In recent days, the cryptocurrency market faced a severe correction leading to the fall of many cryptocurrencies. However, conditions seem to be changing in favor of investors, with Solana (SOL) showing signs of improvement. Although the price of this cryptocurrency has not yet returned to previous highs, the current trend could be the beginning of a new altcoin rally. Last week, Solana’s price dropped by over 14%, but in the past 24 hours, with over 7.5% growth, it has once again entered an upward path, indicating the return of buying power to the market. A well-known cryptocurrency user, Coinvo, announced on social media that Solana has passed a key trend line and is currently trading above important support levels around $108, which could confirm the continuation of the upward trend. On the other hand, data from Hyblock Capital shows a significant increase in Solana’s buying pressure. Coinglass statistics also reveal that during Solana’s recent price drop, its profit index decreased, usually signaling a potential market trend change. Considering the recent upward momentum, the possibility of this trend continuing cannot be ignored. However, the altcoin season index of 18 still indicates a greater inclination of the market towards Bitcoin. Therefore, the likelihood of the start of the altcoin season (including Solana) in the short term seems low. Overall, if buying power remains strong, Solana’s price may soon reclaim the $120 level and approach the price ceilings recorded in March.
