After trading under a bearish sentiment for a brief period, the Solana price has recorded a strong bullish jump of approximately 10% within the past few hours, indicating increased price action for the altcoin in the cryptocurrency space.
Moreover, with the rising volatility in the market, will the SOL price record a bullish price action and head toward its upper levels or plunge toward its crucial support level of $100 in the coming time?
SOL Coin Price Forms An Inverted Cup And Handle Pattern:
Once the 4th largest cryptocurrency by market capitalization, the Solana price has erased over $22 Billion from its valuation over the past few weeks. Further, the altcoin is currently hovering close to its crucial support level, the outcome of which is unpredictable.
Positively, the SOL price has leveled out its loss from the previous week by adding 9.39% to its portfolio within the last 24 hours with a surge of 122.26% in its trading volume. However, it has recorded a correction of 19.76% in valuation over the past 30 days.
Furthermore, with its recent jump, the Solana coin has formed an inverted cup and handle pattern in its price chart, indicating a rising bearish sentiment for the altcoin in the crypto market.
Solana (SOL) Market Sentiments:
The Simple Moving Average (SMA) is on the verge of recording a positive crossover in the 1D time frame, suggesting increased price action for the altcoin in the crypto space.
On the other hand, the MACD shows a constant decline in the red histogram, indicating a stronger buying-over-selling pressure for the Solana crypto. Furthermore, the averages display a potential bullish convergence, highlighting the SOL token price may continue gaining value this week.
Will The SOL Price Go Up Again?
If the crypto market experiences a bullish reversal, the Solana price will gain momentum and test its resistance level of $155. Maintaining the price at that level will set the stage for the SOL coin price to head toward its upper resistance level of $181.50 in the coming time.
On the flip side, if the bears overpowered the bulls, the Solana token will retest its important support level of $127. Moreover, if the bulls fail to hold the price at that level, this altcoin will further plunge and test its low of $100 during the upcoming weeks.
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