The price of Solana is rising sharply as the market experiences a small resurgence following the SEC’s significant actions on Ethereum.
The weekly trading was anticipated to be bearish after a bearish start. But after the SEC decided not to investigate Ethereum 2.0, the market sentiment slightly shifted towards optimism. The Solana (SOL) price, which was anticipated to open up huge downside potential, has shown some possibility of recovering losses in the interim. As a result, the coming hours should be considered crucial, as a prolonged surge could push the token back into the bullish zone.
The abrupt shift in Solana’s price trend suggests a potential resurgence supported by a broader market surge. When the trendline breaks, will Solana rise back above $200? See our SOL price prediction for additional information.
Solana Price Performance
The bearish turnaround in SOL price from the broken trendline to a 10% drop in 48 hours was followed by a bearish drop of 4.10%. Nevertheless, with an intraday rise of 1.92%, Solana gathers pace, with the largest altcoin making a comeback.
The continuous decline establishes a short-term resistance trendline on the daily chart, limiting the recovery. The SOL price is currently trading at $138 and has formed a bullish candle that pierces the previous bullish candle.
Furthermore, decreased price rejection in recent candles near the $125 demand zone increases the likelihood of the altcoin obtaining bullish momentum soon. If the larger market recovery continues, the altcoin can maintain its bullish momentum for a new swing high and further breakouts.
Technical Indicators:
RSI: The recent drop in SOL’s price has resulted in the daily RSI line approaching the oversold limit. Additionally, on the daily chart, the momentum indicator displays a positive divergence.
Will the SOL price reach $200?
The SOL price shows potential for a quick recovery and a possible trendline breakout with an intraday rebound. If a breakout occurs, the uptrend could quickly reappear above the broken trendline of support.
According to Fibonacci levels, the rally in the Solana price could hit the next overhead resistance trendline near $170. Hopefully, the breakout rally seem result in a cost surge to the $200 psychological level.
