Solana Price Manifesting a Diverse Trend—Is SOL Price Preparing for a 35% Rise This Month?

The post Solana Price Manifesting a Diverse Trend—Is SOL Price Preparing for a 35% Rise This Month? appeared first on Coinpedia Fintech News

Solana is among the tokens that have held the trend in the long term which has kept the bullish possibility alive. The price, which faced the wrath of the FTX fiasco, has recovered and surged very close to its ATH. Regardless of the bearish actions, the SOL price held a strong ascending trend and as a result, the bulls may elevate the levels by over 25% in the coming days. 

The SOL bulls are facing a significant drain in their strength as the levels have stuck below $150 since the start of the month. Despite the bearish pressure, the token has held pivotal support, which may push the prices higher in the coming days. The technicals remain neutral as they are trying to flip from the bearish clouds but the trend has undergone a transition. As a result, the SOL price appears to be poised to reclaim $160 anytime from now. 

The historical price pattern suggests the token has undergone a major change in the long term. Previously, the SOL price had been raised to ATH and shed all its gains amid the bear market that followed the 2021 bull run. However, the current trend remains a bullish influence, as it has held the lower support well. Besides, the weekly volume remains bullish, which has fueled the possibility of a rebound from the current support. 

Meanwhile, the DMI, or the Directional Movement Index is used to determine the direction of the upcoming trend, which is undergoing a parabolic recovery. This suggests the trend has flipped from being bearish to bullish and hence the price is primed to reach the upper resistance. Hence, the Solana (SOL) price could trigger a rebound and keep up a 30% rise in the next few weeks, which may elevate the levels beyond $180 very soon. With this, achieving $200 may not be a tedious job but marking new highs could be challenging.