Solana Rebound 12% After 14% Decline, Bullish Momentum Builds

Solana price has shown promising signs of recovery after a recent market correction, with the cryptocurrency rebounding over 12% in the past day. This recovery comes after a significant decline of over 14% during the previous week, as the market experienced a major correction. The bullish momentum in Solana's price action suggests a possible sustained uptrend, with the coin's value successfully above a massive trend line retest, currently priced at $108. This trend line retest was highlighted by a popular crypto trader and investor, who noted that Solana's price was approaching a significant support zone, further hinting at a continued price rise in the coming days.

The buying pressure on Solana has increased substantially in the last 24 hours, as indicated by its buy volume metric, which had a reading of over 99. This metric suggests increasing buying activity, with a number closer to 100 representing more investors purchasing the cryptocurrency. Additionally, while Solana's price declined over the last week, its open interest also followed a similar path, hinting at a possible trend reversal. Now that Solana's price has gained bullish momentum, the chances of a sustained uptrend cannot be ruled out.

However, despite the bullish signs, the Altcoin Season Index remains bearish on altcoins, including Solana. The index had a reading of 18, indicating that it was heavily inclined towards Bitcoin. This suggests that while Solana's price is on an uptrend, it is unlikely to kickstart an altcoin season in the near term. If bulls maintain their upper hand in the market, Solana's price might soon reclaim $120 before targeting its March highs. In conclusion, while Solana's price shows strong signs of recovery and bullish momentum, a full-blown altcoin season still seems distant due to current market sentiment. However, sustained gains could position Solana to lead when the next altcoin rally begins.