As Bitcoin's price breaks above $107.7, setting a new high, a clear battle emerges between bulls and bears. While the price action indicates that bears are dominant, the technicals still favor the bulls. Meanwhile, Solana seems to remain caught in this conflict, and thus the price continues to trade under bearish influence.
Will the current attempt to break resistance fail? Would this lead to a long-term bearish action near $200?
In the short term, the SOL price has successfully surged, showing tremendous bullish momentum. It is one of the top and original altcoins to reach a new high following Bitcoin, while other altcoins in the top 10 have remained relatively unchanged. This indicates that both market participants and bulls are providing strong support. Additionally, the increase in trading activity on the platform has largely contributed to the price surge.
Therefore, there is belief that the SOL price will experience an unexpected bullish trend in the short term, potentially breaking the bearish possibility.
The daily chart of Solana shows the price trapped in a descending wedge, which is considered a bullish pattern. However, the token faces equal pressure from both sides, indicating uncertainty in the next price action. Meanwhile, bulls are struggling to keep the price above the direct support level of $216; if this support is breached, the level around $205 may provide some support, triggering a rebound.
Nevertheless, the technicals still favor the bulls as the MACD appears to be preparing for a bullish crossover, while selling pressure seems to have not subsided. Meanwhile, the OBV is attempting to validate the bullish reversal seen in recent weeks. If the levels confirm an upward move in this situation, SOL's price is expected to break through the resistance of the descending wedge and reach the resistance level of $243; otherwise, it may face a slight pullback near $210 and rebound to the upper target.
The price of Solana (SOL) is expected to reshape a strong upward trend, with the timeframe not limited to 2024.
