- SOL price sees a reversal setup, triple bottom, near $168.14, suggesting a bullish case.
- As the token touched the support line for the 3rd time, enthusiasts might expect a 15% surge towards $191.82.
- A 4hr candle close beneath $157.68 will annul the bullish outlook and translate to a 12% drop towards $147.64.
Solana (SOL) price wavers in an inflection zone that might break or make the token’s short-term outlook. According to the four-hour chart, the crypto can launch a slight uptrend that may see SOL retesting crucial obstacles.
SOL Price at Break or Make Point
Solana has had its price actions tagging the support area at $168.14 twice within the last five days and tests the area for another time, forming a triple bottom setup. With this formation, market players can expect Solana to reverse the downward trend and record a run-up towards the closest resistance level.
Meanwhile, Solana has challenging obstacles in its path. The most crucial hurdles awaiting SOL are the 50- and 100-day SMA near $191.8 and $190.5, respectively.
Surprisingly, the 50-day Simple Moving Average prepares to move beneath the 100-day Simple Moving Average, showing a possible death cross. As this bearish picture looms, the triple bottom formation might launch a 15% surge to tag the mentioned SMAs.
An amplified bullish scenario will see SOL overpowering its headwinds and climbing towards the resistance level of $201.78, indicating a 20% increase from the $168.14 mark.
Though conditions seem lucrative for SOL, the altcoin required a decisive bounce from the support at $168.14 to record the bullish case. If Solana breaches this barrier, it may crash lower towards $157.68. Such a breakdown will annul the bullish narrative for SOL.
In such a case, the SOL price might retest the support floor at $147.93. Bulls will have another chance to contemplate an upward move from this area or revisit the 200-day Simple Moving Average at $131.25. However, enthusiasts trust the bullish case in Solana will play out. Nevertheless, the upcoming sessions will detect SOL’s up-and-coming price movements.
Will Solana defy odds and register upside actions despite the impending death cross? You can share your thoughts in the section below.
