Solana

Bitcoin

The post <a href="https://coinpedia.org/price-analysis/markets-consolidating-yet-solana-sol-price-preparing-for-a-30-rise-but-heres-the-catch/" rel="noopener noreferrer nofollow">Markets Consolidating Yet Solana (SOL) Price Preparing for a 30% Rise—But Here’s the Catch</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
The markets are consolidating again! Solana’s price yet again failed to hold above $160 as the bearish action began in no time. As the Bitcoin price plunged below $63,000, which may soon tank below $62,000, the market participants appear to have fallen into a sea of uncertainty. This could cause the <a href="https://coinpedia.org/price-prediction/solana-sol-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">SOL price</a> to remain within an accumulated range to trigger a massive rise, which may elevate the levels beyond the monthly highs.&nbsp;
The SOL price has consolidated between $120 and $200 for over 180 days, bouncing between the monthly support and resistance. However, the token replicates a previous pattern, which suggests the rally is stuck in a mid-cycle chop, which did not last long before and hence may not prevail for long now. Now that the BTC &amp; ETH prices have broken out of range, the next breakout may be expected with the SOL price rally.&nbsp;
<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfikhkEljsIUi3wvzm-ur0OQj1iCuKLI0jPFqkT9IJPyHW3qEQROm-Zw5cRIDdO-F1k-9rcj_ZdjtwBGRHY1RHeYbLs8r6W-dS33SMjPoilyBOE-uR8_o9OEAK65gVUkqUi30bR8ciWZg1y3GybFBB5Ves?key=ZYpgUfuXEzOx4Kkshvk10A" alt="">
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The SOL price has been maintaining its trend within a decisive symmetrical triangle and seems to be preparing for a pullback to its interim support. The DMI levels, which are approaching a bearish crossover, flash the possibility of plunging below $140 in the coming days. Meanwhile, the pullback is not expected to persist for a short time frame, as a quick bounce may bring back the token within the range.&nbsp;
Moreover, with the recent rejection, the Solana price has displayed the possibility of forming a double-top or ‘M-shaped’ pattern. Therefore, after squeezing the bearish action following the pattern, a rebound may occur towards the resistance at $180. If the bulls face rejection, the support at $155 may offer a strong base, which may trigger a rebound, helping to breach the above resistance. Otherwise, the Solana price rally may continue to consolidate until it reaches its apex following a breakout to $200.&nbsp;

Markets Consolidating Yet Solana (SOL) Price Preparing for a 30% Rise—But Here’s the Catch

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