Solana (SOL) Price Holds Above Crucial Support—Is This an Indication of a Sustained Bull Run?

The post Solana (SOL) Price Holds Above Crucial Support—Is This an Indication of a Sustained Bull Run? appeared first on Coinpedia Fintech News

The recent weekend experienced a significant drop, with the SOL price reaching levels close to $121 while volume spiked beyond $3 billion. It was when the crypto market volume almost reached $100 billion that triggered a significant pullback. The recent pullback was expected to drive the Solana price into the major support zone between $125 and $120; however, the bulls managed to keep up the rally above the range. Hence, it is believed that the price may reclaim a strong ascending trend, which may initiate a rise within the bullish range. 

The Solana platform has been one of the popular chains that has been offering enough competition to the Ethereum chain. It has also surpassed the Ethereum chain in a couple of instances due to the massive interest of the traders over the Solana-based tokens. Recently, the platform recorded the highest weekly transactions of over 397 million, with nearly 12.78 weekly active addresses. No other altcoins have even come closer in terms of activity, with the market cap holding close to $60 billion.

Having said that, will SOL price reclaim $140?

The SOL price has earlier tested the support zone multiple times but the bulls triggered a quick rebound. Unfortunately, they appear to have fallen weak as the price continues to hover over the support zone for more than a week. Besides, the 50-day & the 100-day MA underwent a bearish crossover, which may harm the rally. However, the MACD displays some bullish possibilities as the levels are heading towards a bullish crossover. 

Hence, the Solana price appears to be poised for a bullish crossover, which may further trigger a healthy run in the coming days. If the bulls manage to reclaim the ascending support, then the probability of a sustained upswing may emerge. Otherwise, the SOL price may continue with its extended consolidation until the next bullish push, but may certainly not dive deep into the bearish well.