The short-term price action of Solana has become extremely uncertain as the buying and selling pressure has exhibited a similar intensity. This has caused the price to be stuck within a range, which is one of the pivotal levels. While bulls are failing to lift the levels above the range, they are also offering a strong base, preventing the rally from dropping below $133. Despite the ongoing price variation, the price of Solana continues to remain within a bullish range, which keeps the bullish hopes alive.
The SOL price has been juggling around a 200-day MA at $138.33 since the start of the week as the bulls are failing to rise and sustain above crucial resistance. The current trade set-up suggests the ongoing consolidation could prevail for some more time. The price is trading within a decisive phase and hence a breakout may occur in the coming week only when the weekend records a bullish close.
The SOL price is trading within a decisive symmetrical triangle and is slowly approaching the apex of the pattern. Besides, the 200-day MA level is expected to offer a strong base throughout the coming week. As a result, the SOL price may maintain a low-volatile week and reach the apex to avoid bearish attention. The RSI which is trading along the mid-range validates the speculation followed by a huge breakout in the direction of the induced volume.
On the other hand, the 0.5 FIB level at $140 is seen as one of the pivotal levels to achieve before the end of the week. This move may elevate the levels above $150, which may even help to achieve the 0.618 FIB at $155 if the buyers gain momentum. However, in the case of a bearish pullback, which appears unlikely, the $133 support may offer a strong base. Therefore, the Solana (SOL) price action seems to be under a bullish influence, regardless of the prevailing bearish influence over the token.
