Solana

Rise

The post <a href="https://coinpedia.org/price-analysis/sol-price-trapped-in-a-range-will-bulls-rise-above/" rel="noopener noreferrer nofollow">SOL Price Trapped In A Range, Will Bulls Rise Above?</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
With a lukewarm greeting of the New Year, Solana’s price trend enters the year on a lateral indecisive note, putting a short break to the uptrend. Prolonging the consolidation range in the 4H SOL price chart, the trapped momentum may soon give a decisive breakout trend.&nbsp;
Despite the increased chances of an upside breakout and a potential bull run beyond $125, the sideline traders await confirmation. However, with the silent beginning to a New Year, the range formation warns of a bearish takeover if the buyers fail tor regain momentum. Nevertheless, the overall optimism around the <a href="https://coinpedia.org/price-prediction/solana-sol-price-prediction/" rel="noopener noreferrer nofollow">SOL price prediction</a> teases a break on the positive side.
<figure class="wp-block-image size-large"><img decoding="async" width="1024" height="466" src="https://image.coinpedia.org/wp-content/uploads/2024/01/01121934/SOLUSD_2024-01-01_09-03-15-1024x466.png" alt="" class="wp-image-257717" srcset="https://image.coinpedia.org/wp-content/uploads/2024/01/01121934/SOLUSD_2024-01-01_09-03-15-1024x466.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/01/01121934/SOLUSD_2024-01-01_09-03-15-300x136.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/01/01121934/SOLUSD_2024-01-01_09-03-15-768x349.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/01/01121934/SOLUSD_2024-01-01_09-03-15-1536x699.png 1536w, https://image.coinpedia.org/wp-content/uploads/2024/01/01121934/SOLUSD_2024-01-01_09-03-15-150x68.png 150w, https://image.coinpedia.org/wp-content/uploads/2024/01/01121934/SOLUSD_2024-01-01_09-03-15.png 1814w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
Source – <a href="https://www.tradingview.com/x/plkIruqS/" rel="noopener noreferrer nofollow">TradingView</a>
Rising to the overhead peak at $125, the SOL price meets excessive overhead supply, leading to a minor but quick fall at the end of 2023. With the retracement trend retesting the psychological barrier of $100, the sideline traders get an opportunity to enter at a crucial support level.&nbsp;
Currently, the retest phase prolongs into a range between $98 and $108, trapping the trend within and teasing a pivotal move shortly. Further, the boundary of this range coincides with the 38.20% and 23.60% Fibonacci levels, respectively. Hence, a break on either side will prove pivotal for the Solana price trend.&nbsp;
As of now, the SOL price trades at $102.03 with an intraday move of 0.44%, leading to an indecisive candle. In short, this altcoin would need a decisive breakout beyond the range boundaries to initiate a directional trend.
Technical Indicators:
RSI Indicator: The RSI slope in the 4H chart remains sideways below the halfway line. This reflects a slightly stronger bearish side.&nbsp;&nbsp;
MACD Indicator: The bearish crossover in the MACD and signal lines in the daily chart reflect a trend reversal possibility with the retest turning into a stronger pullback.&nbsp;
Hence, the momentum indicators reflect a rise in selling pressure.&nbsp;
<h2 class="wp-block-heading" id="h-will-sol-price-range-lead-to-a-drawback">Will SOL Price Range Lead To A Drawback?</h2>
Under the influence of consolidation range formation, the Solana price would likely give a decisive break shortly. However, the breakdown fall could cause prices to tumble 10% down to revisit the $90 mark.
On the positive end, the upside potential for the SOL price comes at 25% to rechallenge the $125 swing high. In case of a breakout, the uptrend can reach the $150 mark.&nbsp;

SOL Price Trapped In A Range, Will Bulls Rise Above?

Tabla de contenidos

CoinPedia News

Otros artículos publicados el 1 ene 2024

Is Bitcoin’s mining industry collapsing?

Ethereum (ETH) at $12,000 Expected by Top Trader in 2025

NFT sales on Bitcoin hit record in December 2023

January 2024 Token Unlocks: Over $600M in Supply Enters the Crypto Market

AI’s Crucial Role in Slashing Greenhouse Gas Emissions

Shiba Inu: Shibarium To Start Burning SHIB Tokens From January 2024

¡Únete a nuestro boletín gratuito para recibir actualizaciones diarias de criptografía!