Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Solana (SOL) Rebounds from Key Support: Can a Move Above This MA Trigger a Recovery?

Solana (SOL) Rebounds from Key Support: Can a Move Above This MA Trigger a Recovery?

CoinsProbeCoinsProbe2025/02/11 03:47
By:Nilesh Hembade

Date: Mon, February 10, 2025 | 03:45 PM GMT

The cryptocurrency market has been facing significant pressure recently, largely due to Bitcoin’s rising dominance. Since December, Bitcoin dominance has climbed from 54.96% to 61.61%, leading to major corrections across the altcoin sector. Additionally, macroeconomic uncertainties, such as new trade tariffs, have fueled volatility in the market.

Amidst this challenging environment, Solana (SOL) has also experienced a 12% correction over the past 60 days. However, it is now showing signs of recovery, currently trading at $203, after bouncing off a key support level.

Solana (SOL) Rebounds from Key Support: Can a Move Above This MA Trigger a Recovery? image 0 Source: Coinmarketcap

Ascending Triangle Setup:

According to prominent chart analyst Jonathan Carter , Solana is forming an ascending triangle pattern on the daily chart, which is often seen as a bullish setup. After testing the lower support of the triangle at $190, SOL has rebounded to its current price of $203.

The next key hurdle lies at the 50-day moving average (MA 50), which could act as a trigger for further upside momentum. A breakout above this level could confirm a bullish trend and attract fresh buying interest.

Solana (SOL) Rebounds from Key Support: Can a Move Above This MA Trigger a Recovery? image 1 Solana (SOL) Daily Chart/Source: @JohncyCrypto (X)

If Solana manages to hold above the MA 50, the next price targets are set at $222 and $240. These levels represent key resistance zones that traders will be closely watching. A successful breakout could extend the rally toward mid-term targets at $262 and potentially $296.

On the other hand, failure to reclaim the MA 50 might result in further consolidation, with support around $190 remaining crucial for maintaining the current structure.

Final Thoughts

Solana is at a pivotal point in its price action. If buyers can push the price above the MA 50, it could signal the start of a stronger recovery, potentially reversing the recent correction. However, traders should also keep an eye on broader market conditions, especially Bitcoin dominance and macroeconomic trends, as they continue to impact sentiment across the crypto space.

Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.

1

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Injective Launches $SBET, Tokenizing SharpLink Shares

Injective introduces $SBET, tokenizing SharpLink shares, marking a major step in digital asset treasury innovation.What Is $SBET and Why Does It Matter?Injective’s Vision for Tokenized Finance

Coinomedia2025/07/25 07:50

Trump Signals Rate Cuts After Powell Meeting

Trump expresses confidence that interest rates will fall soon, hinting at a market surge driven by retail momentum.Trump Hints at Coming Rate CutsWhy Lower Rates Matter for CryptoPerfect Timing for a Retail Comeback?

Coinomedia2025/07/25 07:50