Solana aims to re-enter an upward trend despite recent downward pressure. Technical indicators suggest that the price could potentially rise to $150 soon. For SOL to reach $200, bulls will need to overcome bearish challenges and push the price higher.
Leading altcoins like Solana (SOL) have made a remarkable climb from single-digit prices to briefly reaching $200. Although the price has faced some recent declines, SOL is working to get back on an upward path. Current technical indicators suggest that the price could rise to $150 in the next few hours. However, there are concerns about whether the bulls can maintain their strength and drive the price up immediately.
Solana (SOL) Eyes Upward Move Despite Short-Term Hurdles
From a broader perspective, Solana’s price seems ready for a significant upward move. The formation of a bullish pattern suggests that a major price increase could be on the horizon.
Source: TradingView
However, there are short-term obstacles that might delay this breakout. As bulls approach key resistance levels, their momentum appears to be weakening, raising the chance of a minor pullback.
The critical technical question right now is whether SOL will drop below $145. Despite frequent bearish interruptions, Solana has shown resilience. The reduced selling pressure signals a potential for a renewed upward trend. Although SOL previously struggled to maintain support within an expanding, rising channel, recent signs indicate that bulls are regaining strength and could push the price back into an upward trend by the weekend.
Solana (SOL) Technical Indicators Point to Possible Upward Surge
Technical indicators like the Relative Strength Index (RSI) and the Directional Movement Index (DMI) are showing positive signs for Solana (SOL). The RSI is trending upward, while DMI levels are narrowing, suggesting a significant price move is likely. Although buying volume hasn’t reached ideal levels yet, it still supports the bulls.
If SOL can hold above the local support at $144 and break through the resistance at $151, a new upward wave could drive the price towards $160. For this to happen, bulls need to overcome bearish pressure. If buyers show strength, the price could rise to around $173 and possibly reach $185. Successfully breaking these barriers could push SOL to $200, provided the bulls maintain their momentum.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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