Solana faces bearish momentum, but a well-known market analyst highlights its potential for a massive rise by February.
Solana (SOL) is back in the bearish zone, with a 2.6% decline in the past 24 hours. The 7th largest crypto by market cap is currently trading at $123.74, after hitting a high of $127.87 during this period. This drop reflects a broader market correction, as Solana’s price has been fluctuating near the lower end of its 24-hour range. Over the past 7 days, Solana has seen a 4.8% decline, further emphasizing the bearish trend.
Further, Solana is down 14.4% over the last 14 days but up 0.4% over the past month. Despite the recent downturn, traders are keenly watching whether it can stabilize and recover.
Can Solana Recover?
On TradingView, Solana is currently showing some bearish signals based on its technical indicators. The price is trading below both the 50-day and 100-day Exponential Moving Averages, with the 50-day EMA at $133.83 and the 100-day EMA at $144.10.
The price below both EMAs suggests that the short-term momentum is weak, and Solana could face further downward pressure unless it manages to break above these key moving averages.
Further, the Moving Average Convergence Divergence indicator also reflects bearish momentum. The MACD line is below the signal line with a negative histogram, indicating that the selling pressure is dominating.
However, the distance between the MACD and signal lines is narrowing, which suggests that the bearish momentum is weakening. If the MACD line crosses above the signal line, it could indicate a potential reversal to the upside. Traders will be closely monitoring whether Solana can reclaim the $133.83 level and break through the 100-day EMA at $144.10 for any signs of a bullish shift.
SOL to $200 by February End?
Elsewhere, analyst curb.sol recently shared on X that Solana has successfully retested and held the range lows, signaling a potential bullish reversal. According to the analyst, the immediate target for Solana is the range highs close to the $146.91 level.
If Solana can break through this resistance, the price could push much higher, with the analyst predicting a target of $150 by next week. Looking further ahead, curb.sol expects Solana to reach $200 by the end of February.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.