Will Solana Bounce Back to $170 or Fall to $150? Here’s What to Expect

With memecoin mania back in full swing, Solana (SOL) is riding the wave and gaining serious momentum. The bulls are working tirelessly to keep SOL’s value above $180, but increasing bearish pressure has triggered a noticeable pullback. Right now, SOL is consolidating within a narrow range of $163 to $172, setting the stage for a major move.

The big question on everyone’s mind: can SOL shake off the bears and launch a fresh upswing?

Since the rally kicked off in March, SOL has demonstrated impressive strength, climbing above $200 a couple of times. Despite facing a rejection and losing 40% of its value, the current trade setup indicates that the bulls are firmly in control. This suggests a strong possibility of reclaiming $180 in early June.

As illustrated in the chart, SOL continues to trade within a symmetrical triangle, holding above the local support zone between $155 and $160. This tight accumulation, fueled by equal participation from both bulls and bears, hints at a significant price action on the horizon.

The technicals are flashing positive signals. The Gaussian channel has turned green, signaling the start of an upswing. SOL’s price is hovering just below the upper bands of the channel, and a break above could ignite a fresh rally. Plus, the stochastic RSI has dipped below the lower threshold and looks poised for a rebound, reinforcing the bullish outlook.

In conclusion, Solana’s (SOL) price is under bullish influence. A breakout above $175 is likely in the early part of the second half of 2024. Buckle up for an exciting journey with Solana!

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