Will Winning Streak in SOL Price Reclaim $30 Mark?

Will Winning Streak in SOL Price Reclaim $30 Mark?

A bullish breakout from the key resistance sets the SOL price for a higher rally; Should you enter?

Published 20 mins ago

In the midst of a broader crypto market upswing, the Solana price has been riding a veritable wave of bullish momentum. Over a five-day winning streak on the daily chart, the coin price action completed an inverted head and shoulders pattern, a common bottoming formation that often signals a reversal in bearish sentiment. On October 30th, this pattern culminated in a decisive breakout above the $20.8 resistance level, further fueling the altcoin’s upward trajectory.

Also Read: Solana Registers Surprise 10% Jump Toppling Dogecoin, Next SOL Price Target $32?

Is Current Recovery Sustainable?

  • The reclaimed 200-day EMA could offer strong support to the buyers.
  • A bullish breakout from the overhead trendline would set the coin by 11%.
  • The 24-hour trading volume on the Solana coin is $161.4 Million, indicating a 13% gain.

SOL PriceSource-Tradingview

On September 30th, the Solana price confirmed the pattern’s efficacy by breaking through the neckline of the inverted head and shoulders formation. This technical breakout was substantiated by an intraday gain of 5.5% today, pushing the price to breach yet another horizontal resistance at $22.2.

Trading at $22.5 at the time of this analysis, these recently pierced resistance levels may now serve as robust support zones during any market pullbacks. Should the SOL price maintain its foothold above $22.1, we could see buyers propel the price by another 13%, targeting the $25.5 zone. 

However, caution is advised as the long wick rejection around the $24 mark on the daily chart suggests a potential minor pullback, providing traders with a potential re-entry point during a retest.

SOL vs BTC Performance

BTC vs SOlSource: Coingape| Solana Vs Bitcoin Price

Comparative analysis over the past three months reveals that SOL has outshone BTC in terms of recovery, especially in the last week. While the Bitcoin price has shown a more tepid bounce back, indicating a short-term sideways trend, The Solana price has not only displayed a stronger recovery but also formed its first higher low—a generally bullish indicator. 

  • Relative Strength Index: The daily RSI slope above 60% reflects sufficient bullish momentum for an upswing.
  • Exponential Moving Average: The reclaimed daily EMAs(20, 50, 100, a200) could offer buyer additional edge

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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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