Solana Gains 40% Post-Crash; Can It Reach $185?
After Monday's spectacular meltdown, Solana (SOL) gained the most among the top five crypto market participants. SOL rose 40% in two days from $110 to $150, according to CryptonewsZ.
This low, last seen on March 5, has historically driven SOL 90% to this year's top at $209. Market observers believe the SOL coin might reach new highs if market confidence prevails.
In the previous 24 hours, Bitcoin (BTC) rose 4.38% while Ethereum (ETH) rose 1.18%. At press time, BTC is over $57K and ETH above $2.4K.
The SOL Price Action
As of this publishing, the SOL token traded at $153.33, up 9.63% from its previous day's close. This confidence has raised SOL's market valuation to 71.51 billion, making it the 5th biggest cryptocurrency.
Solana's 24-hour trade volume fell 33.80% to $5.56 billion. Despite recent market advances, investors remain apprehensive of negative price activity.
The weekly chart shows that Solana's market remains gloomy, adding to this dismal picture. SOL exceeding the weekly starting price of $183 might eliminate this pessimistic sentiment, according to market analysts.
Is SOL's Bull Run Permanent?
Many experts have noted that the SOL coin is multi-bullish despite its recent price fluctuation. On the daily chart, the SOL/USD pair is forming a bullish pennant pattern with lower highs and higher lows.
Price consolidation before a bullish breakthrough is common with this pattern. The 200-day Simple Moving Average (SMA) trades barely below SOL's price at $146.55, providing immediate support for this hopeful view.
Should the 200-day SMA hold, SOL might hit $169.34, according to market gurus. A break above this high might propel SOL/USD above $184, eliminating SOL's weekly negative attitude.
However, the daily RSI value at 44.82, near neutral, suggests price consolidation. A break above this zone might signal a positive momentum change and a retest of the previous high.
