Solana Price Prediction: Should You Enter $SOL at $100 Dip?

Solana Price Prediction: The SOL price witnessed increased demand pressure at $100 support, bolstering buyers for the next leap

Solana Price Prediction: The fifth largest cryptocurrency Solana has recently reverted from the near-yearly high of $126.36 to trigger a new correction. In the last three days, the coin price plunged 21.6% to revisit the psychological level of $100 aligned closely with the 23.6% Fibonacci retracement level. Will this support replenish the exhausted bullish momentum?

Healthy Retracement Prepares SOL for the Next Leap

A bullish engulfing candle at strong support of $100 hints at a potential price reversal.

An uptick in the upper boundary of Bollinger band indicators hints that buyers continue to dominate this asset.

The 24-hour trading volume on the Solana coin is $4.49 Billion, indicating a 1% loss.

In the last four months, the SOL price has shown a remarkable recovery, where the price surged from a September mid-low of $17.3 to a new high of $126.2, registering a 626% growth. With a market cap of $46 Billion, Solana(SOL) is positioned as the 5th largest cryptocurrency.

A potential bounce back from this support would surge the SOL price 16.6% up to rechallenge the swing high resistance($126.36). A breakout above this level would give better confirmation of uptrend resumption and push the price to potential targets of $143, followed by $177.

Check out Key Levels to Watch in my next post.

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