SOL Price At 50% Fibonacci Eyes A 90% Comeback!

Published by

Sohrab Khawas

April 29, 2024

As the top altcoins spiral into a bearish or indecisive Whirpool, the SOL price resists intense corrections beyond $130. With a solid support trendline at play and crucial support levels, Solana is close to a bullish pivot.

However, the constant rise in supply pressure warns of a major drawback, potentially fracturing the ascending line. Will the supply pressure resist Solana reaching the $500 mark in 2024? Find out more in our SOL price prediction.

Will SOL Price Reverse From $135?

With the recent reversal from the support trendline failing to sustain above the psychological mark of $150, the SOL price reverts to the $135 support level. As it aligns with the 50% Fibonacci level and the support trendline, the chances of reversal are high for Solana.

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Further, as the higher high formation continues, the sideline traders anticipate another bullish surge, crossing $150. However, the recent correction wave threatens to fracture the trendline as the lower price rejection signals are not visible in the 1D chart.

Currently, the SOL price trades at $136.41 with an intraday fall of 1.14%, creating another bearish candle. With the intraday fall, the chances of reversal are limited.

Technical Indicators:

MACD Indicator: The MACD and signal lines are converged in the negative territory, hinting at a potential positive crossover. Yet, this drop could lead to a prolonged negative trend in SOL price.

RSI: The daily RSI line shows a bullish reversal from the oversold zone and teases an uptrend. With an uptrend in motion, the momentum indicator bolsters the possibility of a bull run.

Will Solana Hit $500?

As the pullback phase for Solana prolongs with increased intensity, the downtrend threatens a drop to $100. However, with the strong support of $135 and multiple bullish catalysts in the equation, the chances of a bull run are minimal but solid.

If the SOL price reverses to cross the 61.80% Fib level and the milestone of $200, the altcoin will aim for a new 52W high. Considering that the uptrend has regained momentum, the Solana market value can cross $500 by the end of this year.

Also Check Out : Solana Memecoin Bull Run Begins: Bonk, Pepe And dogwifhat Record Nearly 40% Gain

Sohrab Khawas

Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.