The SOL price declined sharply over the recent weekend, trading close to $121 while the trading volume surged above $3 billion. The sharp pullback was triggered when the cryptocurrency market trading volume almost reached $100 billion. The recent pullback was expected to push Solana price into the major support zone between $125 and $120; however, the bulls managed to hold the gains above the range. Therefore, it is believed that the price could resume the strong uptrend, which could trigger an increase within the bullish range.

The Solana platform has been one of the most popular blockchains, providing enough competition to the Ethereum chain. It has also surpassed the Ethereum chain several times due to the high interest of traders in Solana-based tokens. Recently, the platform recorded the highest weekly transaction volume of more than 397 million transactions and the number of weekly active addresses is close to 12.78. No other altcoin can match it in terms of activity, and its market capitalization is close to $60 billion.

That being said, will the SOL price return to $140?

SOL prices tested the support area several times previously but the bulls sparked a quick rebound. Unfortunately, they seem to have turned lower as prices continue to hover above the support area for more than a week. Also, the 50-day and 100-day MAs experienced a bearish crossover which could hurt the rebound. However, the MACD shows some bullish possibilities as the levels are heading towards a bullish crossover.

Hence, Solana price seems ready for a bullish crossover which could further spark a healthy up move in the coming days. If the bulls manage to recapture the ascending support, the likelihood of a sustained up move could emerge. Otherwise, SOL price might continue its long consolidation until the next bullish push but certainly not fall into the bearish well.