Bullish Price Formation For Solana – Is $30 Around The Corner?

Solana (SOL) has experienced a notable downturn recently, unable to sustain itself above the $32 mark. The altcoin remains below a strong resistance level, but a potential breakthrough could lead to a 20% price appreciation.

In the last 24 hours, SOL saw a modest surge of 2.2%, but its performance on the weekly chart shows minimal upward movement. Despite the challenges, there are two essential bullish signals to consider: the morning star reversal sign and a bullish pennant formation.

These signals suggest that if SOL surpasses the immediate resistance, the coin might aim for a rally back to levels it reached two weeks ago. In the broader market context, Bitcoin’s re-entry into the $29,000 price level has caused retracements in altcoins on their respective charts.

Therefore, for SOL to surpass the immediate resistance, it will require strong support from the broader market. The market capitalization of SOL has also experienced a decline, indicating a slight weakening in buying strength.

Solana Price Analysis: One-Day Chart

Solana was priced at $24.90 on the one-day chart | Source: SOLUSDT on TradingView