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.
Latest Cryptocurrency News – The Crypto Basic – Read More