The Solana price is displaying a diverse trend at the current price levels compared to the previous rejections in 2021 and 2022. The bulls previously failed to display their strength, but the recent trade setup propelled the price beyond the crucial resistance zone. The bulls appear to be in a good position, which suggests the SOL price is ready for a fresh upswing to achieve a higher target in the coming days.
The current trade setup suggests the growing potential of the token, which has surged over $71 in the early trading hours. Buying pressure has notably soared in recent weeks, due to which the momentum has been in the bullish favour. However, the technical analysis suggests a diverse price, as the bearish divergence in the RSI raises concerns.
The SOL price has been trading steadily since the start of the last quarter and is now approaching the edge of consolidation. The price is believed to maintain an ascending consolidation until it reaches new highs at $80. This may result in a minor pullback below the crucial levels and test the levels around $65. As the price enters the liquidity zone, a rebound may occur, triggering a healthy rebound beyond $90 in the first few days of 2024.
With the growing optimism among investors, the markets are also expected to turn bullish to a large extent. Therefore, the price is believed to rise and mark the $100 milestone, which may further lay the strong foundation for an extended bullish trend. This move may eventually add up to another $3 billion to Solana’s market cap and replace XRP to enter the top 5, as XRP is not manifesting any strong moves.
Source: https://coinpedia.org/price-analysis/solana-may-surpass-xrp-and-enter-the-top-5-cryptos-with-this-move-should-binancecoin-be-concerned/