Overcoming the downward trend caused by CZ’s guilty plea crypto- The market made a rapid correction of high magnitude. However, the uptrend in SOL price continues as buyers regain trend control at a key support trend line on the 4-H chart.
Also, with sharp recovery to avoid deep correction phase solana The price trend overrides a head and shoulders pattern breakdown. Therefore, the SOL price forecast maintains an optimistic outlook for the coming period.
With a bullish breakout of the support trend line, SOL price avoids a head and shoulders breakout.
Moreover, the bullish reversal is breaching the 50 EMA on the 4H chart, encouraging further recovery.
On the 1D chart, the price trend is giving a more optimistic signal, pointing to a double bottom formation forming at $51. Additionally, last night’s 11.48% bull run forms an engulfing candle, weakening the previous 8.76% decline.
Currently, SOL price is trading at $58.14, up 1.01% on the day. This shows that the upward trend will continue.
Technical Indicators
RSI Daily RSI line maintains a downtrend despite the sideways trend in SOL price. The RSI line, which highlights weakness below, warns of a pullback or consolidation.
Will SOL Price Break the $66 Peak?
On the daily chart, the bulls are extremely dominant with a double bottom reversal. Additionally, crypto market sentiment is following a trend similar to the 4-hour SOL price chart.
Because, altcoin As long as it continues its uptrend and maintains the ascending trend line, the uptrend is poised to gain momentum. This increases the possibility of buyers surpassing the $66 peak. Moreover, a bullish rally is possible to reach the $75 mark.
Conversely, a downside reversal below the $50 mark is possible to push prices lower to $44-45.