Rally

Solana

Bitcoin

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/solanas-resilience-amidst-crypto-market-rally/" data-wpel-link="internal">Solana’s Resilience Amidst Crypto Market Rally</a><br></p>
<p style="text-align: justify">In the midst of the ongoing relief rally in the crypto market, the leading altcoin <strong>Solana</strong>‘s (SOL) price has shown remarkable resilience by maintaining its position above the psychologically important $80 level. The revival of buying interest has increased the altcoin’s price by 23 percent in just one week, reaching its current trading price of $97.3.</p> 
<h2 style="text-align: justify" id="strong-the-cup-and-handle-formation-on-solana-s-price-chart-strong"><strong>The “Cup and Handle” Formation on Solana’s Price Chart</strong></h2> 
<p style="text-align: justify">Amidst the downturn in the crypto market following the challenges faced after the approval of the US’s first spot <a href="https://en.coin-turk.com/expert-name-expresses-his-opinion-bitcoin-direction-25000-or-30000/" data-wpel-link="internal">Bitcoin</a> ETF, Solana’s <strong>SOL</strong> price saw a significant correction, with the altcoin’s price dropping from $126 to $79. After this sharp 37.5% drop, the altcoin found support at the intersection of the $80 level and the 38.2% Fibonacci retracement level.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-308459" src="https://coin-turk.com/wp-content/uploads/2024/01/Solana-SOL-Altcoin-Analiz.png" alt="" width="1946" height="937"></p> 
<p style="text-align: justify">Following Bitcoin’s price rise above $42,000, the <strong>crypto market</strong> began to show signs of recovery, and SOL also rebounded. If the current upward trend continues, it can be expected that buyers will target the resistance level of $102, which corresponds to the 50% Fibonacci retracement of the last correction.</p> 
<p style="text-align: justify">Breaking above this resistance could further elevate SOL’s price and potentially revisit the $126 level. Analysis of the daily time frame chart indicates that such a rally could complete a “Cup and Handle” formation, a bullish reversal pattern typically observed at the end of major bear markets, signaling a significant trend reversal for the altcoin.</p> 
<h2 style="text-align: justify" id="strong-is-sol-price-ready-for-an-uptrend-strong"><strong>Is SOL Price Ready for an Uptrend?</strong></h2> 
<p style="text-align: justify">The approximately two-year-old “Cup and Handle” formation on Solana’s chart points to a long-term uptrend. A breakout above the neckline resistance at $126 would be a leading indicator of trend reversal and show that the altcoin is emerging from a significant consolidation phase. With continued buying, the rally following the breakout could see SOL’s price rise towards around $256.</p> 
<p style="text-align: justify">Currently, SOL’s price is trending above the 20 and 50-day Exponential Moving Averages (EMAs) on the daily time frame, indicating the start of a recovery trend. Moreover, the potential bullish crossover between the DI+ and DI- lines of the Directional Movement Index on the same time frame has the potential to accelerate the upward momentum.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/solanas-resilience-amidst-crypto-market-rally/" data-wpel-link="internal">Solana’s Resilience Amidst Crypto Market Rally</a></h5>

Solana’s Resilience Amidst Crypto Market Rally

Table of Contents

COINTURK NEWS

Other articles published on Jan 29, 2024

Banxa Integration Brings Seamless, Low-Cost Fiat On-Ramps to Sui, Off-Ramps Coming Soon

Solana Foundation Doubles Down on Developer Engagement with Colosseum Platform

The liquidation of Evergrande could push China towards crypto!

BRICS: Russia Building New Payment System Without U.S. Dollar

All Eyes on Bitcoin Turn to FED's January Interest Rate Decision! When Will It Be Announced? Here...

AI Revolution Beyond Tech: Goldman Sachs Sees Productivity Surge

Join our free newsletter for daily crypto updates!