Published 2 days ago
The Solana coin price has witnessed a remarkable recovery since the beginning of the new year. Within the past three weeks, the coin price surged 162% and reached the current price of $25.5.Moreover, the steady growth in volume activity and in between minor corrections indicate a sustained growth in SOL price. Moreover, this parabolic price recovery reveals the formation of a rounding bottom pattern.
Key points
- Under the influence of the rounding bottom pattern, the Solana coin price aims for the $38.6 mark.
- The $27.2 mark stands as a troublesome resistance against buyers
- The 24-hour trading volume in the Solana coin is $2.5 Billion, indicating a 221.5% gain
Source-Tradingview
The bullish rounding bottom pattern currently influences the ongoing recovery in SOL price. This pattern creates a sense of gradual growth in the asset’s market value which leads its prices beyond the neckline resistance. Anyhow, the Solana coin price shows its neckline at the $38.6 mark.
By the press time, this altcoin trades at $25.3 and shows a power struggle to surpass the $27-$27.5 supply. The daily chart shows a Doji-type candle at mentioned resistance indicates uncertainty among market participants.
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Furthermore, if the selling press persists, the Solana coin price could witness a minor correction to replenish the bullish momentum. This potential downfall could tumble the prices by 20% and revisit the $20 mark.
Anyhow, the daily candle closing above $27.5 will hint at the resumprion of the prior rally.
Technical indicator
MADC: despite recent price correction, the MACD and signal line prevent a bearish crossover and continue to rise higher. The steady growth in this indicator reflects sustained growth in the Solana coin price.
Bollinger band: the rising coin price constantly hits the upper band of this indicator, indicating aggressive buying in the market, which needs a little cooldown.
Solana Coin Price Intraday Levels
- Spot price: $25.8
- Trend: Bullish
- Volatility: High
- Resistance level- $27.1 and $30.5
- Support level- $22.6 and $17.7
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/this-bullish-pattern-sets-solana-coin-price-to-hit-38-5-buy-now/