As the Bitcoin price made it above $107.7, marking a new ATH, a notable tussle is seen between the bulls & the bears. While the price action suggests the dominance of the bears, the technicals remain in favour of bulls. In the meantime, Solana seems to have remained stuck within this clash and as a result, the price continues to trade under bearish influence.
Will the current attempt to clear the resistance fail? Will this lead to an extended bearish action close to $200?
In a short while, the SOL price managed to surge, displaying huge bullish momentum. It is among the top & primitive altcoins that managed to achieve new ATH after Bitcoin, while the others within the top 10 remain pretty much distinct. This indicates a huge backing from not only the market participants but also the bulls. Moreover, the rise in trading activity over the platform has largely contributed to the surge.
Therefore, the SOL price is believed to display an unexpected bullish move in a short while that may thrash the bearish possibility.
The daily chart of Solana displays the price being stuck within a falling wedge, which is considered to be a bullish pattern. However, the token is facing equal pressure from both sides, which suggests uncertainty over the next price action. Meanwhile, the bulls are trying hard to hold the price above the immediate support at $216 and if this breaks yet, the levels around $205 could offer some support to trigger a rebound.
Nevertheless, the technicals remain in favour of the bulls as the MACD seems to be preparing for a bullish crossover, while the selling pressure does not seem to have faded. Meanwhile, the OBV is trying to validate a bullish reversal that it has been doing for over a few weeks. If, in that case, the levels validate a rise, then the SOL price is believed to breach the resistance of the falling wedge and reach the resistance at $243; otherwise, it may face a small pullback close to $210 and rebound towards the upper targets.
Solana’s (SOL) price is primed to revamp a strong ascending trend, while the timeframe remains not restricted to 2024.
