After a notable sell-off during the past weekend, Solana along with other crypto-assets strongly heading towards their initial levels. The SOL price which had dropped below $200 amid the bearish trend, is now coiling up above these levels. Interestingly, the trading volume is experiencing a notable drain which may be majorly a selling volume. And hence due to the mounting buying pressure, the price rose above $200 and consolidated.
Solana is said to have followed the Ethereum price rally very closely and also trending within the higher high and lower low similar to ETH. And hence if SOL price followed the same trend, could spike more than $300 to $400 in the upcoming bull run. However, in a higher time frame, the Solana price rally may be more skeptical as no notable change in trend is witnessed.
SOL Price Rally On Horizon
The SOL price from nearly a month is trending within the same resistance and support levels. After bouncing from the support levels at $193 a couple of times before, the asset yet again repeated the same trend. Yet it’s now more important to witness whether the SOL price will again get rejected from the $234 resistance levels or pierce through these levels to range towards its ATH.
However, currently, the rebound appears to be much stronger compared to the previous one’s and hence the upper resistance levels may also be cleared successfully. Adding to the substance, the asset is extremely bullish in the lower time frame and hence a notable rally could be imminent.
From the above charts, it’s evident that the price is following the parallel ascending channel yet again. No doubt buying volume is a little less than required, yet the asset may receive the required boost to propel towards the resistance levels above $230. At the press time, Solana’s price is $201.26 with a notable jump of 11.04% since the last trading day. With coiling positive market sentiments, SOL Price may range high. It will eventually head towards the target set at $300 by the EOY.