Key Takeaways
- Solana’s price rally in the past few days demonstrates strong bullish dominance, as the price continues to buy.
- Crypto experts see a potential inverse head-and-shoulders pattern for SOL as a breakout could see a rally towards ATH.
- The price of SOL trading above $200 could signal a complete market shift from bearish to bullish for investors.
The price of Solana has gained much stability in the past few weeks following a four-month price crash from a high of $295 to a region of $95, as the price rebounded from this region, grabbing liquidity to the upside.
A strong breakout accompanied this price action for Solana (SOL) on the four-hourly timeframe to the upside as the price of SOL reclaimed its previous support zone of $120, which prevented bears from taking advantage of the price to the downside.
Solana’s (SOL) price breaking above $120 and retesting this zone indicated SOL bulls taking control of the price to push it to the upside. SOL’s bullish price action was further aided by a strong bullish rally by Bitcoin (BTC) from a region of $84,500 before the opening of a new weekly candle as the price broke out of its downtrend price action to the upside, with a daily timeframe further confirming such price action.
Bitcoin’s rally to $91,000 has influenced SOL’s price toward a high of $147, an over 45% gain for the crypto asset within the last few weeks. Crypto experts speculate a potential price rally toward a region of $220 to $260 as SOL trades just 50% off its previous all-time high.
Market Sentiment For Solana’s (SOL) Price
The market for SOL’s price is looking bullish, as active addresses and volume have begun to increase in the past few weeks. This has positively impacted the price of SOL, leading crypto experts to speculate on a potential price rally towards $200 and above.
CryptoVIPsignal, on his X account, speculated that the price of SOL is forming an inverted head-and-shoulders pattern on the daily timeframe. This is a classic bullish price pattern with a potential breakout, and retesting the neckline could see the price rally to the upside.
CryptoBull, an analyst on X, has shared a similar sentiment: the price of SOL has broken out of its downtrend, with the price looking for more upside potential and gaining bullish control in the last few weeks. It could also continue in such a pattern in the next few weeks.
Solana Price Analysis For Today, Tomorrow, Weekly
Source – SOL 1D Price Chart From TradingView
SOL’s price has shown strong strength, rallying from a key demand zone of $95. The price broke above its 50-day EMA (Exponential Moving Average) for the first time in weeks, and it is expected to trade above its 200-day EMA.
If the price of SOL breaks above this zone of $180 to $200, it has strong potential to trade towards its all-time high as bulls will dominate its price more to the upside. Currently, the price of SOL is bullish, trading into a key supply zone of $180.
