Will Solana Bull Cycle Restart at $130 ?
After yesterday's market plunge, the crypto market is bouncing back, with altcoins gaining momentum. Notably, SOL price surged from a low of $110.
As Solana's bullish recovery strengthens, buyers foresee a new upcycle, potentially challenging the $200 mark this month.
Solana Price Performance
During the recent market crash, SOL lost 30% of its value in eight days, dropping from $190 to $110 before recovering to $129. The recovery is driven by increased demand and improving conditions in the Asian markets.
Today, SOL is up 8.63%, trading at $141. The bullish dominance at $130 indicates a potential new bull cycle.
Short-term Reversal and Technical Indicators
Analyst Ali_charts noted a double bottom reversal, with SOL reaching the $142 target and approaching $150.
- RSI: The daily RSI shows an increase in bullish momentum with no significant divergence.
- EMA: The intraday recovery places SOL above the 200D EMA, indicating a potential bounce back.
Future Prospects
Solana's quick rebound suggests a possible challenge to the $190 resistance and a potential breakout to $250.
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