Solana jumps past key selloff junction: SOL price eyes $150 in April

cointelegraph.com:

Solana (SOL) jumped past a critical resistance level that had limited its recovery attempts during the November 2021-March 2022 price correction multiple times, thus raising hopes of more upside in April.

To recap, SOL's price underwent extreme pullbacks upon testing its multi-month downward sloping trendline in recent history.

For instance, the SOL/USD pair dropped by 60% two months after retracing from the said resistance level in December 2021. Similarly, it had fallen by over 40% in a similar retracement move led by a selloff near the trendline in November 2021.

But Solana flipped the resistance trendline as support (S/R flip) after breaking above it on March 30, accompanied by a rise in trading volume that showed traders' conviction in the breakout move. In doing so, SOL's price rallied by 25% to reach $135, bringing the psychological resistance level of $150 within reach.

From a technical perspective, SOL's breakout move above its falling trendline resistance coincided with a bullish crossover between its two key moving averages: the 20-day exponential moving average (20-day EMA; the green wave) and the 50-day EMA (the red wave).

Dubbed the golden cross, the technical indicator occurs when an asset's short-term moving average jumps above its long-term moving average. Traditional analysts consider this crossover as a buying signal.

For instance, the 20-50 EMA crossover in August 2020 may have assisted in pushing SOL's price upward by more than 650% to over $267, in addition to other fundamental and technical catalysts. As such, the golden cross boosts SOL's likelihood of continuing its rally, as well as its breakout above the falling trendline resistance.

The upside prospects increase further if a technical fractal