With a bullish struggle to sustain an uptrend in a volatile market, will Solana surpass $200?
Despite the minor ongoing slump in Solana, the impressive year-to-date growth of 144% reveals a bullish 2024. Furthermore, compared to prices last year on August 26, the 684% surge highlights the high momentum recovery.
Will this recovery phase continue for Solana as the broader market implications keep it under $200?
Sideways Shift of Gears
In the weekly logarithmic chart, Solana shows the bull run forming a consolidation range from the $120 support to the $220 ceiling. Since March 2024, the sideways shift in Solana has continued, and multiple bouncebacks have been found within the range.
As the consolidation range grows, Solana finds support at the dynamic 20-week exponential moving average. Furthermore, the failed positive crossovers in the MACD and signal lines amid minor recovery runs are evidence of strong underlying demand.
The Triangle in 1-day Chart
Solana’s increased volatility within a constricting range forms a triangle pattern in the daily chart. A double bottom reversal from the 200-day EMA starts an upcycle in the triangle pattern.
Currently, Solana trades at $160 with an intraday gain of 1.18%, forming a bullish candle. The altcoin price tests the neckline of the double bottom pattern, increasing the breakout chances.
The recovery run accounts for a 12% jump in the last week, surpassing all the critical 100, 50, and 20-day EMAs. Further, the bullish uprising teases a potential surge in the 20-day EMA to cross above the 50 and 100-day EMAs and regain the positive alignment.
Breakout Chances for Solana
With a closing price above the $163 neckline, Solana’s bullish chances may increase dramatically. Initially, the breakout run could face resistance at the overhead trendline in the daily chart of nearly $180.
The next resistance levels for Solana are $200 and the $220 ceiling, which are marked in the weekly chart.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
