- Solana (SOL) price has broken above the descending trend line.
- A bullish pattern has formed, suggesting a potential breakout in the coming days.
- The bulls may face exhaustion after a strong ascending trend, leading to consolidation above $150 in the next couple of days.
The cryptocurrency market has witnessed a reduction in selling volume, paving the way for bulls to reclaim their dominance.
As the markets resumed their northward movement, the Solana (SOL) price soared above $150 after oscillating around the $140 mark for nearly a week.
This breakthrough above the descending trend line signifies the growing strength among the bulls, marking an important range for the SOL token.
With this development, the question arises: Will this clear the path for the SOL price to reach the coveted $200 level?
Bullish Solana Pattern Emerges, Hinting at Potential Breakout
After rebounding from the lower support zone around $125 multiple times, the SOL price has successfully broken out of a pivotal range. This breakout has led to the formation of a bullish pattern, which may result in a fresh upward movement in the coming days.
While the bears appear to be inactive at the moment, they remain vigilant about the ongoing price action. Nevertheless, the overall market sentiment has turned bullish, and the SOL price is expected to initiate another bullish spell, potentially reaching above the $170 mark soon.
Currently, the SOL price is testing the upper resistance of the descending triangle, which may lead the price towards the upper target following a successful breakout. The Relative Strength Index (RSI) is elevating, indicating that the price is projected to reach $175 as part of a fresh ascending trend.
However, the possibility of a pullback also looms over the SOL price rally, as the bears have begun to offer strong upward pressure. If the levels are sustained above $150 for the next couple of days, a new base may be established for the token to maintain a healthy ascending trend.
