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Sohrab Khawas
Sohrab Khawas
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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.
- Jun 19, 2024 06:26 UTC
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With An Intraday Recovery, Will SOL Price Top $200 This June?
The SOL price trend supports trendline breakdown.
Solana’s brawl near the $150 mark continues.
An uptrend continuation could challenge the overhead resistance trendline.
With Ethereum’s price jump, the altcoins are making waves with refreshed and increased trend momentum. Amidst such recovery, Solana’s native token SOL takes a price following a bearish move a day prior.
The sudden change in trend momentum in Solana’s price teases a potential comeback with the support of broader market recovery. Will Solana resurface above the broken trendline to surpass $200? Find out more in our SOL price prediction.
Solana Price Performance
Following the bearish drop of 4.10%, the bearish reversal in the SOL price from the broken trendline for a 10% drop in 48 hours. However, with the recovery in the biggest altcoin, Solana picks up pace with an intraday gain of 1.92%.
The ongoing correction creates a short-term resistance trendline in the daily chart and keeps the recovery under check. Currently, the SOL price trades at $140 and makes a bullish candle that pierces into the bullish candle.
Further, the lower price rejection in the recent candles near the $125 demand zone bolsters the possibility of the altcoin gaining bullish momentum shortly. If the broader market recovery continues, the altcoin can sustain the bull run for a new swing high and potential breakouts.
Technical Indicators:
RSI: With the recent dip in the SOL price, the daily RSI line drops closer to the oversold boundary. Further, the momentum indicator shows a bullish divergence in the daily chart.
Will The SOL Price Reach $200?
With the intraday recovery, the SOL price showcases a bullish recovery chance and a potential trendline breakout. In case of a breakout, the uptrend may soon resurface above the broken support trendline.
As per the Fibonacci levels, the uptrend in the Solana price can reach the next overhead resistance trendline near $170. Optimistically, the breakout rally can result in a price jump to the $200 psychological mark.
Read Also : Ethereum Price Prediction: Will ETH Price Hit $4,000 In June?
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