Price Analysis

Solana Price Analysis: Here are the Future Prospects for SOL Price

The Solana price continues to trade within a narrow range but has maintained a decent ascending trend. The token has suppressed significant bearish interference, as the bulls have successfully maintained levels above critical support during bearish attacks. While market participants are optimistic about the upcoming trend, the SOL price has made a slightly different projection for itself. 

The SOL price steadily rose above $150, marking the daily highs above $155 during the previous day’s trade. Unfortunately, the rally bowed down to the bears as it approached the day’s close and closed around $146 after testing lows below $145. On the other hand, the current day’s trade has begun below the previous day’s close, which is fluttering bearish flags over the crypto. 

Therefore, is the SOL price poised to drop to the crucial support level of $133? Has the bullish impact of the token faded?

The above chart displays that the SOL price has formed a double bottom pattern, but instead of surpassing the neckline, the price is consolidating below the levels. This has been flashing bearish signals, which have been substantiated by the sluggish behaviour of RSI, which is failing to rise above average levels. On the other hand, the DMI levels are going parallel to each other, suggesting a diminished activity of both bulls and bears. 

Therefore, the Solana price is believed to maintain a consolidated trend for a while and eventually test the interim lower support at $133 in the coming days. As the bulls have failed to rise above $155 to $158 a couple of times, their weakness may pave the way for the bears to slash the price. However, bulls have been defending the lower support in every bearish instance and hence a similar rebound can be expected, which could elevate the Solana price back to $158. 

However, breaking above this barrier completely depends on market sentiments and the buying pressure that is expected to rise by then. 

SOURCE

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