Solana

Bitcoin

Reversal

Coin

Solana Price Forecast: With an intraday jump of 5%, the <a href="https://coingape.com/blog/sol-vs-ena-buy-sell-or-hodl/">SOL token</a> price takes a bullish turnaround days after an intense correction phase. The turnaround marks a potential upcycle within a triangle pattern, holding the trend momentum trapped. As the market anticipates a broad recovery rally, a month after Bitcoin Halving, will Solana overcome the pullback phase for a breakout?&nbsp; 
Also Read: <a href="https://coingape.com/solana-co-founder-gives-sarcastic-jib-on-meme-coin-situation/">Solana Co-Founder Gives Sarcastic Jib on Meme Coin Situation</a> 
<h2 id="b-solana-price-teases-double-bottom-reversal-b">Solana Price Teases Double Bottom Reversal</h2> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/f/FYXS3XlP.png" alt="BINANCE:SOLUSDT Chart " width="1946" height="893">
 <figcaption class="wp-caption-text">
 Solana Price Forecast| Tradingview
 </figcaption>
</figure> 
With the market-wide recovery taking baby steps, the <a href="https://coingape.com/price-predictions/solana-sol-price-prediction/">Solana price</a> showcases an underlying shift in sentiments, teasing a bullish reversal. The altcoin shows lower price rejection from a support trend line, which increases the possibility of a bull cycle.&nbsp; 
<blockquote>
 With a symmetrical triangle visible in the daily chart, the pullback phase takes a lateral shift. However, the sideways shift between the 50D EMA and the 100D leads to a double-bottom formation. This projects a potential bullish turnaround in the SOL price.&nbsp;
</blockquote> 
Further, the recent gains offer a possibility of a morning star pattern, which is known for kickstarting a bullish reversal. Currently, the <a href="https://coingape.com/trending/solana-slides-9-amid-market-downturn-heres-why/">SOL price</a> trades at $142.49 with a bullish intraday candle as it reverts from the bottom support trendline.&nbsp; 
With the neckline of the double bottom pattern at $160, the ongoing recovery offers a strong possibility of a breakout rally, setting a bullish chain reaction. In such a case, the bull run could surpass the psychological mark of $200.&nbsp; 
<h2 id="b-will-solana-price-recovery-hit-250-b">Will Solana Price Recovery Hit $250?</h2> 
With multiple breakout events lining up for Solana, the underlying demand increases with the growing attention of sideline traders. Hence, the daily chart offers multiple entry spots and increases the bull run possibility to $250. 
Conversely, if a bullish failure leads to a drop under $130, the SOL token could nosedive to $100. 
<h2 id="b-technical-indicator-b">Technical Indicator</h2> 
<ul> 
 <li aria-level="1">Exponential Moving Average: The bearish crossover of the 20 and 50D <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/">EMA</a> warns of a minor increase in supply.&nbsp;</li> 
 <li style="font-weight: 400;" aria-level="1">Relative Strength Indicator: The negative trend in the daily RSI takes a reversal from the oversold zone and bolsters the bullish reversal chances.&nbsp;</li> 
</ul> 
The post <a href="https://coingape.com/markets/solana-price-forecast-is-a-breakout-above-200-imminent/">Solana Price Forecast: Is a Breakout Above $200 Imminent?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Solana Price Forecast: Is a Breakout Above $200 Imminent?

Table of Contents

Coingape News Media

Other articles published on Apr 28, 2024

Dogecoin Consolidation: Symmetrical Triangle Signals Potential Reversal

Exploring the Current Dynamics of Bitcoin Prices and Cryptocurrency Market Trends

Bitcoin’s Dynamic Shift: Understanding Post-Halving Changes and Miner Revenue Impact

UNI Price Prediction: Uniswap Picked Momentum, What’s Next?

Paradigm Capital Moves 3,718 ETH to Anchorage Digital as ETH Rallies

AI Coins To Remain On Sideline Ahead of Nvidia Earnings; What to Look Out For

Join our free newsletter for daily crypto updates!