- SOL price has formed a V-shape chart pattern on the daily chart.
- Solana is up 3.47% in the last 24 hours.
Since December 3, the Solana (SOL) price has been in freefall, losing about 39 percent of its value. Engulfing a bullish V-shaped pattern on the daily chart suggests upward movement towards $244.
SOL price has formed a V-shape chart pattern on the daily chart, indicating a solid rebound. A V-shaped pattern is formed when an asset has a substantial decline, followed by a steady rise. Although Solana’s recovery may not be as rapid as a V-shaped recovery would imply, it has been consolidating below the 100-day SMA (SMA) since December 16.
$200 Psychological Level
Despite this, Solana’s price is expected to rise and finish the V-shaped recovery. This means that SOL may climb to $244, a 38 percent increase from the current price if the SOL price breaks over $185, which is the 100-day SMA.
Solana bulls, however, must first surpass the $200 psychological level, the 50 SMA at 208, and the $221 significant resistance mark to get there. A buy signal from the Moving Average Convergence Divergence (MACD) indicator has bolstered the bullish narrative. This was caused when the 12-day EMA intersected over the 26-day EMA, on December 18. The bullish momentum will acquire more excellent traction as soon as the MACD passes the zero line into the positive zone.
According to CoinMarketCap, the Solana price today is $178.11 USD with a 24-hour trading volume of $1,934,188,606 USD. Solana is up 3.47% in the last 24 hours, with a live market cap of $54,917,895,544 USD.
