The Solana(SOL) prices were seen consolidating in a parallel channel for approximately a month prior to the bulls and bears getting into a fierce battle that led to the price spike. Prices immediately plummeted 15% and reverted to the parallel channel after reaching their peak at $38.99, signifying a fakeout.
The equal bullish and bearish dominance confirmed a fakeout prompting the Solana prices to re-enter the parallel channel. Will there be an uptick soon, or will the bearish trend eventually take control of the market?
Prices stabilized between the support and average levels for about a week after going below the average level and reaching the support level at $30.01.
After surpassing the average level, the SOL prices immediately increased by 12%, but the bears swiftly grabbed control and pushed the prices slightly below the average level. Following a run by the bulls that saw prices rise 10%, the bears rapidly brought prices back to average. Prices are currently stabilizing at $32.34 after continuing to fall below the average level.
Due to the buyers’ and sellers’ equal dominance, it is expected that prices will either decrease slightly below the current price, bounce back, and reach the average level, resulting in an uptrend, or continue to decline and result in a downtrend. Therefore, until the Solana(SOL) prices retest & clear the average levels at $33.67, no possibility of a major upswing may be expected.
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Source: https://coinpedia.org/price-analysis/solanasol-price-could-spike-by-10-soon-are-the-bulls-going-to-take-over/