•Solana’s price was speculated to be dead after suffering a large drop due to the FTX fiasco.
•The token quickly rebounded, rising more than 200% since the beginning of the year and has just broken the crucial resistance levels between $25 and $26.
•The current breakout is assumed to be the most significant one as it could ignite a fine upswing toward $30.87 that may validate a flip from the bearish divergence.
Solana Setting Up for Large Move
Solana’s price was initially speculated to be dead after being heavily exposed to the FTX fiasco, causing prices to drop heavily to reach a single-digit figure. However, the token quickly rebounded and rose finely squashing all bears and shorts gaining more than 200% since the beginning of 2021.
The current breakout is assumed to be the most significant one as it could slice through resistance levels when most altcoins appear bewildered by Bitcoin’s lowered pace of growth. The SOL price has just broken crucial resistances between $25 and $26 with hopes of reaching levels beyond $27 upon daily close. If successful, this could ignite a fine upswing towards $30.87 which may validate a flip from bearish divergence.
Bears Remain Active
Despite bullish activity on Solana, bears remain active and could restrict prices at around $30 mark. In order for prices beyond this level, bulls need to maintain their strength while holding prices above $27 amid minor pullbacks in order drain bears out of market activity.
Given market participants’ extremely bullish outlook on Solana, bears will likely wane off soon enough if Solana maintains its ascending consolidated trend until reaching its target at around or above $30 mark during mild pullbacks from around $28.5 -$27.8 levels which would weaken bears significantly..
As seen on Trading View, SOL price after undergoing a breakout from bearish descending triangle has successfully retracted back towards resistance line with RSI heading towards resistance providing support for further rise above required price levels with minor pullback expected before securing said level beyond 30$.