With the ETH/BTC pair at 0.054 BTC, Ethereum is gradually growing strong against Bitcoin. Further, with this recovery, the altcoins are preparing for a comeback rally. Similarly, the SOL price is awaiting a bullish turnaround, with the consolidation present at $95.
Amidst this lazy movement, the Solana price prediction projects a bullish highway in 2024 for the altcoin.
Further, the Bitcoin price is ready for a massive jump as the “All Cohorts vs Issuance” chart showcases that miners and exchanges have accumulated around 61,000 BTC, worth almost $2.61 Billion.
If the demand sustains till Bitcoin Halving, the bull run is inevitable as the markets will find equilibrium at a much higher price.
Can Solana Find A Sunrise Above $100?
Source – TradingView
Breaching the short-term trendline, the Solana price trend completes a successful retest phase and gives lower price rejection candles at the dynamic support trendline. Currently, the SOL price trades at $95, with the intraday candle shaping up as a Doji. Thus, the altcoin remains indecisive at lower levels.
Further, as per the Fibonacci retracement levels, the SOL price is struggling to sustain above the 23.60% level. The recent double top reversal leads to the ongoing sideways track above the 50-day EMA. Hence, the presence of a strong supply above $100 remains a solid opposition for buyers.
Also Read: Chainlink (LINK) Price Can Surge 38% in Coming Days
Technical Indicators:
RSI Indicator: The daily RSI line sustains above the halfway line while displaying a minor divergence that teases a bullish comeback for Solana.
Will SOL Price Rush Back To $200?
Considering the markets are ready for a pump, the altcoin season could drive the blue-chip coins to a new 52W high. Overall, the uptrend in SOL price depends upon bullish sustenance above the crucial $100 mark and the $125 breakout later.
Sideline traders can find an entry point if the Solana prices pump above the $100 mark. On the downside, the altcoin might retest the $82 mark.
