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After reaching its lowest price in 2022, Solana (SOL) has recovered in the last few hours. The coin struggled to cross the $50 mark after two consecutive days of heavy losses. But it seems that there is a bullish momentum at the moment that could push it further. Here are the details:
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SOL has reclaimed the $50 price after rising almost 20% in the last 24 hours.
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Despite today’s rally, significant downside risks remain
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SOL also remains below its 50- and 200-day EMA, suggesting it’s not over the hill just yet.
Data source: TradingView
Can Solana sustain this rally?
The broader crypto market has recovered after the crash in recent days. Solana actually gained almost 20% after suffering heavy losses. However, the rally is not decisive. Analysts warn that we are seeing a slight reset after the crash of the last two days. The general downtrend on SOL has not yet reversed, and therefore it is likely that the coin will continue to fall in the coming days.
The recapture of the $ 50 mark was a big deal and an important psychological gain for SOL bulls. However, as the coin remains under a lot of pressure below its 50- and 200-day EMA, we expect further weakness to follow.
SOL is likely to fall below $50 again and this time it could slip even further before it rises again. But if SOL can somehow continue the uptrend and close the day above $ 60, this thesis will lapse.
Does SOL offer the perfect dip?
We can agree that Solana is a big project and is likely to challenge Bitcoin and Ethereum in the future.
It was not long ago that SOL was sold for around 200 USDr. The fact that you can get it now for less than $50 is a big deal. It is by far the best dip buying opportunity on the market.
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