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Leading altcoin Solana (SOL) is currently facing challenges as its price remains in a narrow range and lacks the strength to break out of the consolidation phase. Investors are uncertain about the direction of the next price movement, but technical indicators suggest a hidden bullish breakout in SOL’s price rally.
It May Make a Significant Price Movement
Recently, the resurgence of memecoin hype has provided significant momentum for Solana. Bulls have shown their strength to keep the price above $180, but increasing bearish pressure has led to a notable pullback. As a result, SOL’s price has started to consolidate in a narrow range of $163 to $172, indicating potential for a significant price movement ahead.
Despite the overall bearish trend in the cryptocurrency market, there is a possibility for the altcoin to initiate a new bullish trend to counter the selling pressure. Since the rally that began in March, SOL has shown resilience by surpassing $200 multiple times, but subsequent declines have led to a 40% loss in value.
Nevertheless, the current trading outlook shows that bulls still have a strong influence on the rally, and the likelihood of reclaiming $180 in early June is higher.
Technical Analysis for SOL
According to the latest technical analysis, SOL is trading within a symmetrical triangle formation and is currently holding above the local support zone of $155 to $160. This tight consolidation range is due to equal participation from both bulls and bears, indicating that a significant price movement could be imminent.
Moreover, as the Gauss channel has turned green, technical indicators suggest a potential trend change, indicating the beginning of a bullish trend. The price is also hovering just below the upper bands of the channel, and if it manages to break above these levels, a new bullish trend could start. Additionally, the Stochastic Relative Strength Index (RSI) is near the lower threshold and may be preparing for a recovery that supports the bullish outlook.
