Solana retests its support! Will SOL price reach a new high?

As the cryptocurrency market shows a bearish trend despite the approval of an Ethereum spot ETF, indicating short selling, Solana (SOL) price has continued to see bearish action since the start of the week. In a context of increased volatility and a potential altcoin season, the question arises: will Solana be able to regain $200 in the second quarter?

A symmetrical triangle pattern for the price of SOL

Despite increased market volatility, Solana (SOL) price recorded a 5% correction over the past 24 hours. Additionally, the altcoin lost approximately 1.4% in the last seven dayshighlighting increased selling pressure for the SOL token.

Positively, SOL price formed a symmetrical triangle on the daily chart and continues to evolve within this figure. However, the altcoin failed to cross its resistance linethus leading to a marked bearish reversal on the chart.

The simple moving average (SMA in blue) displays a negative crossover on its price chart, highlighting an increase in selling pressure for altcoin in the market.

Nonetheless, the Relative Strength Index (RSI) shows bearish convergence, suggesting weak price buying strength for the Solana token in the coming week.

Recovery prospects for Solana price

If the market maintains the price above the support zone, the price of SOL will retest its level resistance at $188. Furthermore, if the bulls manage to cross the resistance trendline of the symmetrical triangle, Solana price will test its annual high at $210 over the next few weeks.

Conversely, if the bulls fail to regain momentum, the SOL token will test its support level at $155. Moreover, if the bears continue to dominate, the price will plunge towards its lower support trendline in the coming times.

In summary, Solana’s price is at a critical level, stuck in a symmetrical triangle and tested by its key support. Despite near-term weakness, an altcoin market rebound could propel SOL to higher levels new heights (ATH), thanks to its solid fundamentals. Investors will need to closely monitor key levels and developments in the overall market to anticipate future price direction.

DISCLAIMER
This article is published for information purposes only and should not be considered investment advice. Some of the partners presented on this site may not be regulated in your country. It is your responsibility to check the compliance of these services with local regulations before using them.

-

-

PREV Euro 2024: Comment: Didier Deschamps is just a robot
NEXT at what time and on which channel to watch the fight?