The price of Solana in recent days maintains a notable upward trend. While some believe that the asset may continue to maintain a strong uptrend, many foresee a strong possibility that the asset will lose its grip on the uptrend and reach lower support levels soon. If the asset crashes, then there is a good chance that the price will drop below $100 and in such a case, changing the downtrend can be extremely difficult.
In the short term, the SOL price is showing its bullish trend as the price oscillates along with the 50-day MA levels of the last few days. Furthermore, the asset comfortably rallied from the 200-day MA levels several times in the past few days. Thus, manifesting a notable bullish reversal in action.
Solana price was previously similarly consolidating within the current parallel channel. And the result of the consolidation was a significant spike that dipped further towards lower support. And thus, if in case the asset follows a similar trend, then the SOL price may rise initially a bit above $120. Here one can expect minor selling pressure to rise which may drag the price down again. towards the middle bands around $116.
However, after a minor consolidation, Solana can instill a serious uptrend that can break through the levels and reach $130 through the parallel channels. While the long-term forecast is slightly uncertain, as the price is more or less forming a ‘Doji’ candle, which means a tough fight between buyers and sellers. And in such cases, a slight omission by either player can greatly impact and benefit the other.
This post Solana trending within an ascending range, is the next stop for SOL price $130?
was published first on https://coinpedia.org/price-analysis/solana-trends-within-an-ascending-range/
