Throughout the day, Solana's price has increased by 5% following a significant correction period. The current return trend appears to be forming a triangular pattern, suggesting a potential upward movement. As the market anticipates a broad recovery, there is speculation on whether Solana will be able to break out after the retracement phase, which comes a month after Bitcoin's Halving event.

Key Patterns for SOL

The cryptocurrency market is witnessing a gradual shift in sentiment, with Solana's price showing signs of reversing its upward trajectory. The altcoin is experiencing lower price rejections from the support trend line, hinting at a possible bullish cycle ahead.

On the daily chart, a symmetrical triangle pattern with a retracement phase is leading to a sideways movement. However, the convergence between the 50-day EMA and 100-day could result in a double bottom formation, indicating a potential price increase for SOL.

Recent price gains suggest a different formation that typically precedes a reversal of the upward trend. Currently, SOL is trading at $142.49, rebounding from the lower support trend line.

Prediction for Solana's Price Movement

Furthermore, the continuation of the double bottom formation towards the $160 neckline presents a strong possibility of a breakout rally, triggering a bullish momentum. In this scenario, the price surge could surpass the $200 mark.

Amid several positive developments in the cryptocurrency space, there is a growing fundamental demand and increasing interest from secondary investors. The daily chart indicates multiple entry points, raising the potential for a bullish trend towards the $250 level. However, experts caution that a failure in the bullish scenario leading to a drop below $130 could see SOL plummet to $100.

This analysis was originally published on COINTURK NEWS.