The markets are consolidating again! Solana’s price yet again failed to hold above $160 as the bearish action began in no time. As the Bitcoin price plunged below $63,000, which may soon tank below $62,000, the market participants appear to have fallen into a sea of uncertainty. This could cause the SOL price to remain within an accumulated range to trigger a massive rise, which may elevate the levels beyond the monthly highs.
The SOL price has consolidated between $120 and $200 for over 180 days, bouncing between the monthly support and resistance. However, the token replicates a previous pattern, which suggests the rally is stuck in a mid-cycle chop, which did not last long before and hence may not prevail for long now. Now that the BTC & ETH prices have broken out of range, the next breakout may be expected with the SOL price rally.
The SOL price has been maintaining its trend within a decisive symmetrical triangle and seems to be preparing for a pullback to its interim support. The DMI levels, which are approaching a bearish crossover, flash the possibility of plunging below $140 in the coming days. Meanwhile, the pullback is not expected to persist for a short time frame, as a quick bounce may bring back the token within the range.
Moreover, with the recent rejection, the Solana price has displayed the possibility of forming a double-top or ‘M-shaped’ pattern. Therefore, after squeezing the bearish action following the pattern, a rebound may occur towards the resistance at $180. If the bulls face rejection, the support at $155 may offer a strong base, which may trigger a rebound, helping to breach the above resistance. Otherwise, the Solana price rally may continue to consolidate until it reaches its apex following a breakout to $200.
