Will he turn into beast mode soon?

Solana price has moved into a technical bear market as the cryptocurrency sell-off intensifies following the Fed’s hawkish decision.

Solana (Sol), the fifth-largest cryptocurrency, fell to the important psychological support level at $200.

Technicians point to a return in Solana price

The daily chart shows that SOL price has formed some bullish chart patterns, indicating a bounce in the next few days. First, the currency forms a falling wedge chart pattern, which consists of two converging, falling trend lines. In most periods, this pattern leads to a strong upward breakout when the two lines approach their intersection.

Secondly, Solana price formed a breakout and retest pattern by moving to the support level at $203. A breakout and retest is a situation where the asset rises above a major resistance level and then retests it. It’s a popular sign to keep going. In this case, the $203 level was notable because it was near the high in March of this year. It was also along an inverse head and shoulders pattern.

Third, Solana remains above the 100-day and 200-day EMAs and the key support and resistance levels of the Mori Math Lines. Therefore, there is a possibility that SOL will bounce back and enter beast mode soon. If this happens, the initial point to watch will be at $263, its swing high last month. A breakout above this level will occur Point to more gains to $300.

SOL has strong fundamentals

Solana price has strong fundamentals as well. The network has become a major threat to Ethereum (Ethereum) by attracting developers and users. according to TokenTerminalSolana had more than 5.1 million users in the past 24 hours, which is much higher than Ethereum’s 441,000 users and Tron’s 2.4 million users.

Solana has also made big fees this year. It has generated more than $700 million in fees this year as its ecosystem thrives. Solana’s fees are much lower than Ethereum’s $2.42 billion fee because it is known for its much lower fees.

Additionally, Solana has become a dominant player in the meme industry, with its ecosystem tokens accumulating a market cap of over $20 billion. It also has a significant share in the decentralized public infrastructure industry through platforms such as Helium (HNT) and Hivemapper.

More importantly, there are growing hopes that the upcoming SEC will approve Solana’s ETF. Gary Gensler’s Securities and Exchange Commission rejected such an ETF because it viewed SOL as a security. Paul Atkins may decide to endorse mainstream coins.