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Solana (SOL) Reclaims $50 – Can It Continue?

 


After hitting its lowest price in 2022, Solana (SOL) has been rallying for the past few hours. The coin struggled to surpass $50 after two consecutive days of heavy losses. But it appears that there is currently bullish momentum that could push it further. Here are the details:


SOL has recaptured the price of $50 after surging nearly 20% in the past 24 hours.


Despite today's rally, significant downside risks remain


SOL also remains below its 50- and 200-day EMA, suggesting that it is not over the hill yet.


Can Solana sustain this rally?

The broader crypto market has bounced back from the crash over the past few days. Solana is actually up almost 20% after suffering heavy losses. However, the rally is not decisive. Analysts are warning that we are seeing a slight pullback after last two days' tumble. The overall downtrend on SOL has not yet reversed and hence, the coin is likely to continue falling in the coming days.


Reclaiming the $50 level was a big deal and a major psychological win for SOL bulls. However, as the coin remains under heavy pressure below its 50- and 200-day EMAs, we expect more weakness to follow.


SOL is likely to drop below USD 50 again and this time it could slide even further before bouncing back up. But if SOL can somehow continue the uptrend and close the day above $60, that thesis will become invalid.


Does SOL offer the perfect dip?

We can agree that Solana is a big project and likely to challenge Bitcoin and Ethereum in the future.


Not long ago SOL was sold for around 200 USDr. The fact that you can now get it for under $50 is a big deal. It is by far the best dip buying opportunity out there.

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