Altcoin
Solana Price regains power above her crucial support! SOL price to retest soon $150?
After trading with bearish sentiment for a short time, Solana price has seen a strong bullish jump of around 10% in the past few hours, indicating an increase in price action for the altcoin in the cryptocurrency space.
Furthermore, with the increasing volatility of the market, the Price SOL register bullish price action and head towards higher levels or plummet towards the crucial $100 support level in the coming times?
The SOL coin price forms an inverted cup and handle pattern:
Once the fourth largest cryptocurrency by market capitalization, the Solana price has wiped more than $22 billion off its valuation in recent weeks. Furthermore, the altcoin is currently near its crucial support level, the outcome of which is unpredictable.
TradingView: SOL/USDT
On the positive side, SOL price leveled its loss from the previous week by adding 9.39% to its portfolio in the last 24 hours with an increase of 122.26% in its trading volume. However, it has seen a valuation correction of 19.76% in the last 30 days.
Furthermore, with its recent jump, the Solana coin has formed an inverted cup-and-handle pattern in its price chart, indicating growing bearish sentiment for the altcoin in the cryptocurrency market.
Solana (SOL) Market Sentiments:
The simple moving average (SMA) is on the verge of recording a positive crossover in the 1D time frame, suggesting an increase in price action for the altcoin in the crypto space.
On the other hand, the MACD shows a steady decline in the red histogram, indicating increased buying/selling pressure for the Solana cryptocurrency. Furthermore, the averages show a potential bullish convergence, highlighting that the price of the SOL token could continue to gain value this week.
Will the price of SOL rise again?
If the cryptocurrency market undergoes a bullish reversal, Solana price would gain momentum and test its $155 resistance level. Holding the price at that level will set the stage for the SOL coin price to head towards its upper resistance level of $181.50 in the coming times.
On the other hand, if the bears get the better of the bulls, the Solana token would retest its important support level of $127. Furthermore, if the bulls fail to maintain the price at that level, the altcoin will collapse further and test its $100 low in the coming weeks.