Following the short-term pullback to the ascending support trendline, the SOL Price made a solid comeback with a rise in momentum. With a tweezer bottom formation at the support trendline, the burst in trend momentum skyrockets the Solana market cap.
The ongoing recovery shoots past the previous swing high at $75, leading to a new 52-week high for Solana. Therefore, the ongoing rally strengthens the SOL price prediction, hinting at a positive end for 2023.
Source – TradingView
Continuing the streak of higher low formation, the Solana trend sustains the bullish momentum and shoots beyond the $75 resistance level. Further, the bull run in SOL price leads to an ascending support trendline in the daily chart.
Currently, the Solana trend shows no signal of a pullback phase in the near future. Supporting the positive move, the buyers are heavily stocking the SOL token as the intraday trading volume jumps by 40%.
Further, as per the trend-based Fibonacci retracement level, the ongoing Solana recovery surpasses the 50% Fibonacci level. As the SOL Price uptrend approaches the 61.8% level, the chances of an $80 breakout increase significantly.
With a high-speed bullish move, the price patterns are yet to form, and the exponential bullish growth leads to a 711% year-to-date return. Further, the sharp increasing trend momentum also increases the likelihood of the SOL price reaching the psychological mark of $100 before the end of 2023.
Currently, the Solana token trades at $78.6 with an intraday rate of 3.87%, leading to a bullish engulfing candle. This marks the second consecutive bullish and increases the likelihood of an uptrend beyond the next resistance of $80.
Technical Indicators:
RSI Indicator: The sideways-moving daily RSI line can enter the overbought area with the ongoing bull run. Hence, the momentum indicator shows a bullish spark in the Solana trend.
MACD Indicator: The MACD and signal lines support the RSI indicator and show the recovery to avoid a bearish crossover event with the rise of positive histograms.
Will Buyers Boost The SOL Price Above $100?
In the daily chart, the bulls prepare for an uptrend continuation as it teases the $80 breakout to reach the $100 mark. Moreover, the ongoing recovery and the improving market sentiments increase the likelihood of SOL Price crossing beyond $100.
Conversely, a bullish failure to sustain momentum can retest the $75 breakout.
