The post Solana Targets $150 as Whales Accumulate Amid Market Recovery appeared on BitcoinEthereumNews.com.

With a rounding bottom reversal and rising whale interest, will Solana (SOL) soon top the $150 mark? Over the past 24 hours, the crypto market has bounced back, with increasing chances for positive CPI data to be released on September 11. Amid the rising bullish momentum, the crypto market witnessed $127 million in liquidations, wiping out $93 million of short positions.  In a recovering market, Bitcoin has reclaimed the $58,000 mark but is currently trading at $56,631, an increase of 2.89% in the past 24 hours. With the surge in Bitcoin prices, the altcoins are back in motion.  Among the top performers, Solana is making a comeback with a 3.58% jump over the past 24 hours and is currently trading at $132. With a market cap of $62.345 billion, Solana ranks fifth in the broader crypto market. Solana Bounces Off From $120 In the daily chart, the Solana price action reveals a bullish reversal from the $120 support zone by taking a lower price rejection at $120.58. Following a bullish weekend with a 2.16% and 1.89% jump, the momentum continues with a 3.81% jump on Monday.  Solana Price Chart However, the Solana price struggles to surpass the 20-day EMA, resulting in a 1.20% pullback as a bullish exhaustion. Currently, a bearish intraday candle is visible in the 20-day EMA.  The crucial daily EMAs remain bearish, with the 50-day EMA (yellow) teasing a death cross with the 200-day EMA (blue). However, the MACD indicator shows the MACD and signal line in the words of a bullish crossover. Rounding Reversal For Solana In the 4-hour chart, the sole price action projects a potential rounding-bottom reversal from the 23.60% Fibonacci level. By asserting dominance over the 20 and 50 EMA in the 4-hour chart, the recovery rally challenges the 100 EMA.  Solana Price…

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Filed under: News - @ September 10, 2024 7:26 am