Current Market Conditions
The price of SOL is currently consolidating within key support and resistance zones. A recent rejection from resistance could indicate a potential decline toward the support zone.
Will the Bulls Trigger a Rebound?
In the past few days, the SOL price has risen from $136 to $159, showcasing a potential increase of over 16%. However, with the pace of bullish momentum slowing, a pullback is anticipated, possibly dragging the price below $150, likely settling between $148 and $149.
Key Observations
- Despite decreasing volume, Solana remains one of the top-traded assets, trailing only behind Bitcoin and Ethereum.
- The SOL price continues to trade sideways as bullish momentum wanes.
- The 200-day moving average (MA) provides a strong support base, allowing for healthy consolidation within an ascending triangle.
- A bearish divergence in the On-Balance Volume (OBV) has raised concerns regarding a significant pullback.
Potential Price Levels
If the price falls below the 200-day MA, it could decline to the lower support of the triangle, approximately around $144. On a positive note, Solana’s ecosystem boasts over $6 billion in Total Value Locked (TVL), with 83% of SOL tokens staked.
The platform is closely monitored amidst rising memecoin activity, suggesting that a potential rebound could occur as Solana (SOL) price remains within a bullish range.
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