Solana Bull Run Activated: SOL Price Poised to Hit $100 in 2023!

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Solana prices continue to surge, regardless of the current market conditions. With more than an 800% jump, the presumed ‘dead coin’ has registered itself among the top-performing assets of 2023. Despite this, the token does not appear to be halting its rally any time now, as the bulls appear to be extremely poised to regain levels above $100 before the yearly close.

While bullish sentiments have been coiling up over the SOL price, a higher possibility of encountering a heavy dump also emerges. Therefore, this further indicates the prospects of the token undergoing a fake run, which may eventually result in a fakeout.

Why could one be bearish on Solana while the price is in the middle of a strong bull run?

It is worth noting that the SOL price has broken above the pivotal resistance with the fresh upswing that it initiated at the start of the day’s trade. The bullish momentum continues to mount over the rally, due to which fewer possibilities of a pullback or rejection can be expected. However, the technical pattern formed suggests the price is approaching the apex of the consolidation, which may result in a 40% to 50% loss very soon.

The SOL price during the 2021 bull run soared high following a pre-determined pattern. It formed a falling wedge and marked lows, following which a healthy upswing was triggered to mark the highs. The current scenario is completely diverse as the price continues its trade within a rising wedge, which is considered a highly bearish indicator. The resistance and support levels have reached close to the point of intersection which suggests the apex is nearby. After reaching here, a fresh bearish trend may be ignited causing the price to drop by more than 30% to 40%, below $40. 

Except for the very strong resistance, a bearish divergence is seen in the weekly RSI, which may substantiate the bearish claim. The Solana (SOL) price is changing hands around $83.87, with a marginal rise of over 0.91% in the past 24 hours. The price seems to be intending to achieve the crucial resistance at $92 this week. Hence, a bullish weekly close beyond these levels may invalidate the bearish scenario, but only for a while.