With the Bitcoin price retesting the $69,000 mark during the early Asian trading hours, the altcoin market has experienced a strong bullish recovery. Following this, the Solana (SOL) price has maintained its value above the $150 mark. This highlights the rising interest of investors in it.
Will the Solana price make a comeback this Q4 and retest its $200 mark again? Or will the price face rejection at its crucial resistance zone and experience a pullback during the upcoming weeks?
The Solana price has regained momentum over the past week, resulting in its price hovering close to its resistance trendline of the triangle pattern. Notably, it formed this trend pattern in September and since then, it has been trading within it.
Moreover, the altcoin has jumped ~7% over the past week and 11.67% during the past month. With a YTD return of +41.34%, it has secured the 05th position with a market capitalization of $72.73 billion.
The EMA 50/200-day constantly supports the SOL price chart in the 1D time frame. This highlights a strong bullish outlook for the 5th largest cryptocurrency in the market.
Further, the RSI indicator continues hovering above its mid-point in the price chart. With its average trendline recording a bullish curve, the Solana token may continue gaining value this week.
If the bulls continue gaining momentum, the Solana coin price will head toward its resistance zone of $160 in the coming time. Further, if the bullish sentiment sustains, this could result in it heading toward its upper resistance level of $180 in the coming time.
On the contrary, if the bears regain momentum, the Solana price may experience a pullback within the triangle pattern. Moreover, if the bearish situation intensifies, this could result in it plunging toward its lower support level of $127.
Wondering if the Solana token will hit $200 this year? Read our Solana (SOL) Price Prediction 2024 – 2030!
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