Solana Price Prediction: SOL Rebounds and Shows Bullish Pattern
The native token of the Solana ecosystem, SOL, has seen a positive turnaround in its market value. After rebounding from the $93 mark, the price has surged 18% and is currently trading at $109.8. This upswing has also breached a key resistance level, indicating a potential recovery trend.
Bullish Pattern Sets SOL For New Recovery Trend
In the midst of a month-long consolidation, Solana’s daily chart shows the formation of an inverted Head and shoulder pattern. This pattern suggests that the asset’s price could increase by 37% in three weeks. On February 9th, SOL broke out from the pattern’s neckline at $106, presenting a new entry opportunity for traders. The current price of $109 indicates a possible retest of the breached resistance level and sustainability for higher levels.
Solana Mobile Hits 100,000 Preorders
Solana Mobile recently announced that their new Solana phone has received over 100,000 preorders in less than 30 days. This milestone highlights the growing interest and confidence in blockchain technology’s potential within the mobile industry. As a result of this overwhelming demand, the Founder Window and special pre-order price of $450 will close in 48 hours (Feb 14th).
100,000 preorders in less than 30 days 🔥
We’re floored by the demand and truly grateful for the overwhelming support💪
Now that we’ve hit this milestone, the Founder Window & preorder price of $450 will close in 48 hours. Your chance to join is now!
— Solana Mobile 2️⃣ (@solanamobile) February 12, 2024
Such developments are likely to have a positive influence on Solana’s price and attract more attention from market participants. If the price can sustain above the neckline support, the SOL coin may rise by 23% to reach a high of $134.5.
Technical Indicator
- Exponential Moving Average: The 20-day EMA slope could act as a first line of defense for buyers in case of a market correction.
- Vortex Indicator: A positive crossover between the V+ (blue) and VI- slope indicates that the recovery trend is intact.
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