The Bullish Momentum in SOL Price
With the overall market showing a slow bullish trend on this Monday, altcoins, including SOL, are gaining momentum. The SOL price trend indicates a breakout rally, poised to overcome upcoming resistances and set new peaks in February.
Surpassing short-term resistances and showing ongoing recovery over the past few days, Solana exhibits a strong trend. In the presence of minor growth in Bitcoin and/or positive market sentiments, SOL has the potential to skyrocket and achieve a new 52-week high.
Solana’s Bullish Patterns
Starting with a morning star pattern at the 50-day EMA, the bullish trend in Solana gains momentum and reclaims the 50-day EMA. This bullish achievement initiates a series of breakout trends.
The bull run surpasses the short-term resistance trendline, signaling the end of the lower high formation and the pullback phase. As sideline pullback traders prepare to enter, cautious ones are waiting for the $100 breakout.
Currently, SOL is trading at $96.88, reflecting an intraday growth of 0.86%, marking the fourth consecutive bullish candle.
Challenges in the Current SOL Price Trend
As of now, buyers face challenges at the 23.60% Fibonacci level, encountering excessive overhead supply hindering a bullish trend. Higher price rejection evident in the daily candle warns of a potential bullish failure. The declining trend in trading volume further supports the possibility of a reversal.
Technical Indicators
- MACD Indicator: The daily MACD and signal lines indicate a bullish trend gaining momentum, with a crossover event. This increases the likelihood of a bullish trend continuation and a potential bull run shortly.
Will SOL Price Surpass $100?
Amidst the current recovery, there is a strong possibility of a significant bull run in the SOL price trend, potentially leading to a renewed crossing of the $100 mark. This presents an attractive opportunity for sideline traders to enter the market at the present price level.
Conversely, a collapse through the crucial $80 support level could result in a deeper correction. In this case, the nosedive move could potentially drive the price down to the $50 level.
