With Solana’s price trend struggling for a bullish comeback, will the highly anticipated New Year rally lead to a breakout?
Amid growing anticipation for the New Year rally, Solana remains firmly positioned above $190. While the SOL price has struggled to break the $200 mark, a triangle pattern could determine its next move.
Following a positive recovery last week, an extension of Solana’s bullish trend could lead to a breakout rally. Will this breakout propel Solana into a sustained bull run beyond the $200 psychological barrier?
SOL Price Analysis
As Bitcoin hovers near the $93,000 support level, Solana marks a positive week. After a 5% recovery last week, Solana continues to show gains, with a 1.44% surge today.
The positive recovery counters the 2.84% drop seen on Sunday. Additionally, the recovery has sparked a bullish cycle within a triangle pattern on the 4-hour chart.
With an early reversal before hitting the support trendline, Solana is now trading at $192.50, forming two consecutive green candles on the 4-hour chart. The sudden surge in buying pressure has kept the 4-hour RSI line in a positive trend.
The MACD and signal lines have avoided a bearish crossover during the recovery, suggesting that technical indicators continue to support a positive outlook for Solana.
Solana Price Targets
Solana hints at a triangle breakout rally in the 4-hour chart as the underlying forces turn bullish. The unleashed momentum in SOL Price will likely drive the bullish forces to the $200 psychological barrier soon tomorrow, December 31.
This will mark Solana’s first critical resistance, as it has faced reversal twice in December. In case of an extended rally, the uptrend is likely to challenge the long-coming resistance trendline near the 38.20% Fibonacci level at $209.11.
On the flip side, a loss of momentum is likely to test the support trendline of the triangle pattern at $187.44.
DisClamier: 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 opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
