With Bitcoin rebounding significantly in the last 24 hours, the altcoin segment is gaining momentum. Amid improving conditions for altcoins, #Solana ’s market price has increased by 2.17% over the past 24 hours.
SOL Price Analysis
In the 4-hour chart, Solana’s price trend showcases a bearish influence. However, the underlying support indicates several technical signals pointing to a potential reversal rally.
For instance, it shows a descending broadening wedge pattern, typically considered bullish, increasing the likelihood of a breakout.
The price trend within the pattern suggests a bullish reversal from the support trend line. Additionally, the reversal forms an Adam and Eve pattern with a neckline near the $198 level.
Slightly below the $200 psychological mark, a breakout above the neckline could trigger an explosive parabolic rally. Furthermore, the recovery has surpassed the 50-EMA line and the 23.6% Fibonacci level at $196.36.
During the recovery, the 4-hour RSI has remained above the 50% level, indicating increased buying pressure. Moreover, sustained support above the 50-EMA line on the 4-hour chart enhances the chances of an uptrend continuation.
As a result, the technical indicators are gradually signaling a buying opportunity for Solana in the short term.
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Solana Price Chart
