The post What’s Preventing Solana (SOL) Price From Reaching $180? appeared first on Coinpedia Fintech News
Solana’s price has demonstrated sufficient strength in the past by initiating quick recoveries and reclaiming previously lost targets. The investors also remain extremely vigilant over the token’s progress, and as a result, SOL has been among the top 5 most-traded cryptos, excluding stablecoins. Despite immense attention and a strong previous history, the SOL price seems to be lagging while some tokens seem to be at the foot of a huge breakout.
The SOL price has been grinding lower for days. The token recently broke its daily uptrend and has shown short-term weakness; however, the long-term outlook remains bullish. In the times when a drop to $130 has been surfacing, the SOL price is quietly preparing for a new ATH. The SOL price pierced above $160 before facing a rejection, which is not a failure but a setup. This move has left behind two stacked FVGs, or Fair Value Gaps, in the short term
Now that the price is trying to enter the upper zone, which is a re-entry pocket, it may elevate the levels beyond the psychological barrier at $180.
As seen in the above chart, the SOL price recently broke down from the rising wedge and triggered a 15% pullback. Despite this, the token seems to be preparing for a massive run as the levels are set to rise above a crucial resistance at the 50-day MA at $158.05. As the bulls defended the local support at $151.96, the probability of a bullish reversal remained extremely high. The SOL price is working hard to rise above the 50-day MA, which may validate a rise above the bearish influence.
On the other hand, the MACD shows a drop in the selling pressure after the bears dominated for more than a month. If the token rises and secures levels above $170, the probability of a Golden Cross could be prominent. With this, the price might rise above $180 and further rise above $200, which may validate a rise above bearish influence.
Therefore, the Solana (SOL) price continues to be preparing for a massive bullish action and once the levels settle over $200, the token could further march towards a new ATH.