Solana (SOLUSD) Begins Its Bullish Rally

Solana (SOLUSD) Price Forecast: February 8

The SOLUSD pair is in an attempt for the next upward rally as it begins its bullish rally, ready to rebalance and maintain a positive position on the upside. The bulls obtained suitable support at the pattern’s rising trend line at the $200.20 current high mark to accumulate the coin price at the jumps. The coin is moving upward, and if all support levels hold and resistance breaks out of the $271.96 level, we can see a further change in the price to hit the $300.00 high value, resulting in a potential buy signal.

Key Levels:
Resistance Levels: $198.00, $199.00, $200.00
Support Levels: $155.00, $154.00, $153.00

SOL (USD) Long-term Trend: Bearish (Daily Chart)

The Solana market is full of opportunities for exponential growth as it begins its bullish rally in its long-term view. Further, the price is trending below the EMA-50, indicating a bearish market zone.
The coin price has fallen below the supply trend lines in its recent price level as a result of the bears’ pressure, bringing it to a low of $189.57 during yesterday’s session. It seems like the pair is ready to take control and drive us upward as it begins its bullish rally.

The SOLUSD price responded to the shift in the market structure and is below the moving averages at the $200.20 resistance value as the daily chart opens today, indicating buyers’ attempt to prolong the bullish rally.

Currently, Solana’s price is trading near the critical support levels, providing the potential for an upward trajectory. If the rebound materializes, the crypto price might test resistance zones and aim for the $300.00 target in the coming days in its higher time frame.

SOL (USD) Medium-term Trend: Bearish (4H Chart)

The medium-term chart of the Solana pair shows that the price has overcome selling pressure as it begins its bullish rally. The price is below the EMA-50, confirming its bearishness.
The bearish pressure at the $187.50 support level in the past few hours has made the coin stay below the supply trend levels in its recent high.

Earlier today, the coin buyers began the bullish rally and caused a rise in the price of SOLUSD to $200.20 below the moving average as it began to overcome selling pressure.

Hence, if the Solana price sustains above the $295.00 previous resistance level, the resulting rally may surge to hit the $300.00 psychological level at the upside in the days ahead in the medium term.

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