The post SOL Price Analysis: Ethereum Rival Solana Eyes $50 This Week! appeared first on Coinpedia Fintech News
As Bitcoin resurfaces above $35K again, the altcoins market gets increased momentum and results in a new bullish surge. Riding on the market recovery trend, the SOL coin price trend shows the channel breakout rally bouncing above the $40 mark.
Increasing the likelihood of a price jump to the $50 mark, the Solana price prediction maintains a bullish end result for 2023.
With a rounding bottom reversal from $17.76, the SOL price maintains a bullish journey. Following the channel breakout, as the overall market recovery gains momentum, the Ethereum rival continues to grow.
Crossing the 1.618 Fibonacci level at the $40 mark, the bullish trend in Solana shows a successful post-retest reversal. Accounting for a 346% year-to-date jump makes SOL tokens a high-performance investment in 2023.
Currently, the SOL price trades at $43.18 as the bounce back from $40 continues to form higher highs. Following the overnight jump of 1.87%, the intraday candle teases a Doji candle formation.
Technical Indicators:
RSI: The daily RSI line sustains a sideways trend in the overbought zone but warns of declining buying pressure.
MACD indicator: The MACD and signal lines struggle to maintain a bullish gap teasing a crossover event. Moreover, the declining trend in positive histograms reflects a decline in trend momentum.
Will the SOL Price Cross $50?
With a boost in trading volume, the uptrend in SOL price teases jump to the $50 mark. However, the higher price rejections in the recent candles and the lack of momentum warn of a reversal.
Considering the uptrend regains momentum, the bullish trend can surpass the 2.272 Fibonacci level at the psychological mark of $50. In such a case, the Solana market value can reach the $58.90 mark.
On the flip side, a downside reversal under the $40 mark can result in a drop to $35.
#PriceAnalysis #Solana(SOL) [Source: Coinpedia]