Solana: Will SOL Sustain Its Reversal Momentum and Reach $500 in 2024?
- Despite the broader market slowdown, Solanas price trend shows signs of recovery, as Bitcoin leads the way with a 2.26% jump.
- Solanas price currently trades at $145, with a potential inverted head and shoulder pattern forming, indicating a possible uptrend.
- The MACD lines are converging for a bearish crossover, while the daily RSI line shows a rising trend, struggling to sustain above the halfway line.
Analysts expect altcoins like Solana (SOL) to follow suit as the cryptocurrency market begins to show signs of a comeback, with Bitcoin leading the charge. Despite the recent slowdown, Solanas price trend has maintained a strong support trendline, indicating robust underlying demand.
The recent bounce from the support trendline has challenged the dynamic 50-day exponential moving average (EMA) and the crucial $150 psychological mark. As SOL sustains above the 50% Fibonacci level, the short-term price trend suggests the formation of a potential inverted head and shoulder pattern, with the neckline standing at $150.
A breakout above the $150 resistance level could significantly boost Solanas uptrend momentum. Currently, SOL trades at $145 with an intraday move of 1.25%, forming a long-tail bullish candle. The increased trading volumes further support the likelihood of an uptrend continuing.
SOL Price Targets: $200 and Beyond
As the broader market recovery gains traction, with Bitcoin surging past $62,000, Solanas price could experience a significant surge. If SOL manages to cross the psychological mark of $150, it could potentially push towards the $200 target.
Conversely, a drop below the support trendline would invalidate the bullish pattern, leading to a bearish trend that could push the price down to the $120 mark.
Because of the broader market slowdown, Solanas price trend remains under pressure. However, with Bitcoin leading a potential market recovery, altcoins like SOL could benefit from the increased investor sentiment.
The formation of a potential inverted head and shoulder pattern, along with strong underlying demand, suggests that Solana could be poised for a significant uptrend if it manages to break above the crucial $150 resistance level.
As always, investors should exercise caution and conduct thorough research before making any investment decisions, as the cryptocurrency market remains highly volatile and subject to rapid changes.
Read more: https://thenewscrypto.com/solana-will-sol-sustain-its-reversal-momentum-and-reach-500-in-2024/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
