Last week solana ‘s price trend remained stressed amid the broader market slowdown. However, altcoin traders are expecting a boom in altcoins as Bitcoin rebounds with a 2.26% gain this week.
How will Solana’s price trend be affected by the return of the overall market? Can Solana continue its comeback momentum to reach the $500 level in 2024? The answers to these questions are in our news below, continue reading…
Solana Price Performance
With a long-standing support trend line in the SOL price trend, it is clear that the underlying demand is strong. Moreover, the recent retracement from the support trend line challenges the dynamic 50D EMA and the $150 psychological mark.
SOL price continues to trend above the 50% Fibonacci level and the short-term price trend indicates a potential inverse head and shoulders formation. The neckline of this formation stands at the psychological limit of $150.
Therefore, if this important resistance level at $150 is breached, the bullish momentum in Solana is expected to increase. Currently, Solana price is trading at $145 with an intraday increase of 1.25%, forming a long-tailed bullish candle. With increasing trading volume, the intraday candle appears to indicate a higher uptrend.
Technical Indicators:
MACD Indicator: MACD and signal lines are converging for a downtrend. However, a bullish reversal will extend the positive trend.
RSI Indicator: The daily RSI line is showing an upward trend and is having trouble staying above the halfway line.
Will SOL Price Exceed $200?
While the possibility of market recovery increases, BitcoinSOL price could rise further as it climbs above $62,000. With a potential uptrend, Solana is ready to climb above $150. If SOL price breaks the psychological barrier of $150, a rally to $200 is possible.
Conversely, a decline below the support trend line will invalidate the bullish pattern. In such a case, the downtrend will reach the $120 level.
