As Solana struggles near the $200 psychological mark, is a bullish comeback to $350 possible?
With the crypto market bouncing back to $3.24 trillion, Solana is aiming for a bullish reversal. As SOL sustains above the $200 psychological mark despite the 1.12% fall over the past 24 hours, the altcoin looks to reclaim its $100 billion market cap.
Solana Aims For Double Bottom Reversal
In the daily chart, the SOL price trend reveals the possibility of a double-bottom reversal. This bullish pattern arises as Solana takes support from the 23.6% Fibonacci level at $196.48.
Supporting the upside chances, the daily RSI line reveals a bullish divergence in the double-bottom pattern. The neckline of the bullish pattern stands near the $216 mark. However, the recovery to the neckline might be slow as the super trend indicator reflects a bearish trend at play.
Analyst Puts Solana on a Wedge
In a recent post on X, Ali Martinez highlighted that Solana stands at a crucial crossroads. The analyst highlighted a rising channel pattern in the Solana price trend over the three-day chart.
“This is the moment for absolute conviction,” he said. Martinez highlights the crucial point for Solana at the $198 support. This coincides with the $61.80 Fibonacci level and tests the local support trendline.
A bearish closing under this will likely test the $150 psychological support. However, a bullish comeback might lead SOL to test the 1.414 Fibonacci level near the $350 milestone.
Is Solana Ready For A Comeback?
As Solana prepares for a double-bottom reversal, the uptrend will likely continue within Martinez’s rising channel pattern. In the short term, the double-bottom breakout will likely challenge the $250 psychological mark, followed by the critical resistance at $285.
Optimistically, with the broader market recovery, the $350 milestone is a potential price target on the bullish radars. On the flip side, the $175 mark and the $150 psychological level remain crucial support for Solana.
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.
