With Bitcoin holding below $100K, Solana’s price is gearing up for a significant upward movement. Despite a period of consolidation, the price experienced a strong uptrend but struggled to break through the $217 resistance level due to a lack of strength, possibly caused by a drop in volume. However, exciting developments are on the horizon as Solana is poised to enter a crucial resistance zone in the near future.
Solana has emerged as a top-performing platform, challenging Ethereum in terms of DEX volumes and transactions. Recent data shows that Solana has surpassed Ethereum and Base combined in 24-hour DEX trading volume, exceeding $3.66 billion. Additionally, Solana has outperformed Ethereum in terms of social engagement metrics such as social creators, mentions, engagements, and positive sentiments.
Looking at the longer time frame, the SOL price has been trading above key support levels on a weekly and monthly basis, indicating considerable strength. As the token joins the top 5 elite cryptocurrencies, it is likely to remain within these levels.
Despite its efforts to break above the expanding channel resistance, the SOL price is struggling due to low volume, as evidenced by the bearish trend of the OBV. However, a bullish crossover between the conversion line and the base line of the Ichimoku cloud is expected to provide a strong boost to the SOL price rally, potentially leading to a breakout above current levels. Additionally, testing the upper Bollinger bands suggests that a breakout could trigger a 10% to 15% upswing, paving the way for a new all-time high for Solana (SOL) before the end of the month once levels above $250 are secured.
