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May 22, 2024
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Solana’s Outlook is Positive: Next Bullish Spell to Reclaim Levels at $160 During the Next Fortnight

The post Solana’s Outlook is Positive: Next Bullish Spell to Reclaim Levels at $160 During the Next Fortnight appeared first on Coinpedia Fintech News

The market dynamics are changing very frequently as the star crypto, Bitcoin, displays a diverse price action every day. Besides, its dominance continues to rise, indicating that altcoins could receive less attention, due to which their value may remain consolidated. However, Solana is showing some diverse price actions as the token has approached the edge of a pivotal consolidation. Therefore, the next few days can be considered extremely important for the SOL price, as bulls and bears may begin a fresh fight for dominance. 

For the past 6 to 8 months, the SOL price has maintained an elevated trend as the bulls held the rally during each bearish attack. However, this has certified the bulls to have held a strong grip over the rally since the beginning and the interim pullbacks have occurred to create volatility and attract fresh liquidity. Therefore, a minor bullish push is expected to kick-start a fresh rally, but the query arises as to whether the SOL price initiates a breakout before the end of the month.

The daily chart shows the SOL price trading within a decisive symmetrical triangle, with the price very close to the apex of the consolidation. Largely, the resultant pattern remains a bullish price action, which may be replicated as the ascending RSI supports the bullish claim. On the other hand, the bulls and bears remain less active, as the bull-bear power does not display any specific dominance. 

Considering, all the technicals and patterns, it can be said that the Solana price could remain within an accumulation phase and eventually extend the apex. With a slight change in market dynamics, the price may trigger a fresh upswing, but before that, a breakdown appears to be on the horizon. 

Therefore, the Solana (SOL) price is believed to test the local support at $133, which has been capitulated by the bulls. Hence, resulting in a bullish rebound back above $145 in no time and after a brief accumulation, $160 may also be achievable.

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