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Leading altcoins like Solana (SOL) have embarked on an impressive upward journey, climbing from single-digit prices to a temporary peak of $200. Despite recent downward pressure, SOL’s price is striving to re-enter the upward range. Current technical indicators suggest a potential upward trend reaching $150 within the next few hours. However, the strength of the bulls is under scrutiny, causing doubts about immediate price movements.
Solana’s Current Outlook
From a broader perspective, Solana’s price appears to be preparing for a significant upward movement. The formation of a bullish pattern indicates that a major price move is imminent.
However, short-term obstacles exist and may potentially delay the breakout. As bulls approach critical resistance levels, their momentum weakens, increasing the likelihood of a minor pullback.
Currently, the critical technical question is whether SOL will drop below $145. Despite frequent interruptions in bearish activity, Solana has shown resilience, and the reduction in selling pressure indicates a renewed potential for an upward trend. Previously trading within an expanding, rising channel, SOL struggled to maintain its support, but recent signs suggest that bulls are regaining strength and may push the price back into the upward range by the weekend.
Technical Indicators Signal Bullish Trend
Technical indicators like the Relative Strength Index (RSI) and the Directional Movement Index (DMI) show positive signs. While the RSI is trending upward, DMI levels are narrowing, indicating a significant move is likely. Although buying volume is not yet at the desired level, it still favors the bulls. If SOL stays above the local support at $144 and breaks the resistance at $151, a new upward wave could push the price towards $160.
To reach these levels, bulls need to challenge the bears. If buyers can show strength, the price could rise to around $173 and potentially pave the way to $185. Successfully overcoming these obstacles could carry SOL to $200, provided the bulls maintain their momentum.
