Solana Price Displays Bullish Reversal! Is A Breakout Rally Imminent For SOL Price?

The post Solana Price Displays Bullish Reversal! Is A Breakout Rally Imminent For SOL Price? appeared first on Coinpedia Fintech News

The crypto industry continues to trade positively by successfully recording the second consecutive green day of the month. Further, the Solana price has added approximately 3% within the past 24 hours, indicating a strong uptrend for the coin.

The SOL coin price started the year positively by adding 17% to its portfolio within the first two days. Following this, the market experienced a trend reversal, resulting in the Solana price erasing all its gains from the pump, after which the price traded sideways for a while.

TradingView: SOL/USDT

As the market volatility grew, the bears overpowered the bulls and recorded a loss of 21.25% in just three days. However, the bulls quickly regained momentum, and the Solana price jumped over 17% in valuation. Following this, the Solana coin traded in a consolidated range between $90 and $108.18 for two weeks.

The bulls struggled to hold the price above the support level, resulting in a price breakdown. The SOL coin price recorded a correction of over 14.5% within the next two days. After testing its crucial support level of $80.19, the bulls regained momentum, and the altcoin constantly traded in a rising pattern and added approximately 30% by the month-end.

Since then, the price has been constantly trading in a consolidated range between $90 and $108.18 and is on the path to testing its resistance level, the outcome of which is unpredictable.

Will Solana Go Up Again?

The MACD records a constant green histogram, indicating a bullish influence in the crypto market. Moreover, the averages show a steady rise, suggesting the SOL price will continue gaining value in the coming time.

If the market continues to gain momentum, the bulls will run to test its resistance level of $108.18 over the weekend. Further, if the bulls continue to hold power over the bears, the SOL price will continue to rise and prepare to test its upper resistance level of $117 in the upcoming weeks.

Conversely, if a trend reversal occurs, the Solana token will lose momentum and fall to test its support level of $100 by the week ahead. Moreover, if the bears continue to dominate the market, it will lose its $100 mark and prepare to test its lower support level of $ 90 in the coming days.