After a significant correction, Solana‘s (SOL) price is climbing by 5% today. This rise hints at a potential uptrend within a triangular formation that has trapped the trend’s momentum. As the market anticipates a broad recovery rally, questions arise whether Solana can overcome its pullback phase a month after Bitcoin‘s Halving.
Critical Formation in SOL
With the crypto market taking small steps towards recovery, Solana’s price shows a fundamental shift in sentiment that could reverse the rising trend. The altcoin is facing price rejection below the support trend line, which could potentially increase the likelihood of a bullish cycle.
The daily chart’s symmetrical triangle with the pullback phase is causing a lateral shift. However, the horizontal shift between the 50D EMA and 100D could lead to the formation of a double bottom pattern. This situation indicates a potential uptrend in SOL’s price.
Moreover, recent gains offer the possibility of a different formation known to initiate a reversal in the uptrend. Currently, SOL’s price is trading at $142.49, rebounding from the lower support trend line with an intraday rise candle.
Price Forecast for Solana
Furthermore, the continuation of the double bottom pattern at the $160 neckline offers the possibility of a strong breakout rally, creating a chain reaction of rises. In such a scenario, the bullish run could surpass the psychological barrier of $200.
With multiple bullish events occurring in this popular cryptocurrency, secondary investors’ growing interest is also boosting fundamental demand. Thus, the daily chart offers multiple entry points, potentially raising the bullish run to the $250 level. Conversely, experts suggest that if a bullish failure leads to a drop below $130, the SOL token could fall to $100.
