- Solana bulls strive to maintain upward momentum amidst platform upgrades and technical challenges.
- The current trade set-up appears bullish, but the Gaussian channel’s bearish influence and the need to surpass the $144 resistance level pose significant obstacles.
- To reach the $150 target, Solana must conquer the $144 resistance level.
As the cryptocurrency market presents a majority of coins at heavily discounted prices, bulls are exerting a major effort to flip market sentiments in their favor.
Having bought the dip, Solana bulls now appear to be focusing on sustaining the upward momentum, coinciding with the platform’s recent launch of ‘zero-knowledge (ZK) compression’ featuring advanced capabilities.
This development is expected to attract more projects to the Solana chain, potentially influencing the SOL price in a positive manner.
Weekend Solana Dip Raises Concerns, but Reversal Revives Bullish Hopes
The SOL price’s drop below the crucial $133 range during the weekend has raised concerns about a potential bearish close for the month.
However, the recent reversal has reignited hopes for bullish possibilities, although the probability of a bull trap remains a significant factor to consider.
While the technical indicators are on the verge of turning bullish, achieving the $150 mark may prove to be a challenging task for Solana.
The current trade set-up appears to be fairly bullish, as the recent rebound has successfully flipped both market sentiments and technical indicators. The Relative Strength Index (RSI) has turned bullish, and the Moving Average Convergence Divergence (MACD) is close to triggering a bullish crossover.
However, some indicators raise concerns about the future of the token once it reaches the $140 level. The Gaussian channel has turned bearish during the latest pullback, and the SOL price must surpass the lower band at $144 to rise above the bearish influence.
