The Solana price since the beginning of April maintained a huge descending trend that dragged the price below the 3-digit figure. However, the recent flip uplifted the price above $100 which reached $110 and woefully followed by a drain close to the same levels. Interestingly, the recent swell in the buying pressure-assisted the price to maintain elevated. And hence the market participants can now expect a significant upswing in the SOL price.
After a strong drop in the first few days of 2022, the price maintained its swing between $81 and $136. With fewer chances of a breakout from either of the levels, SOL price maintained a significant trend. No doubt the bulls tried to range high but the bulls were severely hammered down at the beginning of the current month’s trade.
Aslo Read:
After the recent downward trajectory of the SOL price that slashed the price by more than 27%, the price is consolidating very hard along with the lower support at $102. The extended consolidation appears to be a preparatory action before the upcoming massive leg up. Therefore, a huge influx in the buying volume is much expected which may uplift the price by a minimum of 20%. And hence the traders can expect a retest of the immediate resistance at $118.81.
With mounting buying pressure, the Solana price may surge a minimum of 20% to test the crucial levels at $136. However, the surge also carries the possibility of a correction, which may try to drag the price below $120. But this time the momentum may be pretty bullish as the Bitcoin prices are expected to range high as the monthly close approaches. Therefore a significant upswing may be incoming for the SOL price anytime from now.
Was this writing helpful?
Source: https://coinpedia.org/price-analysis/attention-traders-this-altcoin-is-all-set-to-explode-by-more-than-26-very-soon/