The crypto markets underwent massive bullish action, hinting towards the beginning of a strong recovery. The popular token, Solana, surged heavily and entered the bullish range, which could suggest a potential shift in the market trend. Meanwhile, the technicals suggest it could be a bullish trap. But if the SOL price manages to secure the pivotal resistance, a continuation of the upswing could elevate the levels to new highs.
As the date for the new administration in the U.S. is approaching, the market participants have become optimistic about the entire market. Earlier, Trump’s administration appointed Cardano founder Charles Hoskinson as a crypto advisor, helping to frame crypto-based laws and regulations. In a recent update, Trump is reportedly meeting the founders of Solana and XRP, aiming to create America’s first crypto reserve.
With a pro-crypto president taking charge of the office, the biggest-ever bull run is expected to begin soon. The SOL price has launched a massive bullish attack and entered within the range, approaching the neckline of a double-bottom pattern. Although the bears are restricting the rally below the range, a huge breakout seems to be imminent.
As seen in the above chart, the SOL price has entered the bullish range within the decisive symmetrical triangle. Meanwhile, the bears are hindering the rally at the resistance, which may not persist for a long time ahead as the technicals suggest a breakout to occur soon. The on-balance volume (OBV) is attempting to break the resistance, which may flip the bearish trend to bullish. On the other hand, the token has not begun with the distribution phase as the accumulation continues.
Hence, the Solana (SOL) price is expected to revive a strong ascending trend after triggering a breakout from the decisive phase. However, after rising to the upper resistance zone between $222 and $226, a new ATH could be imminent.
