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Solana (SOL) Picked Momentum, Can Bulls Deliver Outperformance?

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The Solana (SOL) crypto price rebounded from the 100 day EMA mark and came back into the track. The vital technical indicators suggest that the SOL crypto has a potential to stretch gains toward $160.

Despite the market bearish sentiments, the Solana (SOL) price retraced only by 17% last month and held the gains in the bullish trajectory. Furthermore, the on chain metrics are suggesting a further upside over 10-15%, extending the buying momentum next week.

At press time, the Solana crypto (SOL) price traded at $148.90 with an intraday gain of 8.79%, witnessing a sharp surge intraday. It has a monthly return ratio of -19.28% and 578.87% yearly. 

The pair of SOL/BTC is at 0.00231 BTC, and the market cap is $66.46 Billion. Analysts are bullish and suggest that the Solana crypto may deliver bullish waves and will outperform in the following sessions.

SOL Price Volume Profile Signifies Buyer Accumulation

This week, the crypto has noted an uptick around 25% and three white soldier formation were noted. The buyers have started accumulation and decisively retained the $150 mark.

Source: Santiment

The intraday trading volume spiked to $7.60 Billion and the market cap rose to $66.48 billion. Significant buying volume was spurt and a trendline breakout was noted, leading to a surge over 8.78% intraday.

What The Market Dynamics Are Showing

Since the start of 2024, the Solana crypto was in a strong buying momentum and delivered a rounding bottom breakout in the Feb month. Afterward, the price reached the top around $200. 

Following the market correction, the sellers entered into the battle and profit booking was initiated. Recently, the Solana price retested the breakout region neckline of $120.

Source: TradingView

A double bottom formation was noted and the crypto sharply rebounded this week and has retained the 20 day EMA mark. Solana crypto has a total supply of 575.23 million and has a volume to market cap ratio of 0.114, whereas it ranked 5 in market cap listings.

Solana (SOL) Analysis On Technical Indicators Suggest Bullish Cues

Per the Fib levels, the Solana price trades above the 38.2% support zone and is close to the upper-Bollinger Band.

The RSI curve bounced from the oversold region and a positive divergence was noted. Additionally, the MACD indicator witnessed a bullish crossover and formed green bars on the histogram.

Per the analysis of technical indicators, 4 indicators have given a sell rating, 10 have given a neutral call, and 12 have given a buy call, looks a strong contender.

Summary

The Solana (SOL) price directs buyer accumulation and is witnessing a rebound from the $120 support mark. The trend is bullish and the SOL crypto may resume to deliver fireworks and may reach $200 soon.

Technical Levels

Support Levels: $142 and $135

Resistance Levels: $155 and $162

Disclaimer

The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. 

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