Solana Price Pullback Sets Foundation for Future Rally

Solana price chart

With the native token of Solana facing an enormous wave of supply, the market value of the SOL token dropped to 3% this week. With escalating global tensions and the BTC price back at $65000, altcoins might see a landslide. Despite the fall, the SOL price seems poised for a rebound, with a bullish pattern showing on the charts. Will the cryptocurrency reemerge over $200 after a breakout run, or will it sink below $150 as expected?

Solana Price Eye $180 Neckline for Bullish Reversal

Following a quick upward advance, the Solana price is seeing a retracement as buyer impetus weakens. This retreat, following the break of the $200 barrier, has resulted in a 22% drop, producing a support trendline around the $160 mark.

The SOL price is currently trading close to the bottom support trendline around $170, having moved +2.16% intraday. Furthermore, the short-term price action shows a double-bottom pattern emerging near the baseline.

With a neckline near $180, the current rebound is getting closer to a breakout rally that might spark a positive chain reaction. In this instance, buyers may plan for an overhead resistance trendline breakout to extend the advance.

Will Solana Price Return to Recovery Trends?

Solana is under market criticism as a result of the rapid dip in optimistic market views, and the Bitcoin price falls below $65,000. As buyers brace for a rebound, sideline traders predict a breakthrough run. In this situation, the rally might drive the SOL price to a high of $210. Optimistically, the bull run might lead to a new 52-week high of $242. In contrast, a sell-off phase might send Solana down to appropriate support at $162 and $146.

Author: Simeon

Simeon is a seasoned crypto writer with a passion for exploring the fascinating world of blockchain and digital currencies. With a background in finance and technology, Simeon brings a unique perspective to his writing, delving into the complexities of decentralized finance, cryptocurrency trading, and emerging blockchain projects.