Solana Price Rebounds After Temporary Outage
SOL, the native token of the Solana ecosystem, experienced a temporary selling pressure on Tuesday due to a 5-hour network outage. However, the coin quickly rebounded from its low of $92.8 and is currently trading at $105.4.
Can Solana Price Sustain Above $100?
Solana’s recent recovery is in line with the overall crypto market trend, with Bitcoin surpassing $46,000. The SOL price has risen by 13% in four consecutive days, reaching $105. Analysts have identified an inverted head and shoulders pattern on the higher time frame chart, which could indicate a bullish reversal if the resistance level is broken. However, caution is advised as this resistance has been strong in the past.
LOOK: #Solana $SOL inverted head and shoulders!
If $SOL breaks this reversal pattern on the higher time frame, it’s bullish! However, this is a multi-month resistance so watch out! pic.twitter.com/VTl70dgvep
— CryptoBusy (@CryptoBusy) February 9, 2024
If Solana manages to break through the resistance level and close above it at $105, it could trigger a rally towards $135.
Technical Indicator
- Exponential Moving Average: The price above the 20-day and 50-day EMA can provide additional support for buyers.
- Vortex Indicator: The expanding gap between the VI+ and VI- slope indicates a bullish crossover, suggesting that buyers are strengthening their position.
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