Solana Price Rebounds 6% Amid Market Confidence, Forms Double Bottom

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: 2 hours ago

Should l Buy SOL?

Market Confidence Rebound: Solana's price has rebounded by 6% since Monday's drop, indicating a restoration of investor confidence that could set the stage for a significant trend reversal.
Price and Market Cap Growth: On Wednesday, Solana's price rose 3% to $88.5, bringing its market cap to over $50 billion, while daily trading volume increased by 22% to $4.96 billion, reflecting heightened market activity.
Institutional Investment Boost: Goldman Sachs recently disclosed holding $108 million in spot Solana ETFs, with total assets in Solana spot ETFs, including those from Bitwise and Fidelity, surpassing $1 billion, demonstrating increased institutional confidence in the token.
Technical Pattern Analysis: Solana is forming a double bottom pattern with a neckline at $97.8, and a decisive breakout could propel the price to $118, with no major resistance levels in the way, indicating a potential strong rebound.

Get Real-Time Alerts for Any Crypto Movement

Monitor assets like SOL with instant alerts on price breakouts and whale movements. Don't let a 24/7 market leave you behind.

Technical Analysis for SOL

Technical Sentiment Analysis for Solana (SOL). As of , Solana (SOL) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 5 technical signals, shows that 3 indicators are flashing buy, while 2 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for SOL stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.

Support, Resistance & Moving Averages. From a structural perspective, SOL is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

Solana (SOL) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	72.203	76.802	81.533	86.132	90.863	95.462	100.193
Fibonacci	76.802	80.366	82.568	86.132	89.696	91.898	95.462

About SOL

Solana is a highly functional open source project that banks on blockchain technology’s permissionless nature to provide decentralized finance (DeFi) solutions. While the idea and initial work on the project began in 2017, Solana was officially launched in March 2020 by the Solana Foundation with headquarters in Geneva, Switzerland.To learn more about this project, check out our deep dive of Solana.The Solana protocol is designed to facilitate decentralized app (DApp) creation. It aims to improve scalability by introducing a proof-of-history (PoH) consensus combined with the underlying proof-of-stake (PoS) consensus of the blockchain.Because of the innovative hybrid consensus model, Solana enjoys interest from small-time traders and institutional traders alike. A significant focus for the Solana Foundation is to make decentralized finance accessible on a larger scale.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

GET FREE REAL TIME NOTIFICATIONS

Stock Monitor for SOL?

Get Started Free

FREE STOCK RECOMMENDATIONS DAILY

Stock Bullish Tomorrow

Get Started Free

70% BACKTESTED ACCURACY!

Should I Buy SOL?

Get Started Free