Solana (SOL) Price Analysis: Bulls Gear Up for Fresh Rise as Selling Volume Fades

Solana bulls are successful in initiating a strong rise as the selling volume has faded with less involvement from bears

Solana bulls are attempting to initiate a strong rise as the selling volume has faded with less involvement from bears

With this, the SOL price triggers a fine rise, but reaching the crucial resistance is completely dependent on the

The Solana price has constantly formed constant lower highs and lows, which suggests the bears still hold a tight grip over the rally. The Bulls are trying hard to maintain a steep ascending trend as the buying pressure continues to mount for over a period of time. However, the bullish crossover is about to occur, which may keep up the bullish trend and may push the SOL price above $160 very soon. 

The price had reached beyond $200 a couple of times, which suggests a rise above the bearish consolidation. Unfortunately, the bearish activity escalated, which caused the price to face a strong rejection that continues to prevail till now. However, the token appears to have risen over the selling pressure, which indicates an extended bullish price action may be on the horizon. 

After a brief bearish trend, the SOL price is close to initiating a fresh rise as the technicals are about to flip over the bearish trend. Both levels of the Ichimoku cloud have come closer to each other and are about to validate a bullish crossover. Besides, the RSI has rebounded from the lows and reached average levels, regardless of the selling pressure that hindered it in between. Therefore, the Solana price is believed to maintain a healthy upswing and enter the crucial resistance level between $152 and $158. 

The latest upswing, after forming a couple of hammers in the past couple of days, certifies a drop in the selling pressure. However, a rise beyond these levels would clear one of the major resistances at $166. Conversely, the volume has dropped heavily, which could be a matter of concern for the next price action. Meanwhile, a rise in the buying volume may attract huge numbers of bulls who may elevate the levels not only above $160 or $180 but take them close to $200. 

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