Boost

Solana

Defi

Filecoin

Forge

While the broader market remains volatile, the <a href="https://coingape.com/price/solana/" rel="noopener noreferrer nofollow">Solana price</a> showed strong resilience above the $106 support. The morning star candle at this horizontal level reflects the recovery trend witnessed sufficient demand pressure at dips to continue to the forward march. Can buyers maintain this momentum if the Bitcoin price sparks a new correction from $52000?
Also Read: <a href="https://coingape.com/solana-and-filecoin-forge-partnership-to-boost-decentralized-storage-solutions/" rel="noopener noreferrer nofollow">Solana and Filecoin Forge Partnership to Boost Decentralized Storage Solutions</a>
<h2 id="b-sustainable-recovery-sets-solana-price-leap-to-125-b">Sustainable Recovery Sets Solana Price Leap to $125</h2>
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/m/mT9OvD7Z.png" alt="BINANCE:SOLUSDT Chart " width="1815" height="836">
 <figcaption class="wp-caption-text">
 Solana Price| Tradingview
 </figcaption>
</figure>
An analysis of the daily time frame chart shows the <a href="https://coingape.com/markets/solana-price-prediction-sol-pullback-to-106-is-an-opportunity-to-buy-the-dip/" rel="noopener noreferrer nofollow">Solana coin</a> made a quick rebound from the last correction phase as the buyer regained control at $79 support. A V-shaped recovery is a sign of aggressive momentum and uplifted the asset price by 42% within a month.
The renewed recovery regained 50% of the losses witnessed during the last pullback indicating the buyers continue to dominate this asset. Moreover, an ascending trendline is acting as a dynamic support to keep the recovery trend intact and extend the bull march.
On February 17th, the <a href="https://coingape.com/coinbase-commerce-teases-solana-and-lightning-network-integration/" rel="noopener noreferrer nofollow">SOL</a> price rebounded from the support trendline and 20-day EMA slope with a morning star candle pattern. If the recovery momentum persists, the buyers are likely to drive a 13% upswing to hit the neckline resistance of the cup and handle pattern at $125.
Also Read: <a href="https://coingape.com/sponsored/defi-pioneer-set-to-rally-1000-turns-solana-sol-investors-heads-as-they-jump-on-board/" rel="noopener noreferrer nofollow">Defi Pioneer Set To Rally 1000% Turns Solana (SOL) Investors Heads As They Jump On Board</a>
<h2 id="b-cup-and-handle-pattern-carries-current-recovery-b">Cup and Handle Pattern Carries Current Recovery</h2>
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/8/8kDZr0lA.png" alt="BINANCE:SOLUSDT Chart " width="1946" height="937">
 <figcaption class="wp-caption-text">
 Solana Price| Tradingview
 </figcaption>
</figure>
As Coingape earlier <a href="https://coingape.com/markets/solana-price-prediction-buyers-strike-700-day-barrier/" rel="noopener noreferrer nofollow">reported</a>, the current upswing in SOL price is developing the handle portion of a cup and handle pattern. In theory, this pullback is the last correction the assets face before buyers give a massive breakout to trigger a directional trend. A bullish breakout from the resistance trendline at $125 will intensify the recovery momentum. With sustained buying, the buyers may chase the potential target of $250 if the pattern holds true.
If the lower support trendline is breached, the SOL price will be at risk of falling below $90.
<h2 id="b-technical-indicator-b">Technical Indicator</h2>
<ul>
 <li aria-level="1">Exponential Moving Average: The fast-moving 20-and-50-day EMA may offer suitable pullback support to buyers.&nbsp;</li>
 <li aria-level="1">Average Directional Index: The ADX slope at 14% reflects the last correction assisted buyers in reviving strength for the higher rally.</li>
</ul>
Related Article: <a href="https://coingape.com/crypto-prices-today-bitcoin-at-52k-as-eth-xrp-pepe-rebound/" rel="noopener noreferrer nofollow">Crypto Prices Today: Bitcoin At 52K As ETH, XRP, PEPE Rebound</a>
The post <a href="https://coingape.com/markets/where-solana-price-is-heading-by-the-february-end-90-to-130/" rel="noopener noreferrer nofollow">Where Solana Price is Heading by the February End, $90 to $130?&nbsp;</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Where Solana Price is Heading by the February End, $90 to $130?

Mục lục

Coingape News Media

Các bài viết khác được xuất bản trên 19 thg 2, 2024

Jalapeño Finance Spices Up DeFi with Unique Volatility Vaults – Offering New Ways to Navigate Mar...

Ripple (XRP) Price Reclaims Long-Term Support Level: Is a Breakout Imminent?

Ripple CTO Explains What Drives The XRP Price

A Mysterious Cryptocurrency Wallet Purchased $154.4 Million Altcoins in the Last Hours: Is It Jus...

Don’t Count on Significant Altcoin Correction, According to Analyst Jason Pizzino – Here’s Why

Discover 5 Uses of Telegram Channels for Crypto Projects

Tham gia bản tin miễn phí của chúng tôi để cập nhật tin tức về tiền điện tử hàng ngày!