This week’s trend reversal refuels the bullish momentum in the SOL price trend, leading to a breakout above the $100 mark. With Solana token trading at $100.98, the reversal leads to a new higher low formation and sustains above the 50D EMA.
Further, the altcoin is prepping for a breakout of a multi-contact resistance level to cement the bullish trend. Hence, with the increasing number of bullish variables, the SOL price prediction eyes a strong uptrend starting shortly that may reach the $200 mark.
Can Solana Sustain Above $100?
Source – TradingView
Following a trendline breakout, the SOL price is sustaining above the 50D EMA, giving a rounding reversal from the dynamic support. Further, this completes a potential inverted head and shoulder pattern with a neckline at $102.
The strong resistance at the $102 level comes as a reversal spot of multiple bullish attempts, reflecting a high supply zone. Hence, a breakout above this level will increase the chances of a bull run in Solana by multiple times.
Currently, the SOL price trades at $100.98, with a 4.41% jump last night, teasing another breakout attempt. Considering the 21% hike in the trading volume increases to support the bulls, Solana can resurface for a high momentum rally.
Technical Indicators:
RSI Indicator: The daily RSI line holds a positive trend and crosses above the 50% mark, reflecting a rise in demand. Further, the increasing momentum teases a breakout run for Solana.
Will SOL Price Rush Back To $200?
As the potential inverted head and shoulder pattern breakout comes closer, the anticipation of a bull run in SOL price is significantly rising. Moreover, with the increasing volumes and the general market sentiments improving, the altcoin shows high potential for a run beyond $125.
Sideline traders can find an entry point if the Solana prices exceed the $102 mark. On the downside, the altcoin might retest the $82 mark.
