Solana

Bitcoin

The post <a href="https://coinpedia.org/price-analysis/sol-price-ready-to-resurface-above-100-25-upside-potential/" rel="noopener noreferrer nofollow">SOL Price Ready To Resurface Above $100, 25% Upside Potential</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
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.&nbsp;
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.&nbsp;
With the growing anticipations around Solana, will the SOL price reach the $1000 mark? Check out our <a href="https://coinpedia.org/price-prediction/solana-sol-price-prediction/" rel="noopener noreferrer nofollow">Solana price prediction</a> to learn more about the long-term picture.
<figure class="wp-block-image size-large"><img decoding="async" width="1024" height="492" src="https://image.coinpedia.org/wp-content/uploads/2024/01/29160819/image-155-1024x492.png" alt="" class="wp-image-265093" srcset="https://image.coinpedia.org/wp-content/uploads/2024/01/29160819/image-155-1024x492.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/01/29160819/image-155-300x144.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/01/29160819/image-155-768x369.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/01/29160819/image-155-1536x737.png 1536w, https://image.coinpedia.org/wp-content/uploads/2024/01/29160819/image-155-150x72.png 150w, https://image.coinpedia.org/wp-content/uploads/2024/01/29160819/image-155.png 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
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Source – <a href="https://www.tradingview.com/x/o1lUmVfu/" rel="noopener noreferrer nofollow">TradingView</a>
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.&nbsp;
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.&nbsp;
Currently, the SOL price trades at $96.88 with an intraday growth of 0.86% and marks the fourth consecutive bullish candle.&nbsp;
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.&nbsp;
Technical Indicators:
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.
<h2 class="wp-block-heading" id="h-will-sol-price-rerun-cross-100">Will SOL Price Rerun Cross $100?</h2>
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.

SOL Price Ready To Resurface Above $100, 25% Upside Potential

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