Crypto: Did Solana Bottom At $100? Sol Price Charts Hint At A 150% Rally

Solana price technicals suggest that the recent correction to $100 was a buy-the-dip opportunity as traders look for a recovery path toward $260.

Solana (SOL) price has possibly formed a bottom around $100 on multiple time frames, a setup that could help SOL price recover toward $260 in the long term.

Solana's rebound from its weekly support at $100 signals a potential price recovery to $260.

Onchain demand is increased based on a record total value locked and high network activity.

SOL’s price action has led to the appearance of a possible V-shaped recovery pattern on the four-hour chart.

This follows a sharp drop that saw SOL price fall 25% from a high of $127, which was stopped by buyers around the $100 support level.

Related: ParaFi Capital makes $35M investment in Solana-based Jupiter

The relative strength index (RSI) had increased to 36 from oversold conditions at 18 in the four-hour timeframe, indicating some upward momentum.

The daily RSI was oversold at 29, a level that has previously marked market bottoms and triggered SOL price rebounds.

Related: ‘Very wide gap’ between XRP and Solana investor interest: Exec

Source: CoinTelegraph