With a short surge in altcoins, Solana shows a promising recovery and teases a bullish extension this week. As it bounces off from a crucial support zone, a reflection of solid demand, the SOL price could reclaim the $150 milestone in May.
However, the increasing volatility in the broader market and a potential correction in Bitcoin could hamper the recovery phase. Will Solana resist the bearish market noise to reach the $500 mark in 2024? Find out more in our SOL price prediction.
Solana Price Performance
With a double top reversal from the $200 milestone, Solana experiences a huge supply surge in the last two months. The altcoin loses the $150 psychological mark and breaks a long-coming support trendline. However, with a market cap of $54.33 Billion, it ranks as the 5th biggest crypto in the world.
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Despite the support trendline breakdown, the SOL price clings to the $112 demand zone and finds a cushion for a bounce back. With a bullish pivot, the altcoin retests the broken trendline and the 50% Fibonacci level at $135.
With a post-retest intraday drop of 3.72%, the beairsh extension chances are increasing. However, as the altcoin trades close to $135 with a 6% jump last night, the buyers are attempting at a takeover.
Technical Indicators:
MACD Indicator: The MACD and signal lines are indecisive and merged in the negative territory.
EMA: The breakdown in SOL price trades within the 50D and 200D EMA with a looming deathcross possibility.
Will SOL Price Reclaim $150?
With the broader market failing to find a bullish pivot, Solana struggles to siphon energy from it. However, rising against the tide, the SOL price teases a potential jump above the $135 mark.
If the SOL price reverses to cross the 50% Fibonacci level, the altcoin can reinstate a positive recovery and hit $150 in May.
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