Solana (SOL) Price Rising Towards Crucial Range: May Trigger a 30% Upswing Before the End of the Month
The post Solana (SOL) Price Rising Towards Crucial Range: May Trigger a 30% Upswing Before the End of the Month appeared first on Coinpedia Fintech News
The markets are heading towards the last week of trade of the month and hence it is expected to be more volatile. Although the month began on a bearish note, the tokens are speculated to end the trade with significant gains. Solana also faced a 22% drop in the first few days of the month but the token recovered the loss and was raised by over 10%. However, the current trade setup suggests the SOL price is primed for another 10% jump before the end of the month.
Solana has been receiving huge attention, regardless of the current market trend, which has been fluctuating at very small intervals. As a result, the SOL price remained elevated after triggering a strong rebound from the lows. The latest price action has assisted the token to rise above the pivotal resistance range which raises the possibility of an extended ascending trend for the next few weeks.
The current trade set-up suggests the SOL price has overcome the bearish pressure as the price breached the resistance of the descending parallel triangle. The bulls failed to rise above the upper resistance at $172 but revived the possibility of marking $200 in the next few days. Mainly because the Ichimoku cloud has turned bullish after remaining bearish for nearly a month. Secondly, the on-balance volume, or OBV, continues to maintain an ascending trend, which suggests more upside potential for the token.
The bulls appear to face some exhaustion at the moment, but a strong ascending trend is expected to be revived during the weekend. With this, a bullish close above $175 may materialize, which may pave the way for a bullish close for the month above $200. Previously, the bulls faced a huge drop in strength above $200, which caused a serious pullback. Therefore, now that the Solana (SOL) price is on an ascending trajectory, marking new yearly highs above $250 to $275 seems imminent.
