With Bitcoin rising up to the $93,000 mark, Solana witnesses a massive sudden recovery of 15% to reach $163. Apart from the 24-hour recovery, Solana recorded a massive surge of 25% last night. Currently, the pullback of 8.67% nullifies the 24-hour surge to nearly 15%.
Currently, Solana remains the 6th biggest cryptocurrency in the market with a market cap of $82 billion. Will this short-term recovery drive SOL’s prices beyond the $200 psychological mark? Let’s find out.
Solana Breaks Falling Wedge Pattern
In the daily chart, the SOL price trend reveals a bullish breakout of a falling wedge pattern. This comes after the bullish engulfing candle formed yesterday. Furthermore, the positive reversal within the wedge pattern comes from the lower price rejection near the $125 mark.
Currently, SOL fluctuates near the center pivot level at $169, reflecting the bullish struggle. However, the lower price rejection in the intraday candle highlights the possibility of a post-shortest reversal.
Furthermore, the bullish recovery overnight has resulted in a positive crossover within the MACD and signal lines. Thus, the technical indicator supports the possibility of a bullish continuation.
Solana Tops DEX Volume for the 5th Consecutive Month
Along with the price surge, SOL reports a massive gain over the network side. As per a recent tweet by SolanaFloor, the network has surpassed all other chains in monthly DEX volumes.
This comes for the 5th consecutive month, with a DEX volume of $105 billion. The Binance Smart Chain remains at 2nd position, with a DEX volume of $84.256 billion in February.
Analyst Predicts Rally Towards $213
Along with the possibility of a post-stratus reversal, Ali Martinez, a crypto analyst, has highlighted a falling channel breakout in the 4-hour chart.
Based on his price analysis, the uptrend is likely to ease to $130 if SOL maintains dominance above the $160 or the broken resistance trendline. The possibility of a bullish reversal grows with the low price action in the intraday candle.
Will Solana Hit $277?
Based on the private levels, the uptrend in Solana is likely to reach the R1 resistance level at $213. Beyond this, the uptrend could reach the $277 mark. On the flip side, the crucial support for Solana remains at the $150 psychological mark, followed by the $125 support level.
