Solana Price Prediction: SOL Surges 20% After Market Crash

The Solana price has pumped 20% in the last 24 hours to trade at $141 as of 3:30 a.m. EST on a 2% surge in trading volume to $11 billion.

The fifth biggest crypto by market capitalization led gains among major tokens as Monday’s market crash gave way to a strong rally.

Solana Price Analysis: Bulls Show Resilience To Bounce Back On The Neckline

The Solana price indicates a fall after the price hit a resistance zone at $188, allowing the bears to take control after forming a double-top pattern. however the bulls are showing resilience  bouncing back on the neckline

The price had fallen to a key support level of around $127. If the bullish  momentum picks up again it could help the bulls push the back to the previous resistance zone.

SOLUSDT Analysis (Source: Tradingview)

Solana Price Bulls Have A Chance

Despite the rebound the Solana price still trades below the 50-day and 200-day Simple Moving Averages (SMAs). If market sentiment continues, it might help the bulls drive the price further upwards, potentially sparking a solid bullish rally.

The Relative Strength Index (RSI) also indicates a drop from the overbought zone past the 50 midline to the 30 oversold level. however the bulls resilience has caused the RSI to rebound, an opportunity for the bulls to drive the price back up again. in that scenario, the RSI could bounce back to the 50 midline level.

Moreover, the Moving Average Convergence Divergence (MACD) indicates a bearish trend. The blue average line recently crossed below the orange signal line above the neutral level, indicating bearish momentum. Additionally, the histogram bars reflect negative price movement, reinforcing the bearish outlook.

Solana Price Prediction: Bulls Find Anchor Support, Can They Sustain Momentum?

Technical indicators for the Solana price are showing a positive turnaround, as bulls have pushed the price higher again. The strong support level at $127 is helping the bulls regroup and continue the uptrend. If the price moves above the moving averages, it could trigger a rally, potentially driving the price up to the $188 resistance level.

On the other hand, if the bears regain control, they might push the Solana price below the pattern’s neckline. The moving averages currently act as resistance along the neckline, suggesting that there’s a chance the bulls could regain momentum.