Solana Price Rebounds Strong From Recent Outage, Is Rally to $130 Next?

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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!

— 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.

Related Articles:

SOL Outage: Fix Released For Validator Operators To Restart Network
Solana Price Prediction: Is It A Good Time To Buy SOL Dip As Network Outage Causes Uncertainty?
Bonk Vs Honk: Which Solana Meme Coins is Worth the Hype?

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