Solana

Bitcoin

The post <a href="https://coinpedia.org/price-analysis/solana-price-analysis-will-solana-ever-enter-the-top-5-crypto-rankings-decoding-the-possibilities/" rel="noopener noreferrer nofollow">Solana Price Analysis: Will Solana Ever Enter the Top 5 Crypto Rankings? Decoding the Possibilities</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
Solana’s price has been trading under bearish claws for the third consecutive day after facing rejection from the interim highs above $65. Despite this, the price continues to trade above the pivotal support, indicating the bulls are holding significant strength. Therefore, the current trade set-up indicates bullish momentum could prevail for a long time, but the technicals suggest the rally is prone to a healthy pullback.&nbsp;
The <a href="https://coinpedia.org/price-prediction/solana-sol-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">SOL price</a> is struggling at previous resistance, which shows signs of a major reversal. If the price fails to clear these resistance levels, which appear to be pretty crucial, and leaves a raging red bear candle, then it may offer the possibility of going long and also face a short-term bearish pullback.&nbsp;
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/IwAi8gsmlHDkFHHMspqyeeuMEcNWpQFvxKqD-O6hel3Vh6C2ELN2Ifj8GXgTVmWKttsARPfBQvo1pmVHmHu7DXa3G0cjqfFFmj3xgJcg8mt8H-NOFXsdKVB-lMDTeujpCT94Cy_bIP0n2xIo243Tw78" alt="">
</figure>
The price continues to trade within an ascending parallel channel, testing the lower crucial support of the channel. So what’s next? Will Solana’s price trigger a healthy upswing or continue with a bearish action to test the lower support?
Considering the present price action, a long trade on the SOL price may not be viable as the probability is lower. Therefore, it is better to wait for the price to undergo a minor pullback to the immediate lower support and a quick bounce back to enter the channel.&nbsp; The Bitcoin price action is displaying acute strength, while the altcoin market is still relatively weak. This is due to the growing dominance of the star crypto over the other tokens in the market.&nbsp;
Therefore, the Solana price could test the support, and after finding a strong base at around $55 to $57, a rebound may occur, elevating the price back above $65 and further propelling the price beyond $70 with the growing market sentiments.&nbsp;
This move may certainly dignify its rank, but the upcoming bull run may certainly change the entire scenario of the SOL price.

Solana Price Analysis: Will Solana Ever Enter the Top 5 Crypto Rankings? Decoding the Possibilities

CoinPedia News

Other articles published on Dec 5, 2023

Best Crypto to Buy Now December 5 – Stacks, Conflux, Kucoin

Core Scientific Announces November 2023 Production and Operations Updates

Top Whales Are Buying These Altcoin Amid Crypto Market Rally

Robinhood Reports 75% Increase in Crypto Trading Volume in November

Taiwan considering international input when deciding on crypto ETFs

Ethereum Bull Run Yet to Begin, Why ETH is Undervalued at $2.2K

Join our free newsletter for daily crypto updates!