Solana (SOL) Price Enters Consolidation, Breakout To Decide Momentum
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- The asset has also rallied many times from the 200-day MA levels.
- Solana has been down 1.20% in the last 24 hours.
The Solana price has been steadily rising over the last several days. While some feel that the asset will continue to rise, others predict that it will soon fall back to the lower support levels and lose its upward momentum. If the asset price falls, there’s a good possibility it will go below $100, making it exceedingly difficult to reverse the downtrend.
After a few days of swinging along with the 50-day MA, SOL’s short-term bullish trend becomes more evident. The asset has also rallied many times from the 200-day MA levels in the last few days. As a result, price action is showing a significant positive turnaround.
Fierce Battle Between Buyers and Sellers
Before the present parallel channel, the Solana price had been consolidated similarly. A more dramatic drop followed this to the lower support due to consolidation. In this situation, if the asset maintains the same trajectory, the SOL price may rise to about $120. A small amount of selling pressure is expected to build here, which could push the price back toward the $116 level.
Despite this, Solana is expected to break through the levels and smash through the parallel channels following a small consolidation. The long-term prognosis is a little hazy because of forming a “Doji” candle, which signifies a fierce battle between buyers and sellers. In these instances, even a little absence from one of the players might significantly influence the other. Recently, XRP prices surged after a massive rally. As a result, XRP overtook Solana and Cardano in terms of market cap ranking.
According to CoinMarketCap, the Solana price today is $112.17 USD with a 24-hour trading volume of $2,463,333,525 USD. Solana has been down 1.20% in the last 24 hours.
Read More: Solana Price Prediction
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