Published 22 seconds ago
SOL Price Prediction: Amid the increasing bearishness in the market, the Solana price witnessed a significant correction last week. In fact, this retracement was a retest phase to the recently breached resistance which carried a downtrend in this coin for nearly eleven months. Moreover, the price showing sustainability above the trendline indicates buyers defend the newly reclaimed level and can use it as a stepping stone to rise higher.
Key Points
- The triple bottom pattern is a strong reversal pattern that could assist buyers to trigger a fresh recovery rally.
- A breakout above the $23 barrier may set the Solana price for a 16.6% rise.
- The 24-hour trading volume in the Solana coin is $773.2 Million, indicating a 108.5% gain.
Source-Tradingview
At the base of the recent correction phase, the Solana price shows the formation of a triple bottom pattern. In theory, this pattern formation itself reflects a strong accumulation from buyers which bolsters a trend reversal.
By press time, the Solana price traded at $21.6 with an intraday gain of 2.35%. With sustained buying, the coin price should rise 5.5% and hit the immediate resistance of $23. A potential breakout above this resistance will accelerate the buying pressure and surge the price by 16.6% to reach a two-month high of $26.68.
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On a contrary note, if the price continues to consolidate sideways, a breakdown below the lower trendline will invalidate the bullish thesis.
Technical Indicator
Relative Strength Index: Contrary to the sideways action, the daily RSI slope shows evident growth indicating the buying pressure at the lower levels is rising.
Exponential Moving Average: The daily EMAs(20, 50, and 100) accumulated between the current price and the aforementioned resistance of $23, create multiple barriers trying to undermine the bullish growth.
Solana Coin Price Intraday Level
- Spot price: $21.68
- Trend: Bullish
- Volatility: High
- Resistance levels: $23 and $25.3
- Support levels: $19.6 and $15.9
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/sol-price-prediction-bullish-pattern-sets-solana-price-for-22-rise-enter-today/