Tweezer Bottom Reversal: SOL's price demonstrates a strong comeback with a tweezer bottom reversal, breaking past $75.
Targeting $80 and Beyond: The current rally positions SOL to potentially surpass the $80 mark, eyeing the psychological level of $100.
Crucial Support Trendline: A dominant support trendline in the daily chart plays a key role in sustaining Solana's uptrend.
Recent Market Cap Surge: SOL's market cap experiences a significant boost, indicating robust buying activity and increased investor confidence.
Exceeding 50% Fibonacci Level: The ongoing recovery rally has already crossed the 50% Fibonacci retracement level, hinting at a possible breakout to $80.
Remarkable Year-to-Date Return: Solana's year-to-date return is a staggering 711%, showcasing its strong market performance in 2023.
Solid Bullish Engulfing Candles: The formation of consecutive bullish engulfing candles suggests a robust and sustained upward momentum.
Technical Indicators - RSI and MACD: Both RSI and MACD indicators align in showing a spark in bullish momentum, with RSI nearing the overbought territory and MACD displaying rising positive histograms.
Potential to Reach $100: With current trends and market sentiments, there's a high probability of SOL price crossing the $100 mark, provided the momentum sustains.
Risk of Retesting $75: Despite the bullish outlook, there's always the risk of a pullback to retest the $75 level in case of momentum loss.
Targeting $80 and Beyond: The current rally positions SOL to potentially surpass the $80 mark, eyeing the psychological level of $100.
Crucial Support Trendline: A dominant support trendline in the daily chart plays a key role in sustaining Solana's uptrend.
Recent Market Cap Surge: SOL's market cap experiences a significant boost, indicating robust buying activity and increased investor confidence.
Exceeding 50% Fibonacci Level: The ongoing recovery rally has already crossed the 50% Fibonacci retracement level, hinting at a possible breakout to $80.
Remarkable Year-to-Date Return: Solana's year-to-date return is a staggering 711%, showcasing its strong market performance in 2023.
Solid Bullish Engulfing Candles: The formation of consecutive bullish engulfing candles suggests a robust and sustained upward momentum.
Technical Indicators - RSI and MACD: Both RSI and MACD indicators align in showing a spark in bullish momentum, with RSI nearing the overbought territory and MACD displaying rising positive histograms.
Potential to Reach $100: With current trends and market sentiments, there's a high probability of SOL price crossing the $100 mark, provided the momentum sustains.
Risk of Retesting $75: Despite the bullish outlook, there's always the risk of a pullback to retest the $75 level in case of momentum loss.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.