The crypto market underwent a massive crackdown in recent times that slashed the global market capitalization below $1.8 trillion. Meanwhile, the latest recovery lifted the levels back above $1.2 trillion but also carried the possibility of a retest. Amid the friction among the bulls and the bears, many cryptos, including the Solana price, have been manifesting a tricky situation with the possibility of a bearish pullback very soon.
Solana’s price, after the recent downturn from the interim highs of around $25.91, dropped significantly, but the 200-day MA levels at $20.91 acted as major support and triggered a rebound. However, the rebound has not been validated yet as the levels continue to hover close to the crucial support, displaying weakness among the bulls and also within the rally.
So what’s expected for the SOL price in the coming days?
The SOL price is trading within an ascending triangle and is yet to reach the apex of the consolidation; hence, the current sluggish price movement may prevail for some time. Besides, the RSI displayed a bullish divergence, which may validate a rebound from the lower support of the pattern. However, the rally may maintain a lowered pace as the volume remains largely depleted. Mainly, the ADX is bearish, which signifies the weakening of the rally’s strength.
Therefore, it appears that $19.5 to $26.5 could be a good accumulation zone for long positions, beyond which a fine upswing may be triggered. Once the price breaches beyond $26, a powerful upward momentum may break the downtrend and reach the first target between $42 to $47, which is the upper boundary of the long-term liquidity.
