Amidst the resurgence of memecoin mania, SOL experienced a significant surge, with bulls mustering all their strength to keep the value above $180. However, the growing bearish sentiment ultimately caused a notable pullback, leaving the SOL price consolidating within a narrow range of $163 to $172. This tight consolidation has sparked speculation about a potential large move on the horizon.
According to Paul Endeo, an analyst on TradingView, the memecoin craze injected momentum into Solana’s price. As the bulls fought to maintain the value above the crucial $180 level, the bears gained traction, causing a pullback. Despite this volatility, Endeo notes that the current trade setup suggests the bulls are maintaining a tight grip on the rally, hinting at a higher possibility of reclaiming the $180 mark in the early days of June.
Technical Analysis Hints at Potential Upswing
Endeo’s analysis delves into the technical indicators, painting a promising picture for Solana’s price trajectory. The Gaussian channel has recently turned green, signaling the potential beginning of an upswing. Moreover, the stochastic RSI has reached the lower threshold, potentially setting the stage for a rebound and bolstering the bullish claim.
Solana’s Symmetrical Triangle: A Decisive Moment
Notably, the SOL price continues to trade within a symmetrical triangle pattern, consolidating above the local support zone of $155 and $160. This tight accumulation is a result of equal participation from bulls and bears, suggesting that a significant price movement could be imminent.
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Endeo’s assessment indicates that Solana’s price remains within bullish influence, and a bullish breakout above $175 could be expected as the second half of 2024 commences. However, the crypto markets are known for their unpredictability, leaving investors to ponder whether this potential breakout will indeed materialize or if it’s a bear trap in disguise.
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The post Solana Price Faces Uncertainty: Rebound to $170 or Slip to $150? Here’s What SOL Indicators Reveal appeared first on CaptainAltcoin.
