Advertise
Sohrab Khawas
Sohrab Khawas
Author
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.
- May 02, 2024 06:33 UTC
-
SOL Price Breakdown Meets Demand, Teases A Reversal To $150
With the long-coming support trendline breakdown, SOL price signals a bearish reversal.
The bulls hold the fort at $112 leading to a retest of the broken trendline.
With a sudden demand surge, the bullish reversal chances look promising.
With a short surge in altcoins, Solana shows a promising recovery and teases a bullish extension this week. As it bounces off from a crucial support zone, a reflection of solid demand, the SOL price could reclaim the $150 milestone in May.
However, the increasing volatility in the broader market and a potential correction in Bitcoin could hamper the recovery phase. Will Solana resist the bearish market noise to reach the $500 mark in 2024? Find out more in our SOL price prediction.
Solana Price Performance
With a double top reversal from the $200 milestone, Solana experiences a huge supply surge in the last two months. The altcoin loses the $150 psychological mark and breaks a long-coming support trendline. However, with a market cap of $54.33 Billion, it ranks as the 5th biggest crypto in the world.
Despite the support trendline breakdown, the SOL price clings to the $112 demand zone and finds a cushion for a bounce back. With a bullish pivot, the altcoin retests the broken trendline and the 50% Fibonacci level at $135.
With a post-retest intraday drop of 3.72%, the beairsh extension chances are increasing. However, as the altcoin trades close to $135 with a 6% jump last night, the buyers are attempting at a takeover.
Technical Indicators:
MACD Indicator: The MACD and signal lines are indecisive and merged in the negative territory.
EMA: The breakdown in SOL price trades within the 50D and 200D EMA with a looming deathcross possibility.
Will SOL Price Reclaim $150?
With the broader market failing to find a bullish pivot, Solana struggles to siphon energy from it. However, rising against the tide, the SOL price teases a potential jump above the $135 mark.
If the SOL price reverses to cross the 50% Fibonacci level, the altcoin can reinstate a positive recovery and hit $150 in May.
Also Check Out : Solana On The Verge Of A Breakdown! SOL Price To Hit $100 This Week?
Yes 
No 
