Solana (SOL) Coin Price Forms An Inverted Cup And Handle Pattern: Will The SOL Price Go Up Again?

Aftertrading under a bearish sentiment for a brief period, the Solana price has recorded a strong bullish jump of approximately 10% within the past few hours.

Solana price has witnessed a significant bullish surge of 10% within the last few hours, recording a strong price action in the cryptocurrency market. The altcoin’s recent price performance has left traders speculating whether the SOL price will continue rising toward its upper resistance levels or if it will quickly slip toward its crucial support level.

Solana Coin Price Forms An Inverted Cup And Handle Pattern:

Solana price, once the 4th largest cryptocurrency by market capitalization, has erased over $22 Billion from its valuation in the past few weeks. Currently, the altcoin is approaching its crucial support level, and its upcoming direction is yet to be determined.

On a positive note, the SOL price has leveled out its loss from the previous week by adding 9.39% to its portfolio in the last 24 hours with a surge of 122.26% in its trading volume. However, it has recorded a correction of 19.76% in valuation over the past 30 days.

Moreover, the recent surge has formed an inverted cup and handle pattern on the SOL coin’s price chart, indicating a growing bearish sentiment for the altcoin in the crypto market.

Solana (SOL) Market Sentiments:

The Simple Moving Average (SMA) is on the verge of recording a positive crossover in the 1D timeframe, suggesting increased price action for the altcoin in the cryptospace. On the other hand, the MACD shows a consistent decline in the red histogram, indicating a stronger buying-over-selling pressure for the Solana crypto. Furthermore, the averages display a potential bullish convergence, highlighting the SOL token price may continue gaining value this week.

Will The SOL Price Go Up Again?

If the crypto market experiences a bullish reversal, the Solana price will gain momentum and test its resistance level of $155. Maintaining the price at that level will set the stage for the SOL coin price to head toward its **upper** resistance level of $181.50 in the coming time.

On the flip side, if the bears overpower the bulls, the Solana token will retest its important support level of $127. Moreover, if the bulls **fail** to hold the price at that level, this altcoin will **further** plunge and test its **low** of $100 during the upcoming weeks.

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