Solana Price is Experiencing Massive Bullish and Bearish Movements—Is the Target of $160 Realistic?
The post Solana Price is Experiencing Massive Bullish and Bearish Movements—Is the Target of $160 Realistic? appeared first on Coinpedia Fintech News
Solana is witnessing a significant rise in momentum and social activity after Bitcoin, suggesting a rise in the trader’s interest in the crypto. Even though the price is not displaying any major movement, the bullish possibility remains pretty high. As a result, the Solana price rally is expected to gear up in a short while and trigger a healthy run towards the higher targets, probably $150.
The SOL price appears to be gearing up for the final quarter trade after a huge 6 months of chop without losing a single key level. The rapid growth of Solana in the AI space after the memecoin space has raised many eyebrows. Therefore, the token is expected to form a new ATH immediately after the beginning of the fresh bullish spell. But the question arises whether the price will sustain the gains as bears seem to be stationed at $200.
As seen in the above chart, the Solana price underwent a parabolic recovery after the rejection from the ATH. But before marking the highs, the bears intensified their activity; however, the possibility of a continued upswing remains elevated. The volume has faded to a large extent but the weekly MACD displays a drop in the selling pressure. Unfortunately, the RSI has plunged below the ascending support line, indicating the lower targets have been triggered. Moreover, the formation of consecutive two Doji candles and a third one happening, suggests the possibility of a pullback breaking the support.
In such cases, the lower support at $119 may offer a strong base to trigger a rebound if the token validates a rise in the bullish influence. The upcoming days until the weekend may be pretty crucial for the Solana (SOL) price rally, as a sustained ascending consolidation could keep bullish hopes alive, elevating the levels close to the apex of the triangle. Otherwise, a rejection may lead the price to break the interim support and test the lower price zone below $120.