Solana
Will it rebound to $170 or drop to $150?
With the resurgence of memecoin mania, Solana has also received significant momentum. The bulls used all their strength to keep the value above $180, but the increasing bearish force caused a notable pullback. Consequently, the SOL Price is consolidating strongly within a tight range of $163 to $172, indicating the possibility of significant progress.
As crypto markets have been overtaken by the bears, can SOL price initiate further upside to negate the selling pressure?
Since the rally began in March, SOL price has demonstrated its strength by repeatedly reaching highs above $200. However, a rejection followed, resulting in a 40% loss in value. Regardless, the current trading setup suggests that the bulls are firmly in control of the rally and therefore demonstrate a greater possibility of reclaiming $180 during the first few days of June.
As the chart above suggests, SOL price continues to trade within a symmetrical triangle and is currently holding above the local support zone between $155 and $160. The tight buildup occurred due to equal participation from bulls and bears, suggesting that huge price action could be on the horizon.
Furthermore, technical data suggests a notable change in the trend as the Gaussian channel has just turned green, indicating the start of a recovery. Moreover, the price is just below the upper bands of the channel and if they manage to break above the levels, a further rise could begin. Second, the Stochastic RSI has also fallen below the lower threshold and could be preparing for a rebound, thus confirming the bullish claim.
Therefore, Solana (SOL) price continues to remain under bullish influence and hence a bullish breakout above $175 can be expected at the start of the second half of 2024.