Solana underwent a parabolic recovery from a single-digit level towards an interim high of $200. Although the bears managed to outpower the bulls for over a couple of months, the SOL price is trying hard to reclaim itself within the bullish range. The technicals suggest the price is gearing up to begin a fresh ascending trend to reach $150 in the next few hours. However, bulls do not possess the required strength, which may raise suspicion over the next price action.
In a larger perspective, the SOL price has been preparing for a major price action with the formation of a bullish pattern. However, the token is facing some hindrance in the short term, which may delay the breakout for a couple of days. The bulls are falling weak as they approach the crucial resistance and hence the possibility of a minor pullback could emerge.
Will the SOL price slump back below $145?
Solana’s price has been demonstrating strength regardless of the bearish activity, which has been hindering the progress of the rally at frequent intervals. The selling pressure has faded to a large extent, which may initiate a fresh ascending trend. The price traded within an expanding, rising channel but failed to hold support. However, the bulls seem to have gained some strength and hence the price could rise and enter the range by the end of the week.
On the other hand, the RSI remains incremental and the levels of DMI have contracted, suggesting a huge movement is on the horizon. Although the buying volume is less than the required range, it remains in bullish favour. Therefore, if the Solana (SOL) price sustains above the local support at $144 and rises above the resistance at $151 in the next few days, a fresh upswing could propel the price close to $160.
These levels could challenge the bulls and if they display some strength, then the token may rise to reach above $173, which may clear the path toward $185. Once the bulls display strength here, reaching $200 may not be a tedious job for the SOL price.
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