Solana (SOL) Bulls Regain Control with 30% Recovery: Is a Major Breakout Imminent?

Renowned pseudo-crypto analyst, Inmortal, addressing his almost two hundred thousand Twitter followers, believes the price movement of Solana may resemble that of Ethereum before its significant surge from $400 to nearly $5,000 within a few months.

A fascinating chart pattern shared by Inmortal’s study suggests that Solana may rise over its prior record highs after passing the $60 barrier mark. Inmortal indicates that Solana may soon follow a trajectory similar to Ethereum’s rise from $400 to its remarkable rally to new heights in late 2020. This persuasive thesis warns us to prepare for the prospect of Solana’s exciting surge to unimaginable levels.

$ETH vs $SOL

If you remember this fractal, you're a bear market OG. pic.twitter.com/tdsCSzVbrJ

— Inmortal (@inmortalcrypto) July 3, 2023

The highly regarded pseudonymous analyst Kaleo also expressed optimism for Solana’s future. In a Twitter post, he told his over five hundred thousand followers that Solana is poised to experience an upward trend against Bitcoin (BTC).

Notably, Kaleo highlights his admiration for Solana’s resilience in recovering from the setback it faced during the fallout of the FTX debacle. Furthermore, Kaleo acknowledges the rapid development of Solana’s eco over the past few months, further adding to his bullish sentiment.

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Amidst the market turbulence, SOL witnessed a significant decline on Wednesday, reaching new lows for the week, with Bitcoin’s drop below Monday’s lows. Ethereum and Litecoin also displayed a negative price movement, reflecting a widespread sell-off in the altcoin market. Despite multiple endeavors, Bitcoin has struggled to establish upward momentum above the $30,500 threshold

Source: Kaleo/Twitter

SOL’s Recovery: Buyers Step In, Price Rebounds

The previous month, the Securities and Exchange Commission (SEC) initiated legal actions against Binance and Coinbase, two of the largest cryptocurrency exchanges globally. These lawsuits by the US regulator also categorized numerous cryptocurrencies, including Solana, as unregistered securities

Following this news, the price of Solana experienced an immediate plunge. Nevertheless, within a few days, SOL recovered as buyers entered the market at prices below $15. Consequently, the price has surged by 48% since its June low. Additionally, Analyzing SOL on the daily time frame indicates a noteworthy recovery of 33% that commenced on June 10. This rally was preceded by an extensive lower wick, commonly interpreted as a signal of increased buying pressure, symbolized by a green icon.

Solana Technical Analysis

In the 4-hour chart, the relative strength index (RSI) is currently at 66.72, which indicates a favorable buying signal. The stochastic relative strength index (STOCHRSI) also stands at 72.77, implying a neutral market condition. Currently, Solana is trading at a rate of -2.74% below its 200-Day Simple Moving Average (SMA), which amounts to $20.13.Additionally, Out of the past 30 days, there have been 15 green days, representing a percentage of 50%.

Key indicators reveal 17 signals indicating a buying opportunity, 9 signals indicating a neutral stance, and 0 signals indicating a selling opportunity. This collective analysis suggests a strong buy. When uating moving averages, there are 14 signals indicating a buying opportunity and 1 signal indicating a selling opportunity. This collection of indicators predominantly reflects a bullish sentiment.

Summarized visuals of technical indicators, oscillators, and moving averages by TradingView

Among the oscillators, there are 8 signals indicating a neutral position and 3 signals suggesting a buying opportunity. This combination of signals portrays a mixed sentiment with a slight inclination towards bearishness.

As of press time, Solana is trading at $20.06 with a 24-hour increase of 4.33%.

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