Solana (SOL) Price Rocket Struggles At $177! Is $150 on Horizon?

Whereas Bitcoin stays risky across the $67,000 stage, Solana is making a comeback with its rising affect within the decentralized market. With Solana surpassing Ethereum in day by day DEX volumes, SOL value is skyrocketing.

Will Solana’s bullish pattern and bettering stance within the DEX market end in a value enhance above $200? Learn extra on this Solana value evaluation.

Solana (SOL) Value-performance

With a bullish restoration over the weekends, SOL value rose ~8%, leading to two consecutive bullish candles. This undermined Friday’s 7% decline and challenged the $177 ceiling. Nonetheless, the bullish failure results in an intraday decline of 1.78%, resulting in the present Solana value of $173.

Trading view

With the trendline breakout rally stalling at USD 177, the possibilities of a sideways extension above USD 164 enhance. Nonetheless, the 4-hour chart warns of a critical bearish end result.

Solana’s rising channel value

On the 4-hour chart, the bullish pattern in SOL costs shaped an ascending channel sample to surpass the $175 stage. Nonetheless, the bullish pattern fails to achieve one other greater excessive formation and warns of a double high reversal from the $177 ceiling.

Trading view

At present, SOL value motion is making three consecutive bearish candles on the 4-hour chart. This marks the triple black crow sample, a powerful bearish reversal sign.

The neckline of the double high is at $164, with two helps (50 EMA and the rising trendline) appearing as protection strains. The bears must crack down on the rising pattern line for the completion of the double backside. This will increase the possibility of smash and limits the possibility of lateral growth.

Solana’s weekly DEX outperforms Ethereum

As Solana’s efficiency within the decentralized market improves, the quantity of its DEXs will increase. Moreover, weekly DEX quantity dominance throughout all chains reaches an all-time excessive of 35%.

Among the many high performers, Solana’s quantity of $15.78 billion has surpassed Ethereum’s $8.87 billion by an enormous margin of 77.91%. This marks the most important weekly leap for Solana in opposition to Ethereum to this point.

Will SOL value drop to $150?

Regardless of the near-term reversal alternatives, the uptrend in SOL value is prone to expertise a number of helps earlier than falling to $150. The bulls can have a number of reversal alternatives on the 50 EMA at $168, supporting the trendline close to $165 and the neckline at $164.

A reversal run will seemingly kind an ascending triangle with a ceiling at $177. Furthermore, a breakout rally will problem the psychological barrier of $200. Conversely, the 200 EMA of $156 will act as the ultimate help earlier than the psychological barrier of $150.

Interested in the way forward for Solana? Learn our Solana (SOL) value forecast for an summary of long-term objectives!