During the last leg of the 2021 bull run, Solana stunned the market with a 100x rally, becoming one of the fastest-growing Layer-1s in history. The Bitcoin price has now surged and marked new highs a few moments ago. This move seems to have flipped the market trajectory, as the altcoins like Solana are close to validating a bullish breakout. The SOL price seems to be at the foothill of a massive explosion, and hence, a rise above $220 seems to be imminent.
Solana Nears Bullish Breakout
The crypto markets have turned bullish as Bitcoin smashed a new ATH close to $112K. Despite the rise, the bearish activity is restrictive, suggesting more upside potential for the token. As a result, the top 10 cryptos, including Solana, are believed to remain elevated, while the pace of the rally may fade to some extent. Currently, the SOL price is working hard to validate a rebound from the crucial support. A successful rise could elevate the levels by nearly 8%; however, a final correction could be in place before rising above $200.
SOL Targets $220 After Rebound
As seen in the above chart, the Solana price is trading close to the apex of the rising wedge. The price triggers a rebound from the support and seems to be advancing towards the resistance close to $195. The CMF has been rising since the start of the month, while the MACD is about to undergo a bullish crossover, being within the positive range. Hence, the price could be poised to maintain a healthy upswing ahead.
Meanwhile, after a breakout from the rising wedge, the token may face a correction that could drag the levels back to $180 or slightly lower. After squeezing out all the selling pressure, the bulls are believed to take over the rally and push the levels back above $200 in a short time. However, the Solana (SOL) price may face some bearish action at these levels, but the bulls could have held a tight grip over the rally, which may keep up the bullish momentum over the rally and test the higher targets at $220 initially and later at $250.
