The bulls have conquered the crypto space as a remarkable rise in the market cap has led the tokens to rise beyond their respective resistances. The bitcoin price is approaching the crucial $39,000 resistance, while the other altcoins continue consolidating within the range. Meanwhile, the Solana price is heavily consolidating below the major resistance at $61.49, which signals both the possibility of a bullish breakout and a bearish breakdown.
The volatility appears to have dropped both in the short and long term, which could have compelled the price to trade within a narrow range. The SOL price is expected to chop around the current levels just to fill out the inefficiency. In due course, a pullback to $55 is also possible.
Considering the Bollinger Band formation, the SOL price appears to have found the middle bands as a strong support base. Besides, the upper and lower bands are going parallel as the price begins to chop around. Despite a decent volume, volatility decreased, which may harm the price. Now that the price appears to be in a dilemma, a small breakdown could provide clarity. A minor pullback below the middle bands could activate the market participants who now remain passive or have shifted their focus away from the token.
The fresh day trade has begun on a bullish note, with the price heading high to test the upper bands, which may happen after clearing the pivotal resistance around $62. Further, a significant plunge may be on its way as the levels around the upper bands at $63.5 could be capitulated by the bears. Once the bulls display their strength and hold the price above $60, a rebound may pierce through these levels and validate the beginning of a fresh upswing.
However, a significant upswing could be on the horizon, elevating the price beyond a 3-digit figure soon.
