Rally

Solana

Bitcoin

Resistance

Solana Price Analysis: In the past two weeks, the cryptocurrency market has witnessed heightened volatility as <a href="https://coingape.com/price-predictions/bitcoin-btc-price-prediction/" rel="noopener noreferrer nofollow">Bitcoin price</a> resonates around $60000. This consolidation has put downward pressure on several altcoins including Solana. The <a href="https://coingape.com/agridex-funding-5m-investment-paves-way-for-agricultural-tokenization-on-solana/" rel="noopener noreferrer nofollow">SOL</a> price reverted from $160 in the second week of May and has tumbled 10% to currently trade at $143. However, this pullback in the 4-hour chart shows the formation of a flag pattern— a setup viewed as a temporary pullback before a strong rally.
Also Read: <a href="https://coingape.com/michael-novogratz-turns-short-term-bearish-on-bitcoin-ethereum-solana/" rel="noopener noreferrer nofollow">Michael Novogratz Turns Short-Term Bearish on Bitcoin, Ethereum, Solana</a>
<h2 id="solana-faces-key-resistance-at-160-will-a-breakout-follow">Solana Faces Key Resistance at $160: Will a Breakout Follow?</h2>
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/i/I6KHpwBb.png" alt="BINANCE:SOLUSDT Chart " width="1946" height="937">
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 Solana Price Analysis| Tradingview
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Amid the recent market consolidation, the <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/" rel="noopener noreferrer nofollow">Solana price</a> correction formed a local bottom at $118.4 support. A renewed recovery from this support propelled altcoin 34.7% to challenge the resistance at $160.
However, the SOL price lacks momentum as the broader market enters a consolidation due to the BTC price wavering around $60k. A reversal from the overhead resistance triggered a 50% correction of the prior rally but also developed a flag pattern.
The two converging trend lines in the setup indicate the selling pressure is getting dissolved by the rising demand pressure. A potential breakout from the overhead trendline will signal the end of this minor correction and accelerate buying pressure.
The post-breakout rally could bolster buyers with sufficient support to challenge the $160 resistance. However, the aforementioned barrier is the last swing, and a breakout above it is needed to obtain better confirmation of recovery.
This breakout will pave the buyers’ path to chase a potential target of $184.6, followed by $210.
Also Read: <a href="https://coingape.com/markets/5-top-solana-meme-coins-could-quickly-turn-800-into-80000/" rel="noopener noreferrer nofollow">5 Top Solana Meme Coins To Buy To Swiftly To Make $80,000 From $800</a>
<h2 id="b-technical-indicator-b">Technical Indicator</h2>
<ul>
 <li aria-level="1">Exponential Moving Average: The flattish 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> indicates a near-term trend is sideways. However, the price above 100-and-200-day EMA accentuates the broader trend and remains bullish.</li>
 <li aria-level="1">Relative Strength Index: The daily RSI slope wavering around the 50% midline highlights an uncertain market sentiment.</li>
</ul>
The post <a href="https://coingape.com/markets/solana-price-analysis-flag-pattern-imminent-breakout-to-200/" rel="noopener noreferrer nofollow">Solana Price Analysis: Flag Pattern Suggests Imminent Breakout Rally to $200</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Solana Price Analysis: Flag Pattern Suggests Imminent Breakout Rally to $200

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