Solana (SOL) reclaims $50 because it rallies from 2022 lows

After touching its lowest value in 2022, Solana (SOL) has rallied over the previous few hours. The coin had struggled to cross above $50 after two consecutive days of extreme losses. However it appears there’s some bullish momentum proper now that might push it additional. Listed below are the small print:

  • SOL has reclaimed the $50 value after surging almost 20% during the last 24 hours.

  • Important draw back dangers nonetheless stay regardless of right this moment’s rally

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

Information Supply: Tradingview 

Can Solana preserve this rally?

The broader crypto market has recovered after crashing over the previous few days. Solana has actually gained almost 20% after seeing steep losses. Nevertheless, the rally is just not decisive. Analysts warn that what we’re seeing is a slight pullback after the crash during the last 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 a giant deal and an vital psychological win for SOL bulls. However because the 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 might fall even additional earlier than any rise. But when SOL can in some way proceed the uptrend and shut the day above $60, this thesis will probably be invalidated. 

Is SOL providing the proper dip?

One factor we are able to agree on is that Solana is a giant mission 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 a giant deal. It’s by far the perfect dip-buying alternative out there.

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