Rally

Solana

Bitcoin ETF

Base

With the native token of <a href="https://coingape.com/solana-co-founder-compares-with-ethereum-as-sol-dex-volume-hits-50bln/" rel="noopener noreferrer nofollow">Solana</a> facing an immense wave of supply, the market value of the SOL token plunged to 3% this week. Under the rising tensions of global affairs and the BTC price back at $65000, the altcoins could witness a landslide. Despite the correction, the SOL price is preparing for a turnaround with a bullish pattern visible on the charts. Will the altcoin resurface above $200 with a breakout run or a fall to $150 is inevitable?
Also Read: <a href="https://coingape.com/markets/solana-price-forecast-will-sol-hit-200-soon-amidst-bullish-signals-and-growing-tvl/" rel="noopener noreferrer nofollow">Solana Price Forecast: Will SOL Hit $200 Soon Amidst Bullish Signals and Growing TVL?</a>
<h2 id="b-solana-price-eye-180-neckline-for-bullish-reversal-b">Solana Price Eye $180 Neckline for Bullish Reversal</h2>
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/8/8FP9Hf1W.png" alt="BINANCE:SOLUSDT Chart " width="1946" height="937">
 <figcaption class="wp-caption-text">
 Solana Price| Tradingview
 </figcaption>
</figure>
After a rapid upward movement, the <a href="https://coingape.com/price/solana/" rel="noopener noreferrer nofollow">Solana price</a> is witnessing a pullback as buyer momentum wanes. This pullback, following the breach of the $200 level, has resulted in a 22% decline, establishing a support trendline around the $160 mark.
<blockquote>
 With the minor setback in the Solana market price, the daily chart projects a triangle formation as the volatility contracts. Furthermore, analyzing the triangle forming just after the bull run leads to a visible bullish flag pattern that is ready for a breakout.&nbsp;
</blockquote>
Currently, the <a href="https://coingape.com/blog/solana-price-has-dropped-9-buy-sell-or-hodl/" rel="noopener noreferrer nofollow">SOL price</a> trades close to the bottom support trendline at $170, with an intraday move of +2.16%. Further, the short-term price movement displays a double bottom pattern forming at the baseline.&nbsp;
With a neckline at $180, the ongoing recovery is closer to a breakout rally that might set a bullish chain reaction. In such a case, the buyers could prepare for an overhead resistance trendline breakout to prolong the rally.&nbsp;
Also Read: <a href="https://coingape.com/bitcoin-news-btc-etf-weekly-outflows-reach-900m-amid-crypto-market-crash-what-next/" rel="noopener noreferrer nofollow">Bitcoin ETF Weekly Outflows Reach $900M Amid Crypto Market Crash, What’s Next?</a>
<h2 id="b-will-solana-price-return-to-recovery-trend-b">Will Solana Price Return to Recovery Trend?</h2>
With the sudden drop in bullish market sentiments coupled with the <a href="https://coingape.com/blog/bitcoin-price-why-btc-price-will-hit-3-8-million-in-2030/" rel="noopener noreferrer nofollow">Bitcoin price</a> under $65,000, Solana faces heat from the market. As the buyers prepare a bounce back, the sideline traders anticipate a breakout run. In such a case, the uptrend could propel the SOL price higher to the peak of $210. Optimistically, the bull run could lead to a new 52W high at $242.
Conversely, a sell-off phase could plunge Solana to suitable support at the $162 and $146 levels.&nbsp;&nbsp;
<h2 id="b-technical-indicator-b">Technical Indicator</h2>
<ul>
 <li aria-level="1">Exponential Moving Average: The 50-day and 100-day <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/" rel="noopener noreferrer nofollow">EMAs</a> are converging to form a tight trading range for Solana’s price, signaling a period of heightened volatility</li>
 <li style="font-weight: 400;" aria-level="1">Directional Movement Index: The&nbsp;DI+(blue) and DI-(orange) slope nearing a bullish crossover hints the buyers grappling to regain control over this asset.</li>
</ul>
The post <a href="https://coingape.com/markets/heres-how-solana-price-pullback-forms-base-for-next-rally/" rel="noopener noreferrer nofollow">Here’s How Solana Price Pullback Forms Base for Next Rally</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Here’s How Solana Price Pullback Forms Base for Next Rally

Table of Contents

Coingape News Media

Other articles published on Mar 24, 2024

Key Developments in the Cryptocurrency Market: Bitcoin, Solana, Ripple, and Avax Analysis

Ripple (XRP) and Avalanche (AVAX) Enthusiasts Bet Big on Koala Coin (KLC) Overtaking Frog Wif Hat...

Internet Computer ‘Makes Other Projects Obsolete’: Why ICP, ‘the Sleeping Giant,’ Will Outperform...

Solana SLERF Dev Burns $10M in Alleged Fat Finger Accident, $GFOX Presale Offers Additional Security

Hyundai’s Technological Advancements in Tamil Nadu

Innovative AI Startup Introduces ‘Nursebots’ to Provide Emotional Support

Join our free newsletter for daily crypto updates!