The Current Crypto Landscape
The crypto market is experiencing a surge as bullish momentum takes over, propelling tokens beyond their resistance levels. Bitcoin is approaching the critical $39,000 mark, while altcoins are consolidating within their respective ranges.
Solana Price Consolidation
Meanwhile, Solana’s price is heavily consolidating below a major resistance at $61.49. This situation indicates the potential for both a bullish breakout and a bearish breakdown.
The decrease in volatility, both in the short and long term, has confined the SOL price to a narrow trading range. It is anticipated to hover around current levels, filling out inefficiencies, with a possible pullback to $55 in the near future.
Bollinger Band Analysis
Examining the Bollinger Band formation reveals that the SOL price has found strong support at the middle bands. The upper and lower bands are running parallel as the price consolidates. Despite decent volume, the reduced volatility poses a potential risk to the price.
The current dilemma in the market could be clarified by a small breakdown. A minor pullback below the middle bands might activate market participants who have been passive or shifted their focus away from the token.
Day Trade Outlook
The latest day trade has commenced on a bullish note, with the price aiming higher to test the upper bands. This move may occur after clearing the pivotal resistance around $62. A significant plunge could follow, capitulating levels around $63.5 if bears take control.
If the bulls demonstrate strength and maintain the price above $60, a rebound may pierce through these levels, signaling the start of a fresh upswing.
Potential for a $100 Milestone
A significant upswing may be on the horizon, potentially elevating the SOL price beyond a three-digit figure in the near future.
