The rising DEX volumes than Ethereum have made the market participants bullish on Solana’s (SOL) price rally. The growing popularity of the Solana-based memecoins has contributed to the rise in the network activity and eventually the DEX volumes too. Meanwhile, the SOL price remains stuck within a consolidated range and demonstrates the possibility of reaching $200 in the coming days but here’s the twist.
The long-term trade suggests the SOL price is about to repeat a previous trend as the token breached the resistance but is failing to sustain above the gains. The recent drop from the levels close to $180 suggests the bulls are facing some exhaustion, which could remain only for a short time frame.
The weekly chart suggests the price testing the resistance of the decisive symmetrical triangle. In an attempt to breach above the range, the bulls have lost strength but as long as the levels remain elevated above $170, the probability of a rebound remains high. In such as case, a monthly close above the level could trigger a notable rise beyond $200 may materialise in a short while. Besides, in the short term, the selling pressure has increased which has paved the way for a small pullback.
The SOL price is trading within a rising parallel channel and is about to drop below the average bands. The stochastic RSI has triggered a bearish divergence and the MACD suggests a drop in the selling pressure with the levels close to undergoing a bearish crossover. Therefore, the Solana (SOL) price may drop slightly below $170 and reach the liquidity zone around $168 which may attract the bulls and trigger a strong rebound back above $175.
However, a rise above $178 may invalidate the bearish scenario and a rise above $180 could validate a strong ascending trend for the Solana (SOL) price rally.
