- Solana price has been utilising all its strength to revive a strong bullish trend after validating a rebound from the interim lows below $100
- The bulls appear to have gained enough strength and hence the upper targets do not appear to remain restricted at $165
Bitcoin spot ETFs have been approved and have also been launched. With this, the crypto space that was preparing for launch launched a remarkable upswing since the previous day’s close. The levels pierced through the crucial resistance, which squashed the bearish hold over the rally that had strengthened in the past few days.
Amid the rising hopes for a sustained upswing, the Solana (SOL) price, on the other hand, has been facing upward pressure, which indicates the bulls could probably relinquish their dominance to the bears.
Considering the short-term price action, the Solana price is on the verge of breaking out of consolidation. The token maintained an ascending consolidation within a descending parallel channel. Therefore, a daily close above the resistance may eventually validate a rise above the bearish influence.
The RSI in the short term is maintaining a decent upswing, holding the lower trend line as a strong support base. With this, the price is believed to reach the immediate target at around $116.50 after the price triggers a fresh upswing. However, in the long term, the token continues to remain bullish as it is trying hard to defend the lower support and may be successful in doing so.
As seen in the above chart, the SOL price has been achieved with a parabolic recovery and has reached the neckline. At this stage, a minor pullback was most expected, which dragged the price down by over 30%. However, the recent recovery indicates a growing momentum, which may eventually lift the price above $150 in the coming days. Therefore, a sustained daily close above $108 can trigger a 50% rally, which may push the Solana price beyond $165 this month.
