The post SOL Price Recovery Eyes $100 Break, Should You Be Buying NOW? appeared first on Coinpedia Fintech News
As the markets lighten up in the reversal phase, Solana is quick to climb the ladder of top gainers. With a remarkable jump of 5%, the SOL price trend is gaining volatility and becomes a double-edged sword.
Following the recent breakdown, the overnight jump in Solana with the recovering market hints at a bullish comeback. However, a possibility of a retest lingers around warning a bearish trend continuation.
Hence, with such indecisive price action and the turning sentiments of the marketer, the upcoming trend may showcase sharp moves. To find out more about the long-term picture, check out our Solana price prediction.
Source – TradingView
With a morning star pattern at the crucial base of $80, standing with the 38.20% Fibonacci level, the SOL price trend signals a potential bullish recovery. Fueled by the sudden jump in the market as the GBTC outflows slow down, the altcoins are ready for a bounce back.
With the recent jump reclaiming dominance over the 50-day EMA, the spike in trading volume supports the uptrend possibility. Furthermore, the morning star pattern is regarded as a reversal pattern, especially when formed at a crucial support level.
Currently, the SOL price trades at $88.18 following the bullish engulfing candle formed last night.
Despite the growing bullish factors, the possibility of this jump being a retest of the triangle breakdown warns of a second nosedive.
Technical Indicators:
RSI Indicator: The daily RSI line shows an ongoing slump and warns of a sharp decline to approach the oversold zone. However, the recent spike with the morning star formation teases a reversal if the bullish momentum sustains.
Will SOL Price Refuel The Bull Run?
With the ongoing recovery, the SOL price trend showcases a high reversal possibility that may soon cross the $100 mark once again. Hence, the sideline traders can find entry opportunities at the current market price.
Conversely, a breakdown of the $80 support level will change the price action dynamics. In such a case, the bearish crash could test the $50 mark.