Major

bullish

Solana

The Solana ecosystem has been growing every new day and is competing with the popular chains, including Ethereum. The platform recently witnessed a huge influx of funds, which indicated a potential rise in the blockchain’s adoption and usage. This further indicates the traders could be optimistic about the next price action. Moreover, <a href="https://x.com/SolanaFloor/status/1843220500681802203" target="_blank" rel="noopener noreferrer nofollow">the latest data</a> has validated the claim, which keeps the bullish hopes alive.&nbsp;  
In the past seven days, nearly $100 million has been bridged from the other chains to Solana which includes $70 million from Ethereum. The huge influx with a rise in network activity may point towards a potential rise in the <a href="https://coinpedia.org/price-prediction/solana-sol-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">SOL price</a> rally. However, the technicals do not remain in their favour as it suggests the token could undertake a small pullback very soon. Does this suggest the token is prone to a 15% pullback? Will it reach $120?  
<figure class="wp-block-image"><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdyZgHOhgQMaTVDPlYCMyvnWif_G6ucl4VoqFp3Q6bh9X3ILPbCXIrXJOiTAaMmUXALRR0Ulo_8kV_6Kea1ChFJQ6MaDu3E3wvyWiYBZv0glrkqQKsvyElqXWVbFGIJTETV1nakFQJuy7fxFSADv_DKT_o?key=6Tl55McywWOqc9dNSTN7pA" alt="">
</figure>  
The daily chart of Solana suggests the price is stuck within a decisive symmetrical triangle and is expected to maintain a horizontal consolidation to reach the apex. The RSI is hovering around the average range but the MACD shows a drop in the selling pressure. Besides, the bulls are also failing to generate the required buying pressure which could revive a strong ascending trend and break above the upper resistance of the triangle.&nbsp;  
Presently the Solana price is trading at $144.24 with a minor drop of around 3% with the volume restricted within a range. Although the token is among the top traded tokens, the sellers have made a huge contribution comparatively. As a result, the bulls seem to be waiting for the right time to act. Therefore, the SOL price is expected to maintain a horizontal consolidation for a few more days and reach the apex. After experiencing extreme compression, the bulls are expected to trigger a huge breakout beyond the range.&nbsp;

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