This week’s trend reversal will reignite the bullish momentum in the SOL price trend and push it past the $100 level. With Solana token trading at $100.98, a reversal leads to the formation of a new higher low and holds above the 50D EMA.
Additionally, the altcoin is preparing for a breakout of multiple contact resistance levels to solidify the bullish trend. Therefore, with the increasing bullish variables, SOL price prediction starts a strong upward trend that could soon reach the $200 level.
Can Solana stay above $100?
Source – TradingView
After the trendline breakout, SOL price remains above the 50D EMA, providing a rounding reversal at the dynamic support line. This also completes a potential reverse head and shoulder pattern with a neckline for $102.
Strong resistance at the $102 level appears to be a reversal point for several bullish attempts, reflecting a high supply zone. Therefore, a break above this level increases Solana’s bullish potential by many fold.
Currently, the price of SOL is trading at $100.98, up 4.41% last night, signaling another breakout attempt. Considering the 21% increase in volume to support the uptrend, Solana could reemerge for a high momentum rally.
Technical indicators:
RSI indicator: The daily RSI line maintained a positive trend and crossed the 50% mark, reflecting increased demand. Moreover, the growing momentum portends a breakthrough for Solana.
Will SOL prices rush back to $200?
As a potential inverse head and shoulders pattern breakout approaches, expectations for an upward trend in SOL price are growing significantly. Moreover, with increasing trading volume and improving general market sentiment, the altcoin is likely to surpass $125.
Sideline traders can find an entry point if the Solana price exceeds $102. The downside is that the altcoin may retest the $82 level.