Has $SOL Hit Overbought After $50 Breakout?

Has $SOL Hit Overbought After $50 Breakout?

Solana Price Prediction: The SOL price shoots beyond $50 with a 25% overnight jump teasing a bull run to $75.

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Solana Price Prediction: As Bitcoin reclaims the $37K mark, the altcoins market is booming, providing double-digit returns over the past weeks. Ranking amongst the top-performing coins, the Solana coin showcases a strong recovery and reclaims the $50 mark. 

Furthermore, the bullish momentum continues growing as the buyers become more confident after the $50 breakout. So, will the SOL price continue to rise and reach $75?

Also Read: SOL Price At $55 Amid Institutional Inflows in GSOL, Should You Buy Solana Now?

Strong SOL Holders Absorbs Incoming Supply via FTX

  • The rounding bottom pattern triggers a long-term trend reversal. 
  • With improving market conditions, the SOL price can soon claim the $75 mark.
  • The 24-hour trading volume on the Solana coin is 3.5$ Million, indicating a 6.7% gain.

Solana Price PredictionSource-Tradingview

With remarkable growth in the last few weeks, the Solana price trend turned bullish and reflected a huge increase in trading volume. Supporting a bullish comeback, the overall market recovery fuels the underlying demand for Solana. 

With an overnight growth of 25%, the Solana price action has produced a huge bullish candle similar to a marubozu. The increase in demand, at a time when SOL tokens are being sold from the FTX holding, reflects a strong underlying demand. 

In the past sixty days, the altcoin has skyrocketed by 212%, to reclaim the $50 mark and currently trades at $58.08. With an intraday gain of 2.6%, the coin buyers offer a suitable follow-up to the last breakout, continuing on the path of a rounding bottom pattern.

Under the influence of this pattern, the coin price is likely to surge 34% to hit the next significant resistance of $78.

Will SOL Price Sustain Above $50?

With the crypto market gaining momentum, high-performance altcoins like Solana showcase a high likelihood of a prolonged uptrend. Crossing the psychological barrier of $50, the SOL coin price can hit the $75 mark, if the buyers sustain trend control and shatter the $60 mark. 

If things go south, the overhead supply with the FTX dumping SOL tokens can be fatal. In such a case, the downtrend can fall under $50 to test the $38 mark

  • Directional Moving Index: The daily ADX line continues the positive arc of parabolic growth. Meanwhile, the DMI lines align with the bullish crossover showing a high momentum bullish sprint in motion.
  • Exponential Moving Average: The sharp upturn in the daily EMAs(20, 50, 100, and 200.) indicates a strong uptrend in action.

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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.


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