$SOL

🚨Solana Price Forms a V-Shaped Recovery🚨

Solana price is forming a V-shaped recovery on the weekly chart, suggesting that an upward momentum to $295 may happen soon. However, this recovery pattern has not yet matured as SOL faces a strong resistance zone between $179 and $203.

If the price of SOL can overcome this resistance level, the upswing could push it to $295. Getting to this point will set a fresh all-time high for the altcoin. This bullish thesis is supported by a recent CoinGaoe analysis citing an analyst forecast of a Solana price rally to $200.

A V-shaped recovery pattern usually signals that the price is recording a reversal after buyers took advantage of the dip that occurred in late April. However, after hitting this resistance zone, buying pressure waned, hence the rejection seen above.

The decline in buyer interest at this resistance zone is evidenced by the RSI, which is below 50 at press time. The dip below 50 suggests a bearish momentum as traders remain hesitant at this resistance zone.

However, the AO histogram bars show a contrarian view as they flip green despite being in the negative zone. This bullish divergence will be valid once the AO surges back above the zero line.

Nevertheless, after a Solana whale moved $441M SOL to exchanges, it increased the risk of a sell-off, making a price decline more likely to occur before the next bullish leg to the target of the V-shaped pattern.

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