SOL Price Analysis: Here’s The Breakout That Can Boost SOL Price To $35!

The post SOL Price Analysis: Here’s The Breakout That Can Boost SOL Price To $35! appeared first on Coinpedia Fintech News

Trapped in a descending channel, Solana coin price challenges the resistance trendline with the recent bull cycle. The bull run exceeds the $25 mark but struggles to break above the overhead resistance trendline. 

Anticipation of a breakout rally‘s high due to the recent bullish reversal from the 200 EMA with the spike in the trading volume.  Moreover, the Morning Star pattern in the daily chart projects a high possibility of a prolonged uptrend.

On a Sidenote, the 50 and 200-day EMAs prepare a golden crossover to boost the buying spree.

As per the Fibonacci retracement, the bullish recovery from the 38.2% level retests the 61.8% level. If the SOL prices manage to sustain above $25 or the 61.8% Fib level, the channel breakout will be imminent. 

However, the current retracement comes as a retest of the rounding bottom breakout within the channel. Therefore, a post-retest reversal can lead to a channel breakout rally. 

Also Read : Solana Price Prediction 2023, 2024, 2025: Will SOL Price Cross $30 Mark This Week?

Coming to the volumes, rounding bottom breakout found a significant spike but the retracement lacks notable volume. Thus, increasing the chances of a prolonged uptrend. 

The potential channel breakout rally can boost the SOL coin price to challenge the $28.94 swing high. On an optimistic note, a surge in buying spree bringing a $28.94 breakout can lead Solana prices to $35.42.

On the flip side, a rejection driving SOL price below $25 can prove catastrophic. A failed retest can drive the SOL coin price to test the support of $23.