Is $100 Within Reach?
As long as the rising wedge pattern remains intact, the Solana price will continue its recovery and potentially reach $100. An upside breakout from the wedge pattern would further intensify buying pressure. The 24-hour trading volume for Solana is currently at $2.01 billion, indicating a 30% gain.
Despite short-term turbulence, the overall trend for Solana remains bullish. The recent bullish run has seen the price cross $75, with buyers ready to signal a new breakout at $80.
The high-intensity buying pressure in Solana has helped altcoins overcome the recent correction in Bitcoin. The daily chart also shows a rising wedge pattern that narrows down the price movement.
However, a failed attempt by buyers to surpass $76 has resulted in bears teasing a double top pattern. The neckline of this bearish pattern stands at $63.6, indicating a potential correction phase with significant impact. If sellers gain momentum, the price could fall by 30% to $51.
Rounding Bottom Pattern Keeps Recovery Intact
In the weekly chart, the recovery trajectory of Solana forms a rounding bottom pattern, indicating increasing buying pressure. The rise in trading volume supports this reversal pattern and suggests a strong upward move in the long-term trend.
Furthermore, the long-term reversal pattern surpasses the rising wedge in daily charts and signals an overall bullish trend for Solana. Therefore, a bullish break of $80 could potentially lead to a strong bullish trend that surpasses the psychological mark of $100.
- Exponentially moving: The 20-day EMA acts as a safety net for buyers during a correction trend.
- Relative strength index: The daily RSI slope shows an uptick above 60%, reflecting that the recovery trend is intact.
Hot Take: Solana’s Price Potential
Solana’s impressive price rally has shown promising signs of reaching $100. Despite short-term volatility, the coin has sustained its overall uptrend. The rising wedge pattern and rounding bottom pattern indicate potential bullish movements and increased buying pressure. The recent correction in Bitcoin has not hindered Solana’s momentum, with altcoins benefitting from the high-intensity buying pressure. With support from exponential moving averages and a positive daily RSI slope, Solana’s recovery trend appears to be intact. As market conditions continue to evolve, keep a close eye on Solana’s price action as it aims to break out and potentially reach new heights.
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