Solana Price Rebounds Strong From Recent Outage, Is Rally to $130 Next?

Solana Price: SOL, the native token of the Solana ecosystem witnessed a temporary selling on Tuesday as the network witnessed a 5-hour outage. The system breakdown plunged the coin price to a low of $92.8 only to quickly rebound from on recovery trend.

@mtromp, a Solana validator, said in an X post “Core engineers have identified a fix and are building a new version for Validators to upgrade. More details after testing is complete”

The renewed buying has uplifted the coin price to $105.4, preparing for a decisive breakout from a bullish reversal pattern called inverted head and shoulder.

Also Read: 3 Bargain Solana Rivals To 10X In 2024: XRP, DOGE, SHIB

Can Solana Price Sustain Above $100

Solana Price| Tradingview

Amid the recent recovery trend in the crypto market which pushed the Bitcoin price above $46000, the majority of major altcoins rebounded to higher levels, including Solana. The SOL price rising for four consecutive days, surged from $92.8 to $105, registering 13%.

A recent analysis from renowned trader CryptoBusy has highlighted a bullish signal for Solana ($SOL) investors: an inverted head and shoulders pattern on the higher time frame chart. This technical formation, recognized for indicating a potential bullish reversal, emerges as $SOL confronts a long-standing multi-month resistance. 

If Solana price successfully breaks through this resistance, it could mark the start of a significant uptrend. However, given the strength of this resistance in the past, caution is advised. A break above this level could signal a bullish phase for Solana, while failure to overcome it may lead to continued consolidation.

Thus, a potential break with the daily candle closing above the neckline resistance of $105 will accelerate buying pressure to lead a rally to $135.

Technical Indicator

  • Exponential Moving Average: The price above 20-and-50-day EMA could offer buyers additional support.
  • Vortex Indicator: The expanding gap between the VI+ and VI- slope in a bullish crossover state reflects buyers are strengthening their grip over their assets.

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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.