The post Solana Rebounds From Crucial Range: Will SOL Price Trigger a 10% Rise This Weekend? appeared first on Coinpedia Fintech News
The crypto markets are heading towards an exciting close for the quarter as the volatility has dropped. The bulls have refrained from accumulating the required buying pressure, due to which the majority of the tokens are stuck within a range. Besides, Solana has a strong community that remains optimistic about the upcoming trend.
Therefore, the price of SOL has reached a crucial juncture, as a bullish weekend may pave the way for a bullish close for the month. Otherwise, defending the 3-digit figure may also become a tedious job for the token in the coming days.
The SOL price has displayed magnificent strength in the past 6 to 8 months, with more than an 800% increase. However, the 35% plunge that followed has increased the possibility of a bearish pullback as the rally is failing constantly to defend the interim support levels. As the bearish strength escalates, the fear of achieving more bearish levels has emerged.
After facing rejection from the upper resistance of the decisive symmetrical triangle, the SOL price continued its trade within a falling wedge and is at the apex of the consolidation. From here, if the bulls display strength, then the price may maintain an ascending consolidation and enter the triangle. Otherwise, if they demonstrate weakness, the token may lose the 200-EMA support at $130 and head towards the lower support zone, which appears to be a trend reversal zone.
The Solana price has always raised eyebrows with its drastic & unpredictable moves and hence a similar event is expected to occur. The volume has dropped heavily, which is an unusual thing for the platform and hence the token may soon face compression. This could result in a breakout, which may offer acute strength to the rally while the direction may remain in favour of the volume induced.
As a result, the Solana (SOL) price may continue with an ascending consolidation as the Ichimoku cloud turns bearish. Hence, the upcoming weekend trade could be important, which may set a base for the bullish quarterly close.
