The CPI print usually creates volatility within the markets; however, this time it wasn’t the same. The market participants were optimistic as a drop in the rates was speculated, which could have raised the BTC price and the other altcoins, including Solana, above the consolidated range. Unfortunately, the CPI rates turned out to be hotter, beyond expectations, which could be the main reason for the markets cooling out along the support.
How long will the SOL price remain consolidated below $145? Can it make it above $150 in October?
Although the SOL price is displaying less momentum, the Solana platform is attracting massive liquidity. The chain has been recording huge transactions of-let and outperforming the Ethereum chain, which is known to be the house of DeFi’s and NFTs.
Since the PEPE price rally sparked a massive bullish wave in the markets, traders appear to have become obsessed with memecoins. As a result, numerous memecoins were launched over the Solana chain, which may have raised the trading volume over the chain. Now the question remains: how long will the SOL price remain consolidated under $150? Will it ever climb back above $160 in 2024?
The weekly chart of Solana suggests the price could continue to remain consolidated within the decisive symmetrical triangle. The MACD suggests a drop in the selling pressure but the on-balance volume (OBV) faced a rejection from the upper threshold. This suggests the traders are optimistic about the SOL price rally, but they fail to generate the required buying pressure. Therefore, the price may remain consolidated within the range while holding above the crucial support at $133.
On the other hand, the upper target may be capped between $165 and $168, which may continue to descend until $160. After experiencing extreme compression, the Solana price may break out of the range to begin a fresh ascending trend, probably during the second half of the last quarter of 2024.
