The SOL prices increased by 89.71% between June and July 2023, resulting in a jump from $14.48 to $27.47. Failing to absorb the supply pressure above $30, the SOL price trend entered a correction rally, accounting for a 17.80% drop in three weeks.
The falling Solana prices forming a resistance trendline found footing at the 38.20% Fibonacci level at $22.51. With a morning star pattern, the SOL coin price finally takes a bullish reversal to break the resistance trendline.
With an 8.6% increase in the last four days, the SOL price breaks above the short-term correction phase and the 23.60% Fibonacci level. The breakout rally finds the intraday trading volume support and leads to a rounding bottom reversal.
With the neckline at the 23.60% Fibonacci level at $24.41, the breakout rally reflects a remarkable increase in bullish sentiments. The golden crossover of the 50 and 200-day EMA supports the bullish recovery.
Moreover, the MACD and Stochastic RSI indicator highlights a bullish signal. The MACD and signal line prepare a positive crossover; meanwhile, the stochastic RSI lines start an uptrend.
Considering the breakout rally sustains above the $25 mark, the SOL coin price can reach the $30 overhead resistance.
On the flip side, closing below $24.41 or the 23.60% Fibonacci level will elongate a consolidation phase above $22.51.
