Solana
Solana attempts a major reversal, have the bearish clouds faded or is a bull trap set?
The bulls are working to reverse the market sentiment in their favor as the prices of the majority of cryptos were available at heavily discounted prices. After buying on the dip, the Solana bulls’ next course of action appears to be to maintain the upward momentum. Along with this, the platform recently launched zero-knowledge (ZK) compression with more advanced features. As a result, more projects are expected to flow into the Solana chain, influencing the SOL Price.
The drop below the crucial $133 range over the weekend raised suspicions of a bearish close for the month. The recent reversal has rekindled hopes of bullish possibilities, while the likelihood of a bullish trap remains intact. However, the technical is on the verge of turning bullish, but reaching $150 may be a slog! Here’s why!
The current trading setup looks quite bullish as the recent bounce has shaken up market sentiments as well as technicals. The RSI has reversed while the MACD is about to trigger a bullish crossover, but others are raising concerns about the future of the token after hitting $140. The Gaussian channel has turned bearish during the latest pullback and the upside above the bearish influence could only happen when the price breaks above the lower band at $144.
Volume has dropped, suggesting a bullish return to passive mode while bears are now waiting for the next upward move. However, the rally is holding strongly above the 200-day moving average, which keeps bullish hopes alive. But to reach $150, breaking above $144 can be extremely important and if that is the case, a rise to $158 or $160 could be imminent.