The post Should You Enter $SOL at $100 Dip? appeared on BitcoinEthereumNews.com.

Solana Price Prediction: The SOL price witnessed increased demand pressure at $100 support, bolstering buyers for the next leap Published 14 hours ago Solana Price Prediction: The fifth largest cryptocurrency Solana has recently reverted from the near-yearly high of $126.36 to trigger a new correction. In the last three days, the coin price plunged 21.6% to revisit the psychological level of $100 aligned closely with the 23.6% Fibonacci retracement level. Will this support replenish the exhausted bullish momentum? Healthy Retracement Prepares SOL for the Next Leap A bullish engulfing candle at strong support of $100 hints at a potential price reversal. An uptick in the upper boundary of Bollinger band indicators hints that buyers continue to dominate this asset. The 24-hour trading volume on the Solana coin is $4.49 Billion, indicating a 1% loss. Solana Price Prediction| TradingView Chart In the last four months, the SOL price has shown a remarkable recovery, where the price surged from a September mid-low of $17.3 to a new high of $126.2, registering a 626% growth. With a market cap of $46 Billion, Solana(SOL) is positioned as the 5th largest cryptocurrency. After witnessing an aggressive momentum in the latter half of December, the Solana price formed a local top at the $126.36 mark and retraced to 23.6% Fibonacci retracement level at the $100 mark. This confluence created a high area of interest(AOI) and lifted the price 6% today to form a bullish engulfing candle. In theory, a retracement to this FIB level is considered healthy for buyers to restore strength and resume the recovery rally.  A potential bounce back from this support would surge the SOL price 16.6% up to rechallenge the swing high resistance($126.36). A breakout above this level would give better confirmation of uptrend resumption and push the price to potential targets…

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Filed under: News - @ December 30, 2023 5:20 am