Solana (SOL) price has conformed to the broader market crash, following in the steps of Bitcoin (BTC) price that remains in the red below the $65,000 threshold.
Solana price has completed a rounding bottom pattern, hinting at a shift from a bearish to bullish trend. SOL could record a new all-time high if it breaks above the technical formation; $ 224.14 is the level to watch. A candlestick close below $80.00 would invalidate the bullish thesis. Solana price has conformed to the broader market crash, following in the steps of Bitcoin price that remains in the red below the $65,000 threshold.
In a highly bullish case, Solana price could flip the supply zone into a support or bullish breaker, confirmed by reclamation of the all-time high at $259.90, before establishing a higher high. The position of the Relative Strength Index above 50 suggests an abounding bullish outlook for the Solana price, tilting the odds further in favor of the upside. The likely play is a bounce off this momentum indicator above the 50 mean level, kickstarting a new uptrend for SOL.
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