Rising DEX volumes than Ethereum have made market participants optimistic about Solana (SOL) price rally. The growing popularity of Solana-based memecoins has contributed to the increase in network activity and ultimately DEX volumes. Meanwhile, SOL price remains stuck within a consolidated range demonstrating the possibility of reaching $200 in the coming days, but here’s the twist.
The long-term trading suggests that SOL price is about to repeat a previous trend as the token has broken through resistance but is failing to stay above gains. The recent decline against $180 suggests that the bulls are experiencing some exhaustion, which could only last for a short time.
The weekly chart suggests that the price is testing the resistance of the decisive symmetrical triangle. In an attempt to break above the range, the bulls have lost momentum, but as long as levels remain above $170, the chances of a recovery remain high. In that case, a monthly close above the level could trigger a notable rise above $200 that could materialize in a short period of time. Moreover, in the short term, selling pressure has increased, paving the way for a small pullback.
SOL price is trading within an ascending parallel channel and is about to drop below the average bands. The stochastic RSI has caused a bearish divergence and the MACD suggests a drop in selling pressure, with levels close to a bearish crossover. Therefore, Solana (SOL) price could fall slightly below $170 and reach the liquidity zone around $168, which could attract the bulls and trigger a strong recovery above $175.
However, a rise above $178 could negate the bearish scenario and a rise above $180 could confirm a strong bullish trend for the Solana (SOL) price rally.
