Convergence

Solana

Strong

Divergence

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/solana-shows-strong-recovery-with-a-10-increase/" data-wpel-link="internal">Solana Shows Strong Recovery with a 10% Increase</a> 
After a brief period of decline, the leading altcoin Solana (SOL) showed a strong recovery, rising by approximately 10% in the last few hours. This rise sparked optimism among <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a> and led to an increase in the bullish trend for the altcoin in the <a href="https://en.coin-turk.com/optimism-in-the-crypto-market-as-the-year-ends/" data-wpel-link="internal">cryptocurrency market</a>. 
<h2 style="text-align: justify" id="strong-unpredictability-continues-in-altcoin-strong">Unpredictability Continues in Altcoin</h2> 
Despite recent gains, Solana’s price remains unpredictable as it hovers near a significant support level. Over the past few weeks, the altcoin‘s market cap has lost over $22 billion, reflecting high volatility in its price. However, the recent 9.39% rise in the last 24 hours and a 122.26% increase in trading volume indicate a potential shift in market sentiment. According to data from CoinMarketCap, Solana has fallen by 19.76% in the last 30 days. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-364855" src="https://coin-turk.com/wp-content/uploads/2024/06/Altcoin-Solana-SOL-1.png" alt="" width="1435" height="757"> 
On the other hand, the recent price movement has led to the formation of an inverted cup and handle pattern on Solana’s chart. This pattern typically indicates a bearish trend and potential issues for the altcoin. Nevertheless, the short-term rise has provided some relief to investors. 
<h2 style="text-align: justify" id="strong-technical-indicators-for-solana-strong">Technical Indicators for Solana</h2> 
When examining technical indicators, the Simple Moving Average (SMA) on the daily chart is approaching a positive crossover, which could indicate increased price movement for Solana. Meanwhile, the Moving Average Convergence Divergence (MACD) indicator shows a decline in the red histogram, indicating stronger buying pressure compared to selling pressure. This potential bullish divergence suggests that the altcoin’s price may continue to rise <a href="https://newslinker.co" target="_blank" rel="noopener" data-wpel-link="exclude">in the near future</a>. 
If the overall bullish trend in the cryptocurrency market continues, Solana’s SOL is expected to gain more momentum and test the resistance level at $155. A breakout above this level could push the price to the upper resistance at $181.50. 
In a reverse scenario, if the downtrend continues, Solana may retest the significant support level at $127. Failure to maintain this support could lead to the altcoin dropping to $100 in the coming weeks. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/solana-shows-strong-recovery-with-a-10-increase/" data-wpel-link="internal">Solana Shows Strong Recovery with a 10% Increase</a></h5>

Solana Shows Strong Recovery with a 10% Increase

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