With a rise of over 1000% since the start of the year, Solana has been one of the top performers. With the sudden rise in the SOL price, the markets shifted their focus over the crypto, raising the volume to over $1 billion in a very short period. However, after barging into the yearly highs, the SOL price appears to be trading within bearish influence.
So has the bull run halted? Will the price plunge back below $100?
The Solana price rallied from $67 to $118 in the past week and formed new yearly highs at $126.26, regaining pre-FTX levels. The token may have printed consecutive bearish candles, but in the long term, it can be considered another higher low. However, technicals suggest the price may soon fall into a bearish trap, but the bulls will certainly hold as they appear to be confident over the next price action.
The short-term trade suggests the price will maintain a sideways trend as the RSI continues to remain neutral, neither overbought nor oversold. Besides, in the daily and weekly timeframes, the RSI labels are heavily overbought. This suggests a potential price correction could be on the way, while the other indicators point towards a probable reversal soon.
The Bollinger bands, which are at 155, indicate very high market volatility, but the MACD continues to flash bullish signals. While the support levels in the long term are at $105 and later at $75, the resistance levels are at $133 and later at $171.
Collectively, the SOL price continues to maintain its bullish momentum in the short term as well as in the long term. Besides, the RSI levels, which are overbought, point towards a potential price correction. Therefore, it appears that Solana could offer the last ‘buy at the dip’ opportunity before igniting a massive upswing towards the higher targets.