Here is Why You Need to be Bullish on Solana: A Fresh Bullish Spell Could Trigger a 30% Jump

Photo of author
Written By Pinang Driod

Regardless of the prevailing market conditions, the Solana price has maintained significant strength. Although the traders have shifted their focus away from the token to a large extent, the price continues to trade within a bullish range. This indicates that the SOL price may kick off a fine upswing soon after the trade shifts back within the bullish favour. 

Now the question arises: whether SOL can sustain above $200 if the bulls push the prices higher?

The current trade setup indicates the token has entered a crucial phase wherein both the possibility of a bullish reversal and a bearish continuation are quite possible. The technicals remain neutral, which suggests the token may undertake the direction of the volume induced. Presently, the volume has dropped to a large extent, which indicates a huge compression, which may further lead to massive expansion soon. 

As mentioned above, the SOL price has reached an interesting junction after hovering within the levels for over a month. The bulls have displayed their strength, due to which the levels remain consolidated within the key resistance zone. The failed attempt of the bears to drag the levels below this zone signals the growing dominance of the bulls. Considering the technicals, the DMI is neutral as both +Di, -Di and ADX have converged at a point indicating a significant price action may follow. Besides, the RSI just flashed a bullish divergence, which substantiates a bullish claim. 

Is this a confirmation of an upswing to reach $250?

The SOL price has held enough strength for over a month, but the recent bounce from the lower support substantiates a bullish claim. Before marking the highs at $250, there are two major barriers, one at $218 and the other at $243. The price is failing to rise above $205 as the bears have been restricting the rally below $200. Now that the token is facing an extreme squeeze, a significant price rise is speculated to follow. 

Therefore, to reach $250, the Solana price is required to reach and sustain above the first target of $218. If the bulls manage to hold the price above these levels, then the SOL price is believed to trigger a fine bullish spell towards higher targets. 


Leave a Comment