Rally

Solana

Strong

Vortex

Time

Solana Price: SOL, the native token of the <a href="https://coingape.com/here-why-solana-sol-price-rising-despite-recent-outage/" rel="noopener noreferrer nofollow">Solana</a> ecosystem witnessed a temporary selling on Tuesday as the network witnessed a 5-hour outage. The system breakdown plunged the coin price to a low of $92.8 only to quickly rebound from on recovery trend.
@mtromp, a Solana validator, said in an X post “Core engineers have identified a fix and are building a new version for Validators to upgrade. More details after testing is complete”
The renewed buying has uplifted the coin price to $105.4, preparing for a decisive breakout from a bullish reversal pattern called inverted head and shoulder.
Also Read: <a href="https://coingape.com/markets/3-bargain-solana-rivals-to-10x-in-2024-xrp-doge-shib/" rel="noopener noreferrer nofollow">3 Bargain Solana Rivals To 10X In 2024: XRP, DOGE, SHIB</a>
<h2 id="b-can-solana-price-sustain-above-100-b">Can Solana Price Sustain Above $100</h2>
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/r/RaeEQpnQ.png" alt="BINANCE:SOLUSDT Chart " width="1946" height="937">
 <figcaption class="wp-caption-text">
 Solana Price| Tradingview
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</figure>
Amid the recent recovery trend in the crypto market which pushed the <a href="https://coingape.com/price/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin price</a> above $46000, the majority of major altcoins rebounded to higher levels, including Solana. The SOL price rising for four consecutive days, surged from $92.8 to $105, registering 13%.
A recent analysis from renowned trader CryptoBusy has highlighted a bullish signal for <a href="https://coingape.com/blog/chainlink-vs-solana-which-altcoin-is-worth-investment/" rel="noopener noreferrer nofollow">Solana ($SOL)</a> investors: an inverted head and shoulders pattern on the higher time frame chart. This technical formation, recognized for indicating a potential bullish reversal, emerges as $SOL confronts a long-standing multi-month resistance.&nbsp;
If <a href="https://coingape.com/price/solana/" rel="noopener noreferrer nofollow">Solana price</a> successfully breaks through this resistance, it could mark the start of a significant uptrend. However, given the strength of this resistance in the past, caution is advised. A break above this level could signal a bullish phase for Solana, while failure to overcome it may lead to continued consolidation.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> LOOK: <a href="https://twitter.com/hashtag/Solana?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Solana</a> <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$SOL</a> inverted head and shoulders!
 If <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$SOL</a> breaks this reversal pattern on the higher time frame, It's bullish!
 However, this is a multi-month resistance so watch out! <a href="https://t.co/VTl70dgvep" rel="noopener noreferrer nofollow">pic.twitter.com/VTl70dgvep</a>
 — CryptoBusy (@CryptoBusy) <a href="https://twitter.com/CryptoBusy/status/1755964043523948722?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 9, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Thus, a potential break with the daily candle closing above the neckline resistance of $105 will accelerate buying pressure to lead a rally to $135.
<h2 id="b-technical-indicator-b">Technical Indicator</h2>
<ul>
 <li aria-level="1">Exponential Moving Average: The price above 20-and-50-day <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/" rel="noopener noreferrer nofollow">EMA</a> could offer buyers additional support.</li>
 <li aria-level="1">Vortex Indicator: The expanding gap between the VI+ and VI- slope in a bullish crossover state reflects buyers are strengthening their grip over their assets.</li>
</ul>
<h3 id="related-articles">Related Articles:</h3>
<ul>
 <li><a href="https://coingape.com/solana-outage-fix-released-for-validator-operators-to-restart-network/" rel="noopener noreferrer nofollow">SOL Outage: Fix Released For Validator Operators To Restart Network</a></li>
 <li><a href="https://coingape.com/markets/solana-price-prediction-is-it-a-good-time-to-buy-sol-dip-as-network-outage-causes-uncertainty/" rel="noopener noreferrer nofollow">Solana Price Prediction: Is It A Good Time To Buy SOL Dip As Network Outage Causes Uncertainty?</a></li>
 <li><a href="https://coingape.com/blog/bonk-vs-honk/" rel="noopener noreferrer nofollow">Bonk Vs Honk: Which Solana Meme Coins is Worth the Hype?</a></li>
</ul>
The post <a href="https://coingape.com/markets/solana-price-rebounds-outage-recovery-to-130/" rel="noopener noreferrer nofollow">Solana Price Rebounds Strong From Recent Outage, Is Rally to $130 Next?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Solana Price Rebounds Strong From Recent Outage, Is Rally to $130 Next?

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