The post Solana Reclaims $150 As It Enters Crucial Resistance: $200 Target Activated for the SOL Price Rally! appeared first on Coinpedia Fintech News
With the growing market sentiments, the Solana price quickly surged and reclaimed the pivotal zone. Besides, the token is trying hard to enter the important resistance zone, which may ease out the mounting bearish pressure. The bears are trying hard to mount enough pressure, due to which the recovery phase has slowed down a bit. However, the SOL price has maintained a strong ascending trend and rebounded strongly each time.
After rising above $150, the SOL price is juggling around $153 and $155 as the upward pressure remains restricted within a range. Therefore, the price is now expected to rise within the range before the end of the day, failing which the price could face another pullback. However, the 5th largest token, Solana has triggered a 10% upswing in the past 24 hours and also has become the 5th largest traded token.
Will the Solana (SOL) price reclaim the crucial resistance at $180, intending to achieve $200?
The Solana price experienced a massive fall recently, losing over 50% in less than a week, marking the bottom close to $110. However, the current trade set-up suggests the selling volume has largely faded, which may pave the way for a sustained ascending trend. Besides, the +Di & -Di have triggered a divergence suggesting a bullish crossover of DMI could be nearby. Secondly, MACD displays a drop in the selling pressure which could offer the bulls a strong base to maintain a healthy upswing.
The Solana price has surged above the average range of the descending parallel channel and with this, the possibility of reaching the upper resistance emerges. However, the bearish intervention could occur at $160 and if the bulls manage to withstand the pressure, a rise above $175 could be imminent. Regardless of the upswing, rising above these levels and reaching $180 could be a tedious job as the bulls have fallen weak here multiple times.
Hence, the Solana (SOL) price rally remains uninterrupted until $175 but rises above $184, which is the pivotal resistance that currently appears to be misty.