Solana price shows a bullish reversal! Is a breakout rally imminent in SOL price?
The cryptocurrency industry continues to trade positively, recording its second successive Green Day of the month. Additionally, the price of Solana has risen about 3% in the last 24 hours, indicating a strong upward trend for the coin.
SOL coin price started the year on a positive note, adding 17% to the portfolio within the first two days. The market then experienced a trend reversal, which resulted in the price of Solana canceling out all of the gains, and the price then trended sideways for a while.
As market volatility increased, the downtrends overwhelmed the uptrends, resulting in a loss of 21.25% in just three days. However, the bulls quickly recovered and Solana’s price surged more than 17% in valuation. Since then, Solana coin has been trading in a consolidated range between $90 and $108.18 for two weeks.
The bulls tried to keep the price above the support level, which resulted in the price falling. SOL coin price recorded a correction of more than 14.5% over the next two days. After testing the critical support level of $80.19, the bulls regained momentum and the altcoin continued to trade in an upward pattern, adding about 30% by the end of the month.
Since then, the price has been continuously trading in a consolidation range between $90 and $108.18 and is in the process of testing resistance levels, the outcome of which is unpredictable.
Will Solana rise again?
MACD records a persistent green histogram, indicating bullish influence in the cryptocurrency market. Moreover, the average shows a steady rise, suggesting that SOL price will continue to gain value in the future.
If the market continues to gain momentum, bulls will likely test the $108.18 resistance level over the weekend. Additionally, if the bulls continue to exert strength against the bears, SOL price will continue to rise, ready to test the upper resistance level of $117 in the coming weeks.
Conversely, if a trend reversal occurs, Solana token will lose momentum and fall to test the $100 support level by the week ahead. Moreover, if bears continue to dominate the market, it could lose the $100 mark and prepare to test the lower support level of $90 in the coming days.