Following a significant correction, Solana's price is currently increasing by 5%, suggesting a potential upward trend within a triangular formation. There are speculations about whether Solana can overcome its pullback phase a month after Bitcoin's Halving.

Critical Formation in SOL

Amid a slight recovery in the crypto market, Solana's price is indicating a shift in sentiment that may reverse the upward trend. Facing price rejection below the support trend line, there is a higher likelihood of a bullish cycle.

The daily chart's symmetrical triangle, combined with the pullback phase, is causing a horizontal shift. However, the horizontal difference between the 50-day EMA and 100-day EMA could lead to a double bottom pattern, suggesting a potential uptrend in SOL's price.

Furthermore, recent gains could lead to a different formation known to trigger a reversal in the uptrend. Currently priced at $142.49, SOL is rebounding from the lower support trend line with an intraday rise candle.

Price Forecast for Solana

Continuation of the double bottom pattern at the $160 neckline could result in a breakout rally, possibly surpassing the $200 psychological barrier. As a result, there might be a chain reaction of price increases.

With various bullish events unfolding in the cryptocurrency, heightened interest from secondary investors is contributing to fundamental demand. The daily chart provides multiple entry points, potentially driving the bullish run to the $250 mark. Alternatively, experts warn that if a bullish failure leads to a drop below $130, SOL may plummet to $100.

This information was originally published on COINTURK NEWS: Solana’s Price Surge and Market Dynamics