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.
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.
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.
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.
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