Solana Retests Its Support! Will SOL Price Hit New High Amid AltSeason Rally?

The post Solana Retests Its Support! Will SOL Price Hit New High Amid AltSeason Rally? appeared first on Coinpedia Fintech News

The cryptocurrency market on Friday displayed a bearish price action in spite of approval of the spot ETH ETF, indicating a short selling in the market. However, the altcoin leader, Ethereum price, holds its price above the $3,650 mark, suggesting a bullish sentiment in the crypto space.

Moreover, the SOL coin price has continued to record a bearish price action since the week’s start, resulting in the altcoin losing 12.38% during this time. Amid increased price volatility in the crypto space and a potential AltSeason, will Solana reclaim $200 in Q2?

SOL Token Forms A Symmetric Triangle Pattern:

Despite increased price volatility in the crypto market, the Solana price has recorded a correction of 5.63% within the past 24 hours. Furthermore, the altcoin has lost approximately 2% over the past seven days, highlighting increased selling pressure for the SOL token in the crypto space.

TradingView: SOL/USDT

Positively, the SOL price has formed a symmetric triangle in the 1D time frame and continues to trade within it. However, the altcoin failed to breach its resistance trendline, resulting in it experiencing a strong bearish reversal in the chart.

The Simple Moving Average (SMA) displays a negative crossover in its price chart, highlighting an increase in the selling pressure for the altcoin in the crypto market.

On the other hand, the Relative Strength Index (RSI) shows a bearish convergence in the 1D time frame, suggesting a weak price action for the Solana token during the upcoming week.

Will Solana Price Recover?

If the market holds the price above the support zone, the SOL price will retest its resistance level of $180.75. Moreover, if the bulls breach the resistance trendline of the symmetric triangle, the Solana coin price will test its yearly high of $204.75 during the upcoming weeks.

Conversely, if the bulls fail to regain momentum, the SOL token will test its support level of $155.25. Moreover, if the bears continue to hold power over the bulls, the price will plunge toward its lower support trendline in the coming time.