Rally

Solana

Bitcoin

Reversal

The post <a href="https://coinpedia.org/price-analysis/sol-price-reversal-hints-end-of-correction-rally-to-hit-200/" rel="noopener noreferrer nofollow">SOL Price Reversal Hints End Of Correction Rally To Hit $200</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
With a minor correction last week, Solana’s price trend remains under stress amidst the broader market slowdown. However, as Bitcoin makes a recovery to start this week with a 2.26% jump, the sideline traders anticipate a boom in altcoins this week.&nbsp;
Will the broader market comeback result in a boost in the Solana price trend? Will Solana sustain the reversal momentum to hit 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-solana-price-performance">Solana Price Performance</h2>
With a long-coming support trendline in the SOL price trend, the underlying demand is evidently strong. Further, the recent comeback from the support trendline challenges the dynamic 50D EMA and the $150 psychological mark.&nbsp;
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/6hjEu3syz-0DJuYEKhxmHvq9B98bpssm65pUl8MYUKkRsqnJzwZw_VKI0nR67Fc7T6VqPy2EcHWE_x0B6hkrl3JLy_x7SYzVJwqKQvTnLtzVd1WAjO88VGpVgBgv6OVRrDh01g4sfshEIj64O413Pgg" alt="">
</figure>
<a href="https://www.tradingview.com/x/AhFbAfkz/" rel="noopener noreferrer nofollow">TradingView</a>
As the SOL price sustains above the 50% Fibonacci level, the short-term price trend teases a potential inverted head and shoulder pattern. The neckline of the pattern stands at the psychological mark of $150.
Hence, a breakout above this crucial resistance will boost the uptrend momentum in Solana. Currently, the Solana price trades at $145 with an intraday move of 1.25%, creating a long-tail bullish candle. With increased volumes, the intraday candle projects a high likelihood of an uptrend.&nbsp;
Technical Indicators:
MACD Indicator: The MACD and signal lines are converging for a bearish crossover. However, a bullish comeback will prolong the positive trend.
RSI: The daily RSI line shows a rising trend, struggling to sustain above the halfway line.&nbsp;
<h2 class="wp-block-heading" id="h-will-sol-price-cross-200">Will SOL Price Cross $200?</h2>
As the broader market recovery possibility is on the rise, with Bitcoin bouncing back above $62,000, the SOL price could surge higher. With a potential bullish trend, Solana is ready for a jump above $150. If the SOL price crosses the psychological mark of $150, a pump to the $200 is possible.&nbsp;
Conversely, a drop under the support trendline will nullify the bullish pattern. In such a case, the bearish trend will reach the $120 mark.&nbsp;

SOL Price Reversal Hints End Of Correction Rally To Hit $200

Table of Contents

CoinPedia News

Other articles published on May 13, 2024

North Korean Hackers Unleash ‘Durian’ Malware, Targeting South Korean Crypto Firms

Here’s Why THORChain (RUNE) Price is Up

TRUMP rallies, BODEN falls amidst election buzz: What does this mean?

Earn $1000 Daily Passive Income in the Cryptocurrency World with CurrencyMiner

Pepe Coin Leads in Recent Meme Token Price Surge

Candy Jets now accepts Bitcoin Lightning Payments

Join our free newsletter for daily crypto updates!