Active Above $50, SOL Price Eyes $75, Only If This Happens!

The post Active Above $50, SOL Price Eyes $75, Only If This Happens! appeared first on Coinpedia Fintech News

Overcoming the bearish sentiments induced by the CZ guilt pleading, the crypto market took a quick correction of high magnitude. However, the uptrend in SOL price continues as the buyers regain trend control at a crucial support trendline in the 4-H chart. 

Further, with the sharp recovery to avoid the deep correction phase, the Solana price trend nulls a head and shoulder pattern breakdown. Therefore, the SOL price prediction maintains an optimistic viewpoint for the coming time. 

Source – TradingView

With a bullish harami breakout at the support trendline, the SOL price avoids a head and shoulder breakout. Further, the uptrend finds bullish support in trading volume as it surges with the recovery. 

Moreover, the bullish comeback surpasses the 50 EMA in the 4H chart and promotes further recovery. 

Source- Tradingview

In the 1D chart, the price trend gives a more optimistic signal and teases a double-bottom pattern forming at the $51 mark. Further, last night’s bull run of 11.48% undermines the previous 8.76% drop, forming an engulfing candle. 

Currently, the SOL price trades at $58.14, with an intraday growth of 1.01%, teasing an uptrend continuation.

Technical Indicators:

RSI: The daily RSI line maintains a declining trend despite the sideways stroll in SOL price. Emphasizing a weakness underneath, the RSI line warns of a setback or a consolidation. 

Will the SOL Price Cross The $66 Peak?

In the daily chart, the bulls are extremely dominating with the double-bottom reversal. Further, the crypto market sentiments are on a progressive road similar to the 4-hour SOL price chart. 

Therefore, as Solana sustains the uptrend and protects the ascending trendline, the uptrend is ready to gain momentum. This increases the likelihood of buyers crossing the $66 peak. Further, the bullish rally can reach to the $75 mark. 

Conversely, a downside reversal under the $50 mark can drop the prices to $44-$45.