bullish

2024

Solana

Reversal

<p>The post <a href="https://coinpedia.org/price-analysis/sol-price-restarts-bull-cycle-at-130-amid-market-recovery/">SOL Price Restarts Bull Cycle At $130 Amid Market Recovery&nbsp;</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>With a bloodbath yesterday, the crypto market is back in action, and the altcoins quickly gain momentum. Amidst top performers, the <a href="https://coinpedia.org/price-prediction/solana-sol-price-prediction/" target="_blank" rel="noreferrer noopener">SOL price</a> jumps with a lower price rejection from the $110 level.&nbsp;</p> 
<p>As the bullish recovery gains momentum in Solana, the buyers anticipate a new upcycle with multiple resistances along the way. Will the SOL price rechallenge the $200 mark this month?</p> 
<h2 class="wp-block-heading" id="h-solana-price-performance">Solana Price Performance</h2> 
<p>The recent negative cycle in SOL price during the market crash becomes a prominent figure in the 1D chart. With a streak of bearish candles, Solana lost 30% of its market value in just eight days. Starting from the $190 resistance, the downfall made a low of $110 before a quick recovery to close at $129.&nbsp;</p> 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfnyRogEtym-9FaPHjRyHNYYEDM2L4SBRyspqTk4q-M3jQf4eLRS4vlXfqeaDR6EAx4iCKNdXBewarWw51PYfY4DvIuhoo_LFQH5H_W8tWG-DKNfSGIt-qBM8d8Xdk8SmPt4AT6R01NMVEc6TSV5O04CtU?key=YbUKRlMFzA5YDVtKgeHeLA" alt="">
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<p><a href="https://www.tradingview.com/x/RQxP8Bxp/">TradingView</a></p> 
<p>The lower price rejection pushing the closing price 19 points higher reveals an underlying surge in demand. Furthermore, with the Asian markets recovering, the crypto market makes a recovery and Solana finds additional push.&nbsp;</p> 
<p>As the conditions improve, the <a href="https://markets.coinpedia.org/solana/" target="_blank" rel="noreferrer noopener">SOL price</a> is up by 8.63% today and trades at $141, undermining the fall yesterday. Further, the bullish dominance at the $130 level hints at a new bull cycle.&nbsp;</p> 
<h2 class="wp-block-heading" id="h-short-term-reversal-begins-bullish-butterfly-effect">Short-term Reversal Begins Bullish Butterfly Effect</h2> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">That <a href="https://twitter.com/hashtag/Solana?src=hash&amp;ref_src=twsrc%5Etfw">#Solana</a> rebound was wild! If there was only one account that told you to buy <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SOL</a>. <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f609.png" alt="😉" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/W6YR9pk3YA">https://t.co/W6YR9pk3YA</a> <a href="https://t.co/EmyrcjmfDh">pic.twitter.com/EmyrcjmfDh</a></p>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1820687361958728078?ref_src=twsrc%5Etfw">August 6, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
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<p>In a recent tweet, Ali_charts highlights the double bottom reversal in a short-term reversal leading to the ongoing recovery. The $142 target highlighted in his tweet has been reached and approaches the $150 crossroads.&nbsp;</p> 
<p><strong>Technical Indicators</strong>:</p> 
<p><strong>RSI</strong>: The daily RSI line shows an upside tick from the oversold boundary line with no significant divergence. Hence, the reversal is solely an indication of an increase in bullish momentum.&nbsp;&nbsp;</p> 
<p><strong>EMA</strong>: The intraday recovery resurfaces Solana above the 200D EMA, signaling a potential bounce back.&nbsp;</p> 
<h2 class="wp-block-heading" id="h-will-the-sol-price-hit-200">Will The SOL Price Hit $200?</h2> 
<p>Regaining momentum after the correction phase, the quick bounce back in Solana teases another rounding reversal. The bullish comeback will likely challenge the $190 resistance and could reclaim the $250 mark with a breakout rally.&nbsp;</p> 
<p>Also Check Out: <a href="https://coinpedia.org/news/solana-and-ethereum-poised-for-new-victories-as-market-rebounds-from-red-to-green/" target="_blank" rel="noreferrer noopener">Solana and Ethereum Poised for New Victories as Market Rebounds from Red to Green</a></p>

SOL Price Restarts Bull Cycle At $130 Amid Market Recovery

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