Token

Solana

Bitcoin

Reversal

<img width="1200" height="578" src="https://coingape.com/wp-content/uploads/2024/01/0qeKTppi-e1706466316886.png" class="attachment-full size-full wp-post-image" alt="Solana Price" decoding="async" style="float:right; margin:0 0 10px 10px;">
Amid the ongoing relief rally in the cryptocurrency market, the <a href="https://coingape.com/price/solana/">Solana price</a> has shown remarkable resilience, maintaining its position above the psychologically significant level of $80. This resurgence in buying interest has propelled the value of this altcoin value by 23% in just a week, leading to its current trading price of $97.3. This article will explore the potential factors that could sustain this recovery, potentially catalyzing a substantial reversal in the foreseeable future. 
<h2 id="b-constructive-pullback-set-sol-for-higher-recovery-b">Constructive Pullback Set SOL for Higher Recovery</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">The SOL price reversal from the 38.2% Fibonacci retracement level hints the last correction assisted buyers to replenish the bullish momentum.</li> 
 <li style="font-weight: 400;" aria-level="1">The rising 100 and 200-day EMA reflect the long-term trend in remain bullish</li> 
 <li style="font-weight: 400;" aria-level="1">The 24-hour trading volume on the Solana coin is $2.1 Billion, indicating a 60% gain.</li> 
</ul> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/0/0qeKTppi.png" alt="Solana Price" width="1946" height="937">
 <figcaption class="wp-caption-text">
 Solana Price| TradingView Chart
 </figcaption>
</figure> 
Amidst a broader market downturn, especially following challenges with the <a href="https://coingape.com/bitcoin-etf-market-views-cement-towards-an-etf-standard-over-bitcoin/">Bitcoin ETF</a>, the Solana price underwent a significant correction, plummeting from $126 to a recent low of $79. After this sharp 37.5% decline, the coin found solid support at the confluence of $80 and the 38.2% Fibonacci retracement level. 
With the crypto market showing renewed recovery, as evidenced by the <a href="https://coingape.com/price/bitcoin/">Bitcoin price</a> rise above $42,000, the SOL coin managed to rebound from the aforementioned support levels. If the current bullish trend persists, it’s expected that buyers will target the immediate resistance at $102, corresponding with the 50% Fibonacci retracement of the recent correction. 
A breakthrough above this resistance could propel the <a href="https://coingape.com/markets/solana-price-bull-flag-hints-potential-recovery-to-125/">SOL</a> price further, potentially revisiting the $126 level. Analysis of the daily time frame chart indicates that such a rally could complete a “Cup and Handle” pattern, a bullish reversal pattern typically observed at the end of major bear markets, suggesting a significant trend reversal for Solana. 
<h2 id="b-is-solana-price-ready-for-uptrend-b">Is Solana Price Ready For Uptrend?</h2> 
The nearly two-year formation of the “Cup and Handle” pattern on Solana’s chart hints at a long-term bullish impact on its price. A breakout above the $126 neckline resistance could mark an early sign of a trend reversal, indicating the asset’s exit from a key accumulation phase. With sustained buying, the post-breakout rally might aim for an initial target around the $256 mark. 
<ul> 
 <li aria-level="1">Exponential Moving Average: The recent jump above the 20 and 50-day <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/">EMA</a> indicates the recovery trend is returning to SOL price.</li> 
 <li aria-level="1">Directional Moving Index: A potential bullish crossover between the DI+ and DI- could accelerate the bullish momentum in the market.</li> 
</ul> 
<h3 id="related-articles">Related Articles:</h3> 
<ul> 
 <li><a href="https://coingape.com/7-reasons-to-buy-solana-sol-this-year/">7 Reasons To Buy Solana (SOL) This Year</a></li> 
 <li><a href="https://coingape.com/blog/will-solana-price-recover/">Solana Price: Will Solana Price Recover In 2024?</a></li> 
 <li><a href="https://coingape.com/sol-price-jumps-5-5-as-solana-unveils-token-extensions/">SOL Price Jumps 5.5% As Solana Unveils Token Extensions</a></li> 
</ul> 
The post <a href="https://coingape.com/markets/solana-price-massive-reversal-amid-this-pattern/">Solana Price Nearing Massive Reversal Amid This Pattern Development</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Solana Price Nearing Massive Reversal Amid This Pattern Development

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