The post Solana Trying a Major Reversal, Has the Bearish Clouds Faded or a Bull Trap Being Laid? appeared first on Coinpedia Fintech News
Bulls are trying hard to flip market sentiments in their favour as the prices of the majority of cryptos were available at huge discounts. After buying at the dip, the next plan of action for the Solana bulls appears to be keeping up the upward momentum. Alongside this, the platform recently launched ‘zero-knowledge (ZK) compression with more advanced features. As a result, more projects are expected to flow into the Solana chain, influencing the SOL price.
The drop below the $133 crucial range during the weekend has raised suspicion for a bearish close for the month. The recent reversal has revived hopes for bullish possibilities, while the probability of a bull trap remains intact. However, the technical is close to turning bullish but achieving $150 may be a tedious job! Here’s Why!
The current trade set-up appears to be pretty bullish, as the recent rebound has flipped the market sentiments as well as the technicals. The RSI has flipped while the MACD is close to triggering a bullish crossover, but some others raise concern over the future of the token after achieving $140. The Gaussian channel has turned bearish during the latest pullback and the rise above the bearish influence could only occur when the price surpasses the lower band at $144.
The volume has slumped, suggesting a bullish switch back to passive mode while bears now wait for the next bullish move. However, the rally is strongly holding above the 200-day MA, which keeps the bullish hopes alive. But to make it to $150, surpassing $144 may be extremely important and if it does so, a rise to $158 or $160 could be imminent.
