Analysis of SOL price shows that momentum is strong for Solana in the short term.

Solana’s price has risen by 9.3% in the past 24 hours and is trading at $136.36, with most altcoins continuing to rise. On the other hand, Bitcoin price dropped below $60,000 yesterday, sparking market panic, but has since recovered and is hovering around $61,327 during Tuesday’s European trading session.  If bulls sustain this level, Solana price could surge by 24%

As Bitcoin price moved lower yesterday, the previous symmetrical triangle on Solana’s daily chart has turned into a descending triangle. While this is a bit worrying, Solana generally has an impressive track record in terms of price action, and the support formed around $130 is also strong.  

This level has been tested 4 times in the past 3.5 months, and each time it held steady. However, this time around things could be different as the Bitcoin factor is at play.  

SOL price action has just touched the 200-day simple moving average (SMA) and bounced slightly. The indicator is known for providing strong support levels when trading financial instruments. CoinGecko data shows that Solana's 24-hour trading volume has surged by 135%, which shows that investors' interest in the asset is increasing.

Solana price is expected to rebound from this support area and touch the upper trendline of the descending triangle. This could constitute a 25% fluctuation of the current price, bringing the asset price to $171. On the other hand, if the current support level is broken, Solana's price may fall further to about $98, $87, and $56.

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