Solana

The post <a href="https://coinpedia.org/price-analysis/sol-price-at-50-fibonacci-eyes-a-90-comeback/" rel="noopener noreferrer nofollow">SOL Price At 50% Fibonacci Eyes A 90% Comeback!</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
As the top altcoins spiral into a bearish or indecisive Whirpool, the SOL price resists intense corrections beyond $130. With a solid support trendline at play and crucial support levels, Solana is close to a bullish pivot.
However, the constant rise in supply pressure warns of a major drawback, potentially fracturing the ascending line. Will the supply pressure resist Solana reaching the $500 mark in 2024? Find out more in our <a href="https://coinpedia.org/price-prediction/solana-sol-price-prediction/" rel="noopener noreferrer nofollow">SOL price prediction</a>.&nbsp;
<h2 class="wp-block-heading" id="h-will-sol-price-reverse-from-135">Will SOL Price Reverse From $135?</h2>
With the recent reversal from the support trendline failing to sustain above the psychological mark of $150, the SOL price reverts to the $135 support level. As it aligns with the 50% Fibonacci level and the support trendline, the chances of reversal are high for Solana.&nbsp;
<figure class="wp-block-image"><img decoding="async" width="1600" height="796" src="https://image.coinpedia.org/wp-content/uploads/2024/04/29112153/image-889.png" alt="" class="wp-image-295489" srcset="https://image.coinpedia.org/wp-content/uploads/2024/04/29112153/image-889.png 1600w, https://image.coinpedia.org/wp-content/uploads/2024/04/29112153/image-889-300x149.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/04/29112153/image-889-1024x509.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/04/29112153/image-889-768x382.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/04/29112153/image-889-1536x764.png 1536w, https://image.coinpedia.org/wp-content/uploads/2024/04/29112153/image-889-150x75.png 150w" sizes="(max-width: 1600px) 100vw, 1600px">
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<a href="https://www.tradingview.com/x/d7UfrS0a/" rel="noopener noreferrer nofollow">TradingView</a>
Further, as the higher high formation continues, the sideline traders anticipate another bullish surge, crossing $150. However, the recent correction wave threatens to fracture the trendline as the lower price rejection signals are not visible in the 1D chart.&nbsp;
Currently, the SOL price trades at $136.41 with an intraday fall of 1.14%, creating another bearish candle. With the intraday fall, the chances of reversal are limited.&nbsp;
Technical Indicators:
MACD Indicator: The MACD and signal lines are converged in the negative territory, hinting at a potential positive crossover. Yet, this drop could lead to a prolonged negative trend in SOL price.
RSI: The daily RSI line shows a bullish reversal from the oversold zone and teases an uptrend. With an uptrend in motion, the momentum indicator bolsters the possibility of a bull run.
<h2 class="wp-block-heading" id="h-will-solana-hit-500">Will Solana Hit $500?</h2>
As the pullback phase for Solana prolongs with increased intensity, the downtrend threatens a drop to $100. However, with the strong support of $135 and multiple bullish catalysts in the equation, the chances of a bull run are minimal but solid.&nbsp;
If the SOL price reverses to cross the 61.80% Fib level and the milestone of $200, the altcoin will aim for a new 52W high. Considering that the uptrend has regained momentum, the Solana market value can cross $500 by the end of this year.&nbsp;

SOL Price At 50% Fibonacci Eyes A 90% Comeback!

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