Will the SOL Price Trigger a 15% Upswing This Month?
As Bitcoin consolidates below $100,000, Solana price is gearing up for a significant rise. After extreme consolidation, the price sparked a strong upward move but faced weakness as the coin failed to hold the $217 resistance. Declining trading volume may be one of the main reasons. However, fireworks are likely to go off soon because SOL price It is about to enter a key resistance area.
Solana has been one of the top-performing platforms, competing fiercely with Ethereum in terms of DEX transaction volume, transaction volume, and more. According to new data, Solana has surpassed Ethereum and Base combined in terms of 24-hour DEX trading volume, reaching more than $3.66 billion. In addition to this, the platform has surpassed Ethereum in terms of social engagement such as social creators, mentions, engagement, and positive sentiment.
Meanwhile, on the longer time frame, SOL price has moved above weekly and monthly support levels and appears to be very strong. Now that the coin has entered the top 5 elite club, here’s how it holds its own within these ranks.
SOL price is struggling to break above the resistance of the expansion channel but is failing due to lack of volume. The bearish trend in OBV confirms this statement. Additionally, the conversion line and the base line of the Ichimoku Cloud are expected to witness a bullish crossover, which is expected to provide a strong impetus for SOL price growth. Therefore, the price is expected to break above this level soon.
On the other hand, the coin is testing the upper Bollinger Bands, so a breakout could trigger a good rally as before, initiating a 10% to 15% increase. Once the price reaches levels above $250, the Solana (SOL) price rebound appears to be on the verge of setting up a new ATH before the end of the month.
