest its important support level of $127. Additionally, if the bulls fail to sustain the price at this level, this altcoin will dive further and test its low of $100 in the coming weeks.