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May 18, 2024
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Solana Appears to be Setting Up for a Large Move-Can it Confirms With a Breakout Today?

The post Solana Appears to be Setting Up for a Large Move-Can it Confirms With a Breakout Today? appeared first on Coinpedia Fintech News

Solana’s price was speculated to be dead after being heavily exposed to the FTX fiasco as the prices dropped heavily to reach a single-digit figure. However, the token quickly rebounded and rose finely squashing all the bears and shorts gaining more than 200% since the beginning of the year. 

The current breakout is assumed to be the most significant one as the price slice through the resistance in times when most of the altcoins appear to be bewildered by the lowered pace of the Bitcoin price. 

The SOL price has just broken the crucial resistance levels between $25 and $26 and trying to reach levels beyond $27. A daily close beyond these levels may ignite a fine upswing toward $30.87 that may validate a flip from the bearish divergence. However, the price is believed to undergo a minor pullback before securing the levels beyond $30, to drain the bears. 

Trading View

As seen above, the SOL price after undergoing a breakout from the bearish descending triangle has successfully retracted and approached back towards the resistance. The RSI is heading toward the resistance that may assist the price to rise above the required price levels. However, the bears appear to be active and hence could restrict the price to $30. 

However, the bulls are believed to maintain their strength and continue to hold the price above $27. The Solana price may maintain an ascending consolidated trend for a while to reach $30. However, the price may further face a minor pullback from $28.5 to $27.8 levels which could weaken the bears to a large extent. The market participants are extremely bullish on Solana and hence may wane off the bearish influence very soon.

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