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Solana price reached a 3-month high, marking the highs at around $183.38 while the volume remained within the decent range. Currently, the markets are extremely hyped and bullish on Solana and SUI, and as a result, tokens like Ethereum, XRP, and Cardano are losing the trader’s attention. In the meantime, SOL bulls demonstrate acute strength as the prices have broken the major barrier of breaking $200.
Presently, the Bitcoin price is about to mark a new ATH as the dominance has been making new highs. In the meantime, the altcoins are ranging within a consolidated range, including Solana, which faced a small rejection after rising above $180. The price continues to remain within the bullish range and hence carries huge potential to surpass the yearly highs at around $202. While the bullish possibility is within the range, the bearish clouds continue to hover over the SOL price rally.
The Solana price has completed a large bearish harmonic pattern near $183.30. The pattern appears to be pretty strong, as it was created within a strong historical zone. This could be a matter of concern as we may see Solana moving down as seen in the above chart. This time, there is an aggressive bearish scenario as the market is speculating about the US elections and the USD strength that may push the prices lower.
The short-term price action suggests the token is testing the interim support zone, which is expected to be the crucial one to hold. If the support zone is defended well, then the bullish scenario remains intact, which may push the price to $200. Meanwhile, if the bearish pressure pushes the levels below $175, then the Solana price could be primed to head below $170, which may keep the price consolidated for a long time.
A popular analyst, KlejdiCuni, believes the bearish trade has been activated for the Solana (SOL) price rally with targets between $165 and $154.