The post Solana Price Trying to Enter the Bullish Range: Can It Launch a 15% Rise to Reach $160 This Week? appeared first on Coinpedia Fintech News

After the bearish start, the weekly trade was expected to be under the bearish influence. However, with the SEC withdrawing their investigation into Ethereum 2.0, market sentiments flipped slightly into the positive range. Meanwhile, the Solana (SOL) price, which was feared to unlock massive bearish opportunities, has displayed some probability of overcoming the losses. Therefore, the next few hours can be considered as important as an extended upswing may bring the token back within a bullish range. 

SOL price has been tracked to a large extent ever since the token overcame the ‘FTX fiasco’ and multiple breakdowns. The faith and confidence of the traders in the token remained largely unchanged and as a result, the price has been inflating for the last 6 months. Unfortunately, the bearish cartel stuck in the space at the beginning of the second quarter, due to which the token has been facing tough times. As a result, the SOL price broke down into the bullish range and the latest upswing can be considered an attempt to rise back within the range. 

The daily chart of Solana was bullish until the recent crackdown compelled the price to break down the lower support. Ever since the token failed to hold and trigger a rebound from the resistance zone between $155 and $159, the supertrend has flipped bearish and continues to remain within the range. Although the price has initiated a recovery after hitting the bottoms below $128, a bullish rebound cannot be validated. 

Besides, the RSI is trying to trigger a bullish reversal before testing the lower support,, which offers some hope. However, unless and until the SOL price maintains a strong upswing and hits the supertrend, a flip from the bearish trend cannot be certified. Therefore, the Solana price is expected to hover in and out of the ascending support-turned-to-resistance for a few more days. 

Once the bulls gain strength, the price is expected to enter the decisive symmetrical triangle and later initiate a strong upswing to break the upper resistance to rise above $160.