With the bullish trend in the overall market taking a slow step this Monday, the altcoins are picking up some pace. Filled with potential, the SOL price trend showcases a breakout rally ready to overturn upcoming resistances and create new peaks in the coming February.
Surpassing the short-term resistances and the ongoing recovery action over the past few days, marks a strong trend in Solana. Therefore, with minor growth in Bitcoin and/or the market sentiments, the altcoin can skyrocket to create a new 52W high.
With the growing anticipations around Solana, will the SOL price reach the $1000 mark? Check out our Solana price prediction to learn more about the long-term picture.
Source – TradingView
Starting with a morning star pattern at the 50D EMA, the bullish trend in Solana picks up momentum and reclaims the 50-day EMA. With this bullish achievement, the buyers are starting a streak of breakout trends.
The bull run surpasses the short-term resistance trendline and marks the end of lower high formation and the pullback phase. With the sideline pullback traders ready to enter, the cautious ones are waiting for the $100 breakout.
Currently, the SOL price trades at $96.88 with an intraday growth of 0.86% and marks the fourth consecutive bullish candle.
As of now, the buyers are struggling at the 23.60% Fibonacci level and find excessive overhead supply hampering a bullish trend. With the higher price rejection evident in the daily candle, the price action warns of a bullish failure. Further, the declining trend in the trading volume supports the reversal possibility.
MACD Indicator: The daily MACD and signal lines show a bullish trend gaining motion and marking a crossover event. This increases the bullish trend continuation possibility and may lead to a bull run shortly.
Will SOL Price Rerun Cross $100?
Amidst the current recovery, there is a strong possibility of a significant bull run in the SOL price trend, potentially leading to a renewed crossing of the $100 mark. This presents an attractive opportunity for sideline traders to enter the market at the present price level.
Conversely, a collapse through the crucial $80 support level would result in a deeper correction. In this case, the nosedive move could potentially drive the price down to the $50 level.