Solana
Solana retests her support! Will SOL price reach a new high amid the AltSeason rally?
The cryptocurrency market showed a downward price trend on Friday despite the approval of the ETH spot ETF, indicating short selling in the market. However, the altcoin leader, Ethereum Pricemaintains its price above the $3,650 mark, suggesting bullish sentiment in the crypto space.
Additionally, the price of SOL coin continued to register a downtrend since the beginning of the week, resulting in a 12.38% loss for the altcoin during this period. Amid increased price volatility in the crypto space and a potential AltSeason, will Solana reclaim $200 in Q2?
The SOL token forms a symmetrical triangular pattern:
Despite the increased price volatility in the crypto market, the Solana Price recorded a correction of 5.63% in the last 24 hours. Furthermore, the altcoin has lost around 2% over the past seven days, highlighting increased selling pressure for the SOL token in the crypto space.
TradingView: SOL/USDT
Positively, the SOL Price has formed a symmetrical triangle during the 1D period and continues to trade inside it. However, the altcoin failed to cross its resistance trendline, resulting in a strong bearish reversal in the chart.
The simple moving average (SMA) is showing a negative crossover in its price chart, highlighting an increase in selling pressure of the altcoin in the crypto market.
On the other hand, the relative strength index (RSI) shows bearish convergence on the 1D timeframe, suggesting weak price action for the Solana token in the coming week.
Will the price of Solana recover?
If the market holds the price above the support zone, SOL price will retest its resistance level of $180.75. Moreover, if the bulls cross the resistance trendline of the symmetrical triangle, Solana coin price will test its yearly high of $204.75 in the coming weeks.
Conversely, if the bulls fail to regain momentum, the SOL token will test its support level of $155.25. Moreover, if the bears continue to hold power over the bulls, the price will plunge towards its lower support trendline in the coming times.