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Solana which entered the crypto space being one of the tough competitors of Ethereum is often compared and equated with the other chains like SUI or SEI. These tokens have gained enough attention from the market participants as they surged over 150% in very little time. However, SOL price in comparison appears to have gone into relaxation mode as the token has lowered its pace after surging above $150.
While the current trade setup continues to be bullish, here’s when the Solana (SOL) price rally may break above the ongoing consolidation.
The SOL price has been showing a strong recovery by breaking above its resistance for over 6 months and trying hard to validate a rise above the prevailing descending trend. Once the consolidation ends, the Solana price is believed to rise and mark new highs. However, to do so, the bulls must brace up a little.
The SOL price in the short-term has completed with a parabolic recovery which appears to be more or less a cup and handle pattern but in a reverse way. Therefore, the SOL price may break out from the consolidation, in case it enters the resistance zone or the neckline between $160.11 and $162.33. Otherwise, it may face a minor rejection, plunge back below $140 and undergo a parabolic recovery to complete a head & shoulder pattern resulting in a bullish breakout.
Therefore, the bulls appear to be poised to trigger a fine rise beyond $180 in the next few days or else in October 2024. This move is expected to elevate the Solana (SOL) price above the bullish influence, which may further elevate the levels beyond the yearly highs at $200.