The SOL price trend remains above the $50 mark and is expected to continue to appreciate towards the $75 mark.
Solana coin’s price trend shows a significant round bottom breakout, rising 168% over the past five weeks.
SOL price could reach the $100 mark if it crosses $75.
The cryptocurrency market has experienced many ups and downs in the past few months, with the FTX bankruptcy being the most notable one. However, in this turmoil, Solana has successfully achieved a strong comeback. In the face of this emerging competitive landscape, we can clearly see that certain forces in the market are constantly strengthening.
First, let’s talk about Solana’s strong comeback. When the SOL held by FTX was liquidated, this historic moment put the market under tremendous pressure. However, Solana was not defeated by this pressure, but strengthened the market’s confidence. It is worth mentioning that during the bankruptcy of FTX, with the end of the exercise plan, the market gradually regained its calm, which also meant that the market began to absorb supply on a large scale. Such a phenomenon not only shows Solana’s resilience, but also shows the market’s strong confidence in its future development.
Behind all this, there is no doubt that investors continue to be optimistic about Solana. In the past few months, the return rate of SOL prices has far exceeded that of Bitcoin, which has brought investors' confidence in Solana to an unprecedented level. This also reflects another major trend in the cryptocurrency market: investors prefer stable, long-term growth assets.
At the same time, Solana's price continued to rise and broke through the psychological barrier of $50, which not only shows the market's confidence in it, but also is an affirmation of Solana's technical strength. On the technical level, Solana has always attracted a large number of developers and users with its efficient, secure and scalable features. With these factors working together, Solana's price forecast of $100 is not out of reach.
Solana Price Analysis
In recent years, the cryptocurrency market has developed at an astonishing speed, and Solana (SOL), as one of the popular projects, has attracted the attention of many investors. Recently, the price trend of SOL has shown some eye-catching changes, reflecting signs of a solid trend reversal.
First, it can be seen from the chart that the SOL price trend has created a round bottom pattern in the 1W chart, which reflects a solid trend reversal. This pattern usually appears at the bottom of the market, indicating that a price increase is coming. During this period, the market gradually stabilizes and investors begin to accumulate chips in preparation for future increases.
In addition, Solana’s price has risen by 168% in the past five weeks, an astonishing increase that further validates the bullish breakout of the round bottom. This strong upward trend not only indicates an increase in market demand, but also indicates potential upside for SOL’s price.
Currently, SOL price is trading at $58.89, with an intraday increase of 3.91%, forming a bullish engulfing candle. This pattern further confirms the bullish sentiment in the market, indicating that investors' confidence in SOL is increasing. The increasing trend in trading volume over the past few weeks reflects the sharp rise in potential demand, which provides strong support for SOL's further rise.
Technical indicators:
RSI: The daily RSI line has entered the overbought zone and maintained a positive trend, highlighting a strong bullish trend.
EMA: A bullish crossover between the 50-day and 200-day EMAs marked a golden crossover event. This evidenced a sustained trend reversal and improved the overall sentiment on Solana.
Will SOL price break through $100?
As the recovery in the global cryptocurrency market continues, the price of SOL (Sol Coin) is also showing an upward trend. The strengthening of this trend makes the chances of breaking through the $100 mark significantly increased. However, increased trading volume also increases the likelihood of SOL price rising above $50.
Considering that buyers are struggling to sustain this uptrend, we can expect a bullish rally that could break the $60 mark and might even test highs of $75. In the long term, the uptrend could even reach $100. However, this does not mean that all price movements are positive.
Conversely, if the SOL price drops below the $50 mark, the price could move down to $40. This is a critical resistance level and if the price fails to break above this level, a deep correction could be triggered.
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