Solana Bulls Attempt to Rise Above the Bearish Range—Will SOL Price Reclaim $250?
As Bitcoin price breaks through $107.7 to set a new high, there is a clear battle between bulls and bears. While price action suggests bears are in control, the technical picture remains in favor of bulls. Meanwhile, Solana appears to remain trapped in this conflict and as a result, the price continues to trade under the bearish influence.
Will current attempts to clear resistance fail? Will this lead to a sustained price drop closer to $200?
After a while, SOL price Successfully surged higher, showing huge bullish momentum. It is one of the top and original altcoins that managed to achieve a new ATH after Bitcoin, while the other coins in the top 10 are still very unique. This shows significant support not only from market participants, but also from bulls. Additionally, increased trading activity on the platform also largely contributed to the surge.
Therefore, SOL price is believed to witness an unexpected bullish move in the short term, which could break the bearish odds.
Solana’s daily chart shows price trapped in a falling wedge, which is considered a bullish pattern. However, the coin is facing equal pressure from both sides, indicating uncertainty about where the price will go next. Meanwhile, bulls are struggling to keep the price above the immediate support at $216 and if this support is still breached, levels near $205 may provide some support to trigger a rebound.
Still, the technical picture remains in favor of the bulls as the MACD appears to be gearing up for a bullish crossover while the selling pressure does not appear to be fading. Meanwhile, OBV is trying to validate a bullish reversal that has been underway for weeks. In this case, if this level validates the rise, then SOL price is believed to break the resistance of the descending wedge and reach the resistance at $243; otherwise, it may face a minor pullback near $210 and rebound towards the upper target.
Solana (SOL) price is ready to reverse a strong upward trend, and the time frame is still not limited to 2024.
