Solana Breaks From A Bearish Consolidation—Will This Result in a 25% Upswing?
Solana has surpassed Binance Coin to move into the fifth-ranked cryptocurrency after rising during a consolidation around $230. Rising value of star coin Bitcoin helps SOL price The upside breaks key resistance. Now that the price has started to break out significantly, it is believed that the coin will maintain a stable upward trend. However, the possibility of a bearish reversal has also emerged, which could push the price back to $235 and just below that level.
However, if SOL price manages to break through certain resistance levels, a major turnaround could occur. Will the price reach a high of $300 in 2024?
Bearish activity has outpaced Solana bulls ever since the coin formed a new ATH above $264. Prices fell further and volume plummeted, preventing bulls from raising levels from the mid-term lows. However, the bulls appear to have gained significant strength as the new monthly session begins. Therefore, after the current breakout, SOL price will soon exceed the current ATH and reach $270.
Solana’s short-term price action suggests that price has broken above the overhead resistance of the descending parallel channel and is attracting bearish attention. However, the technical picture continues to remain bullish, suggesting that the price may come under bearish pressure and eventually enter the resistance zone between $247.09 and $250. The Stochastic RSI has rebounded from the medium-term downtrend, indicating that the levels will remain near the upper limit for some time. This suggests that the continuation of the bullish consolidation may help SOL price rise above $250.
Secondly, the Ichimoku cloud has just turned bullish in the short term, and the transition and baseline are experiencing a bullish crossover. This indicates the beginning of a new bullish trend and may maintain bullish momentum for a long period of time until the start of a new bullish period is verified.
Therefore, Solana price could reach $300 before the end of 2024, provided that the upcoming weekly close is higher than the current high. Otherwise, the price may remain consolidating below the ATH for a long period of time and a strong advance may be verified before the yearly close.
