- Solana displays relative strength amidst Bitcoin consolidation, gaining 12% to trade below $200.
- Technical indicators signal strong bullish momentum for SOL, with RSI slightly over 70 and the MACD line above the signal line.
- SOL aims to break resistance at $200, with the potential for a twice increase toward its all-time high.
Solana (SOL) has shown resilience amidst this volatility, displaying a pattern of lateral movement within converging trendlines. This pattern, resembling a pennant formation on the four-hour chart, suggests a period of recuperation following bullish momentum exhaustion.
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Following a period of consolidation, Bitcoin (BTC) stabilized between $69,000 and $71,000, providing a stable backdrop for SOL. Notably, SOL has exhibited relative strength, witnessing a 12% increase, edging close to $200 in current trading.
Despite SOL’s all-time high of approximately $250 during the 2021 bull run, the cryptocurrency appears primed for potential new highs. Indicators across various timeframes suggest bullish momentum, with SOL’s RSI hovering slightly above 70, albeit entering the “overbought” territory. Further confirmation of the uptrend is evident through the MACD line, surpassing the signal line. Additionally, the 20-period EMA, positioned at $117, indicates a favorable path to the upside.
SOL’s recent breakout from the $80 to $125 trading range in early March marked a shift into price discovery mode. However, a significant move, approximately doubling from the upper limit of this range, is required to reach its previous all-time high.
The $200 level presents a crucial resistance barrier for SOL, having experienced rejection in mid-March. With the current bullish sentiment prevailing in the market and the anticipation surrounding Bitcoin’s impending halving event, SOL appears poised to chart new records in the imminent future. With a solid technical foundation and favorable market conditions, Solana sets its sights on a potential twofold move from its previous trading range to attain new all-time highs in April.
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