Solana Price Regains Power Above Its Crucial Support! SOL Price To Retest $150 Soon?

The post Solana Price Regains Power Above Its Crucial Support! SOL Price To Retest $150 Soon? appeared first on Coinpedia Fintech News

After trading under a bearish sentiment for a brief period, the Solana price has recorded a strong bullish jump of approximately 10% within the past few hours, indicating increased price action for the altcoin in the cryptocurrency space.

Moreover, with the rising volatility in the market, will the SOL price record a bullish price action and head toward its upper levels or plunge toward its crucial support level of $100 in the coming time?

SOL Coin Price Forms An Inverted Cup And Handle Pattern:

Once the 4th largest cryptocurrency by market capitalization, the Solana price has erased over $22 Billion from its valuation over the past few weeks. Further, the altcoin is currently hovering close to its crucial support level, the outcome of which is unpredictable.

TradingView: SOL/USDT

Positively, the SOL price has leveled out its loss from the previous week by adding 9.39% to its portfolio within the last 24 hours with a surge of 122.26% in its trading volume. However, it has recorded a correction of 19.76% in valuation over the past 30 days.

Furthermore, with its recent jump, the Solana coin has formed an inverted cup and handle pattern in its price chart, indicating a rising bearish sentiment for the altcoin in the crypto market.

Solana (SOL) Market Sentiments:

The Simple Moving Average (SMA) is on the verge of recording a positive crossover in the 1D time frame, suggesting increased price action for the altcoin in the crypto space.

On the other hand, the MACD shows a constant decline in the red histogram, indicating a stronger buying-over-selling pressure for the Solana crypto. Furthermore, the averages display a potential bullish convergence, highlighting the SOL token price may continue gaining value this week.

Will The SOL Price Go Up Again?

If the crypto market experiences a bullish reversal, the Solana price will gain momentum and test its resistance level of $155. Maintaining the price at that level will set the stage for the SOL coin price to head toward its upper resistance level of $181.50 in the coming time.

On the flip side, if the bears overpowered the bulls, the Solana token will retest its important support level of $127. Moreover, if the bulls fail to hold the price at that level, this altcoin will further plunge and test its low of $100 during the upcoming weeks.