Solana is witnessing a significant surge in momentum and social activity following Bitcoin, suggesting increased trader interest in the cryptocurrency. While the price has not shown any major volatility, the upside potential remains high. As a result, the Solana price is expected to increase rapidly in the short term and launch a healthy rally to higher targets, possibly reaching $150.
SOL price seems to be ready for the final quarter of trading after a tough 6 months without losing any significant levels. Solana’s rapid growth in the AI space after the memecoin phase has attracted a lot of attention. Therefore, the prediction of the token setting a new high is right after starting a new bull run. But the question is whether the price can sustain the gains as bears seem to be holding on to the $200 level.
As seen in the chart above, Solana price has recovered in a parabolic trajectory after being rejected at the all-time high (ATH). But before reaching the top, bears have stepped up their game; however, the possibility of further upside remains high. Trading volume has dropped significantly but the weekly MACD shows easing selling pressure. Unfortunately, the RSI has dipped below the rising support line, suggesting lower targets have been triggered. Furthermore, two consecutive Doji candlesticks have formed and the third candlestick is forming, suggesting a potential pullback that breaks support.
In this scenario, the support below at $119 could be a solid base to trigger a recovery if the token confirms an increase in positive influence. The next few days to the weekend could be crucial for the Solana (SOL) rally, as continued upward consolidation could keep the bullish hopes alive, lifting the level near the apex of the triangle. Otherwise, a rejection could see the price break the temporary support and test the lower zone below $120.