As Bitcoin consolidates below $100K, the Solana price is preparing for a massive upward price action. After an extreme consolidation, the price triggered a strong upward movement but faced a short of strength as the token is failing to secure the resistance at $217. The drop in the volume could be one of the major reasons. However, the fireworks are likely soon, as the SOL price is about to enter the pivotal resistance zone very soon.
Solana has been one of the top-performing platforms, offering tough competition to Ethereum in terms of DEX volumes, transactions, etc. As per the new data, Solana outpaces Ethereum and Base combined in 24-hour DEX trading volume, reaching above $3.66 billion. Apart from this, the platform has outpaced Ethereum in terms of social engagements like social creators, mentions, engagements, and positive sentiments.
Meanwhile, in the longer time frame, the SOL price has ranged above the weekly and monthly support levels and appears to be extremely strong. Now that the token has entered the top 5 elite clubs, here’s how it may be glued within these levels.
The SOL price is trying hard to break above the resistance of the expanding channel, but due to the lack of volume, it is failing to do so. The bearish trend of the OBV substantiates the claim. Besides, the conversion line and the base line of the Ichimoku cloud is expected to undergo a bullish crossover, which is believed to offer a strong boost to the SOL price rally. Therefore, the price is expected to break above the levels shortly.
On the other hand, the token is testing the upper bands of the Bollinger and hence a breakout may trigger a fine upswing as it happened before, initiating a 10% to 15% upswing. Once the price secures levels above $250, a new ATH seems to be imminent for the Solana (SOL) price rally before the end of the month.
