The bull has begun; the Bitcoin price smashed the highs at $64,000 during the last trading day. While the other popular altcoins remained sluggish, Solana managed to soar by over 25% to mark fresh yearly highs. With this, the SOL price is close to making an official entry within the bullish range, which could trigger a fresh upswing to reach $150 initially, followed by higher targets.
Ever since the price marked an interim low below $20, the market participants jumped in to accumulate and have shown immense interest and confidence by pouring in huge liquidity. This kept the volatility levels high, causing a remarkable 500% jump in the past six months. Now that the markets have turned extremely bullish, reaching $200 may not be a tedious job for Solana before the end of the first quarter.
Solana has undergone a fine parabolic recovery to reach levels close to the neckline. Meanwhile, the bearish existence between $125 and $130 appears to be causing some turbulence, due to which, the token is unable to maintain the same ascending trend that it triggered in the last few weeks of 2023. Even though the markets have turned bullish, the SOL price is expected to maintain a consolidated trend for a few more days as the technicals are currently neutral.
The DMI, which suggests a probable upcoming trend, is flashing neutral signs. All the lines, ADX, +Di, & -Di, are going parallel to each other, which suggests the Solana price may also consolidate between $120 and $125 until some change in the market dynamics is seen. Besides, a huge drop in volume is also noted, which suggests less contribution from the bulls, causing a significant drop in the buying pressure.
Therefore, until the Bitcoin (BTC) price does not form new highs, the Solana (SOL) price is believed to consolidate within a narrow range. But as the star crypto calms down, an in-case rally to the ATH may be witnessed, which could elevate the levels even higher.
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