May 17, 2022

After touching its lowest worth in 2022, Solana (SOL) has rallied over the previous couple of hours. The coin had struggled to cross above $50 after two consecutive days of extreme losses. Nevertheless it appears there’s some bullish momentum proper now that would push it additional. Listed here are the main points:

  • SOL has reclaimed the $50 worth after surging practically 20% over the past 24 hours.

  • Important draw back dangers nonetheless stay regardless of immediately’s rally

  • SOL additionally stays beneath its 50 and 200-Day EMA suggesting it’s not out of the woods but.

Knowledge Supply: Tradingview 

Can Solana keep this rally?

The broader crypto market has recovered after crashing over the previous couple of days. Solana has the truth is gained practically 20% after seeing steep losses. Nonetheless, the rally isn’t decisive. Analysts warn that what we’re seeing is a slight pullback after the crash over the past two days. The general downward pattern in SOL has not but reversed and as such, it’s possible the coin will fall additional within the days forward. 

Reclaiming the $50 mark was an enormous deal and an necessary psychological win for SOL bulls. However for the reason that coin stays severely pressured beneath its 50- and 200-day EMA, we anticipate extra weak spot to comply with. 

SOL will possible drop beneath $50 as soon as once more and this time, it could fall even additional earlier than any rise. But when SOL can one way or the other proceed the uptrend and shut the day above $60, this thesis can be invalidated. 

Is SOL providing the right dip?

One factor we will agree on is that Solana is an enormous venture and is probably going going to problem Bitcoin and Ethereum sooner or later. 

It was simply the opposite day SOL was promoting at round $200. The truth that you may get it now for lower than $50 is an enormous deal. It’s by far one of the best dip-buying alternative out there.

through Cointojournal

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