Solana’s Unpredictable Rise Explodes Past $150 Resistance, Sparking Frenzied Interest.
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Will Solana Ever Reach $150 as Bearish Clouds Hover Over SOL Price Rally? Here’s What You Need to Know!
The recent price action of Solana (SOL) has sparked both optimism and skepticism among traders. While some believe the token will continue to rise, others are predicting a sharp decline due to bearish clouds hovering over the market. In this article, we’ll delve into the current situation and provide insights on whether SOL can reach $150.
Solana’s price has been stuck in a range, indicating reduced trading activity from bulls. The market is hesitant to move higher, leading many to speculate that a drop in prices might be imminent. However, the possibility of reviving a rise to $150 remains imminent.
Recent events have seen SOL-based tokens gain momentum, but the native token’s value has remained unaffected. This could signal a shift in focus among market participants, potentially impacting the price action. As a result, it is unclear whether the SOL price will continue to remain consolidated below $130.
Some analysts predict that Solana’s price may fall back to $100 in the coming days due to the formation of a bearish flag in the daily chart. However, this narrative has been countered by the bulls who are trying hard to invalidate the pattern.
A closer examination of the technical indicators reveals some hidden bullish divergence, hinting at a massive breakout after a prolonged consolidation period. The Ichimoku cloud has already undergone a bearish crossover before the end of Q1, causing the price to begin trading on a bearish note in the monthly timeframe.
The Bollinger Bands are now parallel to each other, indicating reduced volatility in the market. Meanwhile, the RSI is displaying a bearish divergence while the CMF is attempting to trigger a bullish divergence. This contradictory information suggests that the strength of the rally is weakening but the bulls are gaining momentum compared to bears due to an increase in buying pressure.
Given the indecisive nature of the technicals and lack of clear trends, Solana’s price remains stuck within a determined range with a high possibility of pullback. However, the support at $123 has been defended since March 2024, and therefore, a rebound could be imminent.
However, if the volatility surge negatively impacts the crypto markets due to an announcement by US President Trump regarding new tariffs, a breakdown may push SOL prices to $115 or $110. Only a major sell-off or fear, uncertainty, and doubt (FUD) can drag levels below $100; until then, the probability of revising a rise to $150 remains imminent.
In conclusion, Solana’s future trajectory is difficult to predict due to the bearish clouds hovering over the market. While some analysts believe the token will not reach $150, others see potential for a massive breakout after the current consolidation period concludes.
Source: https://coinpedia.org/price-analysis/will-solana-ever-reach-150-as-bearish-clouds-hover-over-sol-price-rally-heres-what-you-need-to-know/
