SOL Price Restarts Bull Cycle At $130 Amid Market Recovery
The post SOL Price Restarts Bull Cycle At $130 Amid Market Recovery appeared first on Coinpedia Fintech News
With a bloodbath yesterday, the crypto market is back in action, and the altcoins quickly gain momentum. Amidst top performers, the SOL price jumps with a lower price rejection from the $110 level.
As the bullish recovery gains momentum in Solana, the buyers anticipate a new upcycle with multiple resistances along the way. Will the SOL price rechallenge the $200 mark this month?
Solana Price Performance
The recent negative cycle in SOL price during the market crash becomes a prominent figure in the 1D chart. With a streak of bearish candles, Solana lost 30% of its market value in just eight days. Starting from the $190 resistance, the downfall made a low of $110 before a quick recovery to close at $129.
The lower price rejection pushing the closing price 19 points higher reveals an underlying surge in demand. Furthermore, with the Asian markets recovering, the crypto market makes a recovery and Solana finds additional push.
As the conditions improve, the SOL price is up by 8.63% today and trades at $141, undermining the fall yesterday. Further, the bullish dominance at the $130 level hints at a new bull cycle.
Short-term Reversal Begins Bullish Butterfly Effect
That #Solana rebound was wild! If there was only one account that told you to buy $SOL.
https://t.co/W6YR9pk3YA pic.twitter.com/EmyrcjmfDh
— Ali (@ali_charts) August 6, 2024
In a recent tweet, Ali_charts highlights the double bottom reversal in a short-term reversal leading to the ongoing recovery. The $142 target highlighted in his tweet has been reached and approaches the $150 crossroads.
Technical Indicators:
RSI: The daily RSI line shows an upside tick from the oversold boundary line with no significant divergence. Hence, the reversal is solely an indication of an increase in bullish momentum.
EMA: The intraday recovery resurfaces Solana above the 200D EMA, signaling a potential bounce back.
Will The SOL Price Hit $200?
Regaining momentum after the correction phase, the quick bounce back in Solana teases another rounding reversal. The bullish comeback will likely challenge the $190 resistance and could reclaim the $250 mark with a breakout rally.
