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During the day, with a 5% increase, Solana‘s (SOL) price is rising after a period of intense correction. The return trend momentum is trapped within a triangular formation indicating a potential rise. While the market expects a broad recovery rally, can Solana find an exit after the retracement phase, a month after Bitcoin‘s Halving?
SOL’s Critical Formation
The cryptocurrency market’s gradual recovery is showing a fundamental change in sentiment, reversing the uptrend in Solana’s price. The altcoin shows a lower price rejection from the support trend line, which could increase the likelihood of a bull cycle.
The daily chart’s symmetrical triangle with the retracement phase is causing a lateral shift. However, the horizontal shift between the 50D EMA and 100D could lead to a double bottom formation. This situation indicates a potential uptrend in SOL’s price.
Moreover, recent gains offer the possibility of a different formation known to reverse the uptrend. Currently, the SOL price is trading at $142.49, rebounding from the lower support trend line with an intraday rise candle.
Solana’s Price Forecast
Additionally, the double bottom formation’s continuation with the $160 neckline offers a strong breakout rally possibility, creating a bullish chain reaction. In such a scenario, the bull run could surpass the $200 psychological barrier.
With multiple bullish events occurring in the popular cryptocurrency, the fundamental demand is also increasing along with secondary investors’ growing interest. Therefore, the daily chart offers multiple entry points, raising the possibility of a bull run to the $250 level. Contrary to assumptions, experts believe that if a bullish failure leads to a fall below $130, the SOL token could drop to $100.
