After touching its lowest price in 2022, Solana (SOL) has rallied over the last few hours. The coin had struggled to cross above $50 after two consecutive days of severe losses. It seems that there is some bullish momentum at the moment that could push it even further. These are the details:

• SOL has reclaimed the $50 price after surging nearly 20% over the last 24 hours.

• Emminent downside risks remain despite today’s rally

• SOL also remains below its 50 and 200-Day EMA suggesting it’s not out of the woods yet.

Data Source: Tradingview

Can Solana keep this rally going?

The wider crypto market has rebounded after its recent crash. Solana has in fact gained nearly 20% after seeing steep losses. But, it isn’t decisive. Analysts warn that we are witnessing a slight pullback following the crash of the past two days. SOL’s overall trend downward has not been reversed, so it is possible that the coin will continue to fall in the days ahead.

Reclaiming the $50 mark was a big deal and an important psychological win for SOL bulls. But since the coin remains severely pressured below its 50- and 200-day EMA, we expect more weakness to follow.

SOL will likely drop below $50 once again and this time, it may fall even further before any rise. But if SOL can somehow continue the uptrend and close the day above $60, this thesis will be invalidated.

Is SOL the ideal dip?

One thing we can all agree on is Solana’s big project. It is likely to compete with Ethereum and Bitcoin in the future.

It was just the other day SOL was selling at around $200. The fact that you can get it now for less than $50 is a big deal. This is the best dip-buying opportunity on the market.