Render

Solana

Bitcoin

Bonk

The Graph

In the struggling cryptocurrency market,&nbsp; Solana (SOL) the world’s fifth biggest cryptocurrency looks to recover after gaining support from a crucial $124 level. Today, on July 5, 2024, SOL experienced a massive price drop of 7% as <a href="https://news.todayq.com/crypto-liquidation-reaches-685-million-as-mt-gox-moves-btc/" rel="noopener noreferrer nofollow">Bitcoin (BTC) crashed</a> more than 8%, during the Asian Trading hours.
The reason for this potential recovery in SOL is caused by the formation of a bullish price action pattern on Solana’s daily chart.&nbsp; Solana technical analysis and key levels 
According to expert technical analysis, Solana (SOL) is currently there near a strong support level of $124 and moving above 200 EMA (Exponential Moving Average). Besides EMA, the SOL daily chart forms a bullish double-bottom price action pattern, a bullish divergence, while the Relative Strength Index (RSI) is in an oversold area.
Additionally, in May 2024, SOL experienced a similar double bottom and bullish divergence on a daily time frame. Following the formation of this price action, we have experienced a massive upside move to $160. However, this time, there is a high possibility that SOL may experience a similar upside move and hit the $160 level in the coming days.
Despite this bullish outlook, theopen interest in SOL is continuously surging. In the last 4 hours alone, it surged more than 7%, and in the last 1 hour, it surged more than 4%. This continuous increase in open interest highlights strong interest and confidence among investors and traders in SOL, despite other cryptocurrencies showing losses. SOL price-performance analysis 
Following this bullish outlook, SOL is currently trading near $133, and in the last 24 hours, it experienced a 0.2% downside move. Meanwhile, during Asian trading hours, SOL was down by over 7%. Whereas, due to the high selling pressure it made a low of $122 and a high of $135 according to the data from coinmarketcap.
If we look at the performance of SOL over a longer period, in the last 7 days it experienced an 8% price drop. Whereas, in the last 30 days, SOL experienced a price drop of over 23%.
Besides SOL, Solana-based altcoins are in red other than the popular meme coin Bonk (BONK) as it surged more than 3% in this challenging market. Whereas, altcoins including ChainLink (LINK), Render (RNDR), Dogwifhat (WIF), and The Graph (GRT) experienced a price drop of 6%, 3%, 1%, and 7% respectively, in the last 24 hours.

Solana (SOL) could hit $160 with a strong bullish double-bottom pattern

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