will it go beast mode soon?

Solana price has entered a technical bear market as crypto selling intensifies following the hawkish Federal Reserve decision.

Solana (SOL), the fifth-largest cryptocurrency, has fallen to the psychologically important support at $200.

Technicals point to a reversal of Solana price

The daily chart shows that SOL price has formed several bullish chart patterns, indicating a recovery over the next few days. First, the cryptocurrency is forming a falling wedge chart pattern consisting of two falling and converging trend lines. In most periods, this pattern leads to a strong uptrend when the two lines approach the intersection level.

Secondly, Solana price formed a breakout and retest pattern as it moved towards the $203 support. A breakout and retest is a situation where an asset breaks above a significant resistance and then retests it. This is a popular sign of a continuation. In this case, $203 was a notable level as it was close to the high in March of this year. There was also a reverse head and shoulders pattern throughout.

Third, Solana remains above the major support and resistance level of the 100-day and 200-day Exponential Moving Averages and the Murrey Math Lines. Therefore, there is a possibility that SOL coin will turn around and enter beast mode soon. In such a case, the starting point to watch will be $263, which is the highest rise in the last month. A break above this level will indicate more gains up to $300.

Solana price chart | Source: crypto.news SOL has strong fundamentals

Solana price also has strong fundamentals. The network has attracted the attention of developers and users, becoming a major threat to Ethereum (ETH). According to TokenTerminal, Solana had more than 5.1 million users in the last 24 hours; This is much higher than Ethereum’s 441,000 and Tron’s 2.4 million.

Solana also earned a significant amount of wages this year. It generated over $700 million in fees this year due to the development of its ecosystem. Solana’s fees are much lower than Ethereum’s $2.42 billion because it is known to have much lower fees.

Additionally, Solana has become a dominant player in the meme coin industry, where its ecosystem tokens have accumulated a market cap of over $20 billion. It also has a large stake in the Decentralized Public Infrastructure sector through platforms such as Helium (HNT) and Hivemapper.

Most importantly, hopes are rising that the next Securities and Exchange Commission will approve a spot Solana ETF. Gary Gensler’s SEC rejected such an ETF because it considered SOL a security. Paul Atkins may decide to endorse mainstream coins.