Solana, a popular blockchain platform, has experienced a lack of direction over the past few trading sessions. Currently, the SOL price is displaying a bearish trend. However, Solana has the potential to rally by over 20%, if it breaches a certain level.
Solana is a high-performance blockchain platform that utilizes a proof-of-stake consensus mechanism. It has emerged as one of the fastest and most efficient blockchain platforms, providing rapid transaction processing and low fees.
In the crypto world, price action plays a critical role as it provides insights for traders, investors, and analysts. Solana’s price has experienced a downturn, but a potential bullish breakout might be around the corner for the blockchain.
Solana price analysis
Over the past few days, SOL price has experienced a bearish trend, with the bears struggling to hold the price down around the $150 level. However, the bulls have also struggled to push the price past the $155 resistance level, leading to a prolonged sideways trading range.
The price has been range-bound between $138 and $155, and a breakout on either side could dictate which direction Solana trends in the short term. If the bulls can push the price past the resistance level of $155, it could open the doors for a potential bullish run.
Solana has shown resilience in the past, rising from the depths of the bear market to an all-time high above $200. Therefore, a bullish breakout is not entirely unlikely.
Solana price prediction
If the bulls can breach the resistance level at $155, the next major resistance level is at $188. If Solana can breach that level, it could experience a substantial rally to $200 or even higher.
On the downside, if the bears can manage to push the price below the current range support level of $138, then the next major support level lies at $120. A further drop in price could signal an extended bearish trend.
Solana has established itself as one of the most important blockchain platforms and has experienced significant growth in the past few months. It has been adopted by various DApps and has become a preferred platform for DeFi applications.
Conclusion
Solana’s recent price action indicates an upcoming breakout, and the bulls could push the price up by over 20% if they manage to breach the resistance level at $155. However, the bears will not go down without a fight, and a failure to hold the current support level could lead to a prolonged bearish trend.
Therefore, Solana’s price action in the upcoming weeks will be watched closely by traders, investors, and analysts, with a bullish or bearish trend being established, depending on which side breaks the current trading range.
