Solana Price and Technical Analysis
#Bitcoin broke the $65,000 mark, while #Solana and other major altcoins are showing renewed signs of recovery after the June Correction.
On Tuesday, during US trading hours, Solana price reached a five-week high of $163.8, setting the stage for further gains amid ETF speculation and surging DEX volume.
Solana Price Planning a Big Rally Amid the Triangle Formation
-- Solana price showed a local bottom formation at $122 on the daily chart. This horizontal support, unbroken since March 2024, closely coincides with the 23.6% Fibonacci retracement level.
-- This healthy correction allowed buyers to renew the bullish momentum, sending assets up 32% to trade at $160. Subsequently, Solana coin market cap jumped to $74.6 billion.
-- The bull market reversal has reversed the horizontal trend of the fast-moving EMAs 20D and 50D into a bullish one, indicating an active buying force is heading into the market.
-- A post-breakout rally could extend the Solana price forecast to the $188 resistance, followed by the $210 level.
