Whale Buying Solana: A Big Move to $250?
Bullish speculators have seen four consecutive green candles after the price of Solana reversed in the short term. After recovering, the price of SOL surpassed the psychological threshold of $200 and is set to rise in the long term.
Will Solana's bullish recovery reach $250 or drop below the local support level? Let's find out.
SOL Price Chart: Bullish Patterns
With the formation of the morning star, the price of Solana began a strong reversal on the daily chart. The morning star pattern near the important local support trendline increases the likelihood of SOL's recovery.
Four consecutive green candles have led to a recovery price of 7.52% over four days in the bullish reversal. The price of SOL increased by 1.66% today to $203.81.
Solana aims to attack the immediately lower high of $220, indicating a V-shaped reversal. If the bullish trend maintains control above this critical level, the retracement phase will end.