SOL Technical Analysis: Downtrend Reverses from $125, Aims $200 Mark

SOL token price resonates within a triangle pattern with increasing bullishness. Can a bullish rise result above the $200 mark?

Anatoly Yakovenko’s proof-of-history (PoH) consensus is one of Solana’s most important innovations. This concept allows for greater scaling of the protocol, which in turn increases usability.

Because of its extremely short processing times, Solana is well-known in the cryptocurrency industry. The hybrid protocol of Solana allows for greatly reduced validation times for smart contract execution and transaction processing. Moreover, Solana is a popular choice for institutions due to its lightning-fast processing speeds.

Let us now look at the technical analysis of SOL cryptocurrency.

Past Performance of Solana

On 9th September, SOL coin price faces higher price rejection near the resistance level of $200. Thus, resulting in a downfall of more than 30% in a matter of days. However, the fall abruptly reversed with the demand met near $120. Since then, the price continues to recover with increased buying pressure.

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SOL Technical Analysis

SOL crypto is currently at $140 as of writing this article. Moreover, it has seen a fall of -2.54% within 24 hours. Thus, indicating a rise in underlying bearishness as the intraday trading volume rises by 22%.

However, the SOL coin price may soon find resistance near the $200 mark. It could result in a bullish reversal. 

As shown in the chart, the trend lines make a symmetrical triangle. The breakout of this triangle can lead to a high momentum rally on either side. Thus, we must wait patiently for the pattern to complete its fruition.

The SOL crypto is trading above all the crucial Exponential Moving Averages in the daily chart. Furthermore, the EMAs trail higher in a bullish alignment.

MACD and signal lines on the daily chart are above the zero level. Thus indicating a buy signal. Meanwhile, the intensity of the bearish histogram nullifies.

The slope of the RSI indicator trends above the central line. The recent jump of RSI slope from 43% to above 52% indicates a rise in underlying bullish sentiments. 

Upcoming Trend 

As per the Solana technical analysis, the SOL token is resonating in a crucial price pattern. The breakout of this triangle will decide the upcoming trend. However, the indicators forecast a bullish breakout. 

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