SOL Technical Analysis: Double Bottom Increases Odds Of Bullish Trend

The SOL coin price retraces to $88 support level with the $100 fallout. However, the price action hints of a reversal with a potential morning star. The SOL coin price shows an 8% increase overnight with the start of a new daily candle. The price surge indicates the possibility of a morning star pattern which can result in a jump to the 50-day EMA. Will the morning star come to reality? Key technical points: SOL coin shows lower price rejection near $88. The 100 and 200-day EMAs may give a bearish crossover. The 24-hour trading volume in the Solana token is $2.19 Billion, indicating a 85% rise. Past Performance of SOL The SOL coin price fails to rise above $117 resulting in a reversal to the $88 mark. This downfall creates a potential double bottom pattern that may soon reverse the downtrend. Moreover, the recent lower price rejection near $88 marks the possibility of a morning star pattern. Currently, the market price of the SOL token is $94.17, with an 8% spike in the last 24 hours. Source-Tradingview SOL Technical Analysis With the potential reversal within the double bottom, the SOL coin price aims for a 23% growth in the upcoming days. However, the neckline breakout at $117 will be the trendsetter. The crucial EMAs may shortly achieve the bearish alignment as the falling 100-day EMA can soon cross below the 200-day EMA. However, the possibility of a 50-day EMA breakout hints at a price jump to the 200-day EMA. The RSI Ind...