As Bitcoin remains volatile near the $67k level, Solana makes a comeback with its growing influence in the decentralized market. With Solana surpassing Ethereum in daily DEX volumes, the SOL price skyrockets.
Will Solana’s bullish trend and improving stance in the DEX market result in a price jump above $200? Find out more in this Solana price analysis.
Solana (SOL) Price Performance
With a bullish recovery over the weekends, the SOL price increased by ~8% resulting in two consecutive bullish candles. This undermined the 7% drop on Friday and challenged the $177 ceiling. However, the bullish failure leads to an intraday drop of 1.78% leading to the current Solana price of $173.
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As the trendline breakout rally takes a stop near $177, the chances of a sideways extension above $164 increase. However, the 4-hour chart warns of a severe bearish outcome.
Solana’s Rising Channel Price
In the 4-hour chart, the bullish trend in SOL prices formed a rising channel pattern to surpass the $175 level. However, the bullish trend fails to another higher high formation and warns of a double top reversal from the $177 ceiling.
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Currently, the SOL price action makes triple consecutive bearish candles in the 4-hour chart. This marks the triple black crow pattern, a strong bearish reversal signal.
The neckline of the double top stands at $164, with two supports (50 EMA and the rising trendline) acting as defense lines. The bears must crack down on the rising trendline for the double-bottom completion. This will increase the chances of downfall and limit the chances of sideways extension.
Solana’s Weekly DEX Outperforms Ethereum
As Solana’s performance in the decentralized market improves, the volume of its DEXs is on the rise. Further, the weekly DEX volume dominance over all chains hits an all-time high of 35%.
Among the top performers, Solana’s $15.78B volume has surpassed Ethereum’s $8.87B by a huge margin of 77.91%. This marks the biggest weekly leap for Solana over Ethereum to date.
Will SOL Price Drop to $150?
Despite the short-term reversal chances, the uptrend in SOL price will likely face multiple supports before a drop to $150. The bulls will have multiple reversal opportunities at the 50 EMA at $168, support trendline near $165, and the $164 neckline.
A reversal run will likely form an ascending triangle with the ceiling at $177. Further, a breakout rally will challenge the $200 psychological mark. Conversely, the 200 EMA at $156 will act as the final support before the $150 psychological mark.
Curious about Solana’s future? Read our Solana (SOL) Price Prediction for an overview of long-term targets!
Source: https://coinpedia.org/price-analysis/solana-sol-price-rocket-struggles-at-177-is-150-on-horizon/