After a brief surge, bulls have pared back a bit as the prices of popular coins struggled to break through their respective resistance levels. Meanwhile, one of the altcoins, Solana, has retained its uptrend and topped the list of the top 100 coins in the market. Therefore, this suggests that SOL price might sustain healthy gains for the rest of the day which could help the rally to hit key resistance levels soon.
After a sustained period of growth and subsequent pullback, the SOL price is now gearing up for a significant uptrend. Market indicators suggest that the cryptocurrency has gone through a necessary correction and has now set the stage for a rally towards previous all-time highs. Furthermore, with investor sentiment high and technicals suggesting the bullish trend will continue, the Solana price is expected to maintain its sharp gains and form new ATHs in the coming days.
Solana’s daily chart appears extremely bullish as the price has formed consecutive bullish candles. However, the bears are trying their best to cap the price below the critical resistance at $158. On the other hand, the technical picture suggests that a major turnaround is imminent. The Bollinger Bands are showing a bullish divergence, while the trend indicator DMI is neutral.
ADX is moving southwards and both indicators +Di and Di are parallel, a bullish crossover is expected. Therefore, the price is expected to maintain the upward consolidation and hit the local resistance of $160, which also collides with the upper Bollinger Band. This might also attract some bearish actions, but after a brief pullback, Solana price is believed to maintain the uptrend.
Once this move materializes and sustains, SOL price could find itself at the neckline of the double bottom pattern and a minor bullish push could push the coin to new highs.
(Personal opinion, not a recommendation)
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