Solana Price: SOL, the native token of the Solana ecosystem witnessed a temporary selling on Tuesday as the network witnessed a 5-hour outage. The system breakdown plunged the coin price to a low of $92.8 only to quickly rebound from on recovery trend.
@mtromp, a Solana validator, said in an X post “Core engineers have identified a fix and are building a new version for Validators to upgrade. More details after testing is complete”
The renewed buying has uplifted the coin price to $105.4, preparing for a decisive breakout from a bullish reversal pattern called inverted head and shoulder.
Also Read: 3 Bargain Solana Rivals To 10X In 2024: XRP, DOGE, SHIB
Can Solana Price Sustain Above $100
Solana Price| Tradingview
Amid the recent recovery trend in the crypto market which pushed the Bitcoin price above $46000, the majority of major altcoins rebounded to higher levels, including Solana. The SOL price rising for four consecutive days, surged from $92.8 to $105, registering 13%.
A recent analysis from renowned trader CryptoBusy has highlighted a bullish signal for Solana ($SOL) investors: an inverted head and shoulders pattern on the higher time frame chart. This technical formation, recognized for indicating a potential bullish reversal, emerges as $SOL confronts a long-standing multi-month resistance.
If Solana price successfully breaks through this resistance, it could mark the start of a significant uptrend. However, given the strength of this resistance in the past, caution is advised. A break above this level could signal a bullish phase for Solana, while failure to overcome it may lead to continued consolidation.
LOOK: #Solana $SOL inverted head and shoulders!
If $SOL breaks this reversal pattern on the higher time frame, It’s bullish!
However, this is a multi-month resistance so watch out! pic.twitter.com/VTl70dgvep
— CryptoBusy (@CryptoBusy) February 9, 2024
Thus, a potential break with the daily candle closing above the neckline resistance of $105 will accelerate buying pressure to lead a rally to $135.
Technical Indicator
Exponential Moving Average: The price above 20-and-50-day EMA could offer buyers additional support.
Vortex Indicator: The expanding gap between the VI+ and VI- slope in a bullish crossover state reflects buyers are strengthening their grip over their assets.
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