The post Are Traders Unsure of the Solana’s Next Price Action? Why is SOL Price Stuck Below $160? appeared first on Coinpedia Fintech News
As the crypto markets head towards the end of the weekly trade, the buyers are working hard to regain their dominance. Solana’s volume has increased significantly over the last few days but is steadily decreasing. Due to this, the price is unable to rise above the crucial resistance, which is foremost to keep up the bullish trend. As the price remains consolidated within key support and resistance zones, the recent rejection from the resistance could signal a potential decline towards the support zone.
Will the Bulls trigger a rebound? What to expect from the next price action?
In the last few days, SOL price has risen from $136 to $159, with a potential rise of over 16%. Now that the pace of the bulls has reduced, the token is believed to undergo a pullback, which may drag the levels below $150 somewhere between $148 and $149. Regardless of a drop in the volume, Solana remains the top-traded asset after Bitcoin & Ethereum, which keeps up the bullish possibility of the token.
The SOL price continues to trade sideways as the bulls remain passive. Regardless of the sluggish trend, the price remains within a bullish range as the 200-day MA is offering a strong base. Therefore, the price could maintain a healthy consolidation within an ascending triangle and reach the apex. However, a bearish divergence in the OBV has raised some concerns of a significant pullback.
Therefore, if the price loses the 200-day MA, then it may reach the lower support of the triangle at around $144. Besides, Solana’s ecosystem thrives with over $6 billion in TVL, with 83% of SOL staked. The platform is now closely monitored amidst the rising memecoin activity, and hence a potential rebound could follow as the Solana (SOL) price remains within a bullish range.