SOL Price Analysis: Ethereum Rival Solana Eyes $50 This Week!

As Bitcoin resurfaces above $35K again, the altcoins market gets increased momentum and results in a new bullish surge. Riding on the market recovery trend, the SOL coin price trend shows the channel breakout rally bouncing above the $40 mark. 

Increasing the likelihood of a price jump to the $50 mark, the Solana price prediction maintains a bullish end result for 2023.

With a rounding bottom reversal from $17.76, the SOL price maintains a bullish journey. Following the channel breakout, as the overall market recovery gains momentum, the Ethereum rival continues to grow. 

Crossing the 1.618 Fibonacci level at the $40 mark, the bullish trend in Solana shows a successful post-retest reversal. Accounting for a 346% year-to-date jump makes SOL tokens a high-performance investment in 2023.

Currently, the SOL price trades at $43.18 as the bounce back from $40 continues to form higher highs. Following the overnight jump of 1.87%, the intraday candle teases a Doji candle formation. 

Technical Indicators:

RSI: The daily RSI line sustains a sideways trend in the overbought zone but warns of declining buying pressure. 

MACD indicator: The MACD and signal lines struggle to maintain a bullish gap teasing a crossover event. Moreover, the declining trend in positive histograms reflects a decline in trend momentum. 

Will the SOL Price Cross $50?

With a boost in trading volume, the uptrend in SOL price teases jump to the $50 mark. However, the higher price rejections in the recent candles and the lack of momentum warn of a reversal. 

Considering the uptrend regains momentum, the bullish trend can surpass the 2.272 Fibonacci level at the psychological mark of $50. In such a case, the Solana market value can reach the $58.90 mark.

On the flip side, a downside reversal under the $40 mark can result in a drop to $35.