Solana
Here is the future outlook of SOL price
Solana price continues to trade in a tight range but has maintained a decent upward trend. The token removed significant bearish interference as bulls managed to hold levels above critical support during bearish attacks. Even though market participants are optimistic about the upcoming trend, the SOL Price made a slightly different projection for himself.
SOL price steadily rose above $150, marking daily highs above $155 during yesterday’s trading. Unfortunately, the rally bowed to the bears as the day’s close approached and closed around $146 after testing a low below $145. On the other hand, the current day’s trading started below the previous day’s close, raising bearish flags on the crypto.
Therefore, is SOL price about to drop to the crucial support level of $133? Has the bullish impact of the token diminished?
The chart above shows that SOL price has formed a double bottom pattern, but instead of breaking above the neckline, the price is consolidating below the levels. These are flashing bearish signals, corroborated by the slow behavior of the RSI, which fails to rise above average levels. On the other hand, DMI levels are parallel to each other, suggesting reduced activity from both ups and downs.
Therefore, Solana price is believed to maintain a consolidated trend for some time and eventually test the lower intermediate support at $133 in the coming days. As the bulls have failed to break above $155-$158 multiple times, their weakness could pave the way for the bears to cut prices. However, the bulls defended the lower support in each bearish case and hence a similar bounce can be expected, which could bring Solana price back to $158.
However, breaking this barrier entirely depends on market sentiment and the buying pressure that is expected to increase between now and then.