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Solana (SOL) has dropped from $32.16 to $22.73 amid the ongoing correction phase in the cryptocurrency market. This decline, which occurred over a two-week period, resulted in a 30% drop, providing investors who missed the initial rally with a buying opportunity. Furthermore, the daily price chart shows a morning star candle formation, which is a bullish indicator signaling the continuation of the upward trend.
Solana Price Analysis
A closer look at SOL on a lower time frame reveals that the recent correction has turned into a flag formation. This chart pattern is often seen in a consolidating bull run, providing a brief pause before the continuation of the dominant trend. The chart clearly shows Solana’s price rising from the combined support level of 50% Fibonacci retracement at $22.75.
This rise also breaks the resistance trendline of the flag formation. The broken resistance trendline could now act as a significant support level for Solana, which is currently trading at $25.22.
With the pressure from buyers in the current outlook, SOL price could potentially aim for the $32.16 resistance with a 28% increase.
Can SOL Price Reach $50?
The recent rise in Solana’s price is also supported by the completion of a symmetrical triangle formation. This chart pattern often comes with predetermined targets and provides a potential level where the current rally could mature. In this context, under the influence of the symmetrical triangle formation, SOL price could be expected to recover towards $60.
The green Super Trend indicator on the daily price chart of the leading altcoin indicates the continuation of the uptrend, while the Moving Directional Index (DI+) and DI- showing an uptrend and expanding again (turquoise) indicate the return of buying momentum to the market.
