As the oldest crypto, Bitcoin reclaims the $35 mark, all the major altcoins experience a bullish boost, resulting in a sharp price jump in the market. Taking support of the market recovery, the SOL price jumps and gives a rounding bottom breakout.
Surpassing the neckline at $28, Solana prices reclaim the psychological mark of $30 and continue to rise higher. Moreover, the increasing trend momentum teases a positive Solana price prediction in the near future.
With the increased attention of SOL buyers, the market price pumps by almost 80% in the last six weeks from $17.68. The remarkable high-speed reversal completes a rounding bottom pattern and reclaims the $30 mark.
Further, the Solana price shows extreme trend momentum, evidenced by 7 bullish candles in the last ten trading sessions. Moreover, the trend exceeded the $28 mark, giving bullish breakout signals a solid buy signal for sideline traders.
Currently, the SOL price trades at $31.58 with an intraday growth of 4.54%, the bullish momentum survives and hints at prolonging the uptrend. Further, the improving market conditions and the high sentiments will fuel the recovery rally.
Technical Indicators:
EMA: The 50-day and 200-day EMAs give a golden crossover, giving a strong bullish signal and trend reversal in SOL price movement.
RSI indicator: The daily RSI line crosses above the oversold boundary, reflecting strong buying pressure.
Will the SOL Price Reach $30?
As the bullish trend momentum increases in the crypto market, the buying pressure for all the major altcoins skyrockets. Moreover, the SOL price drives past the $30 mark, giving a bullish breakout of the rounding bottom pattern. With the breakout rally sustaining momentum, the uptrend can reach the $38-$40 mark.
However, in case of a retest, the trend may fall down to $30.