Solana
It’s eyeing a 25% hike after hitting $150 this week
Solana has seen a parabolic rally from a single-digit level towards an intermediate high of $200. Although the bears have managed to outperform the bulls for over two months, the SOL Price Bitcoin price is struggling to re-enter the bullish range. Technical data suggests that the price is preparing to start a new uptrend to reach $150 in the coming hours. However, the bulls do not have the required strength, which may raise suspicions about the next price action.
From a broader perspective, SOL price is gearing up for a major price action with the formation of a bullish pattern. However, the token is facing some hurdles in the short term, which could delay the breakout by a few days. The bulls are weakening as they approach the crucial resistance and hence the possibility of a slight pullback could emerge.
Will SOL Price Fall Back Below $145?
Solana price has shown strength despite the bearish activity, which has hampered the rally progress at frequent intervals. The selling pressure has eased to a large extent, which could initiate a new uptrend. The price has been moving within an expanding and rising channel but failed to hold the support. However, the bulls seem to have gained strength and hence the price could rise and enter the range by the end of the week.
On the other hand, the RSI remains incremental and the DMI levels have contracted, suggesting that a huge move is on the horizon. Although the buying volume is below the required range, it remains in favor of the upside. Therefore, if Solana (SOL) price holds above the local support at $144 and breaks the resistance at $151 in the coming days, a further upside could propel the price closer to $160.
These levels could test the bulls and if they show some strength, the token could then rise to reach above $173 which could pave the way towards $185. Once the bulls show strength here, reaching $200 might not be a difficult task for SOL price.