Top cryptocurrencies displayed a significant price action this month by recording new yearly highs, suggesting a strong bullish influence in the crypto space and highlighting rising interest in the investors for this industry.
On the other hand, Solana price after recording a new high has been constantly trading under a bearish influence raising speculations of a significant price correction before the year-end.
The SOL price was constantly trading between a narrow range of $38.77 and $42.25 for over a week, following which the bulls gained momentum and the price broke out of the range. Solana price gained significant momentum and recorded a jump of over 50% within the next two days.
TradingView: SOL/USDT
After being rejected at $62.81, the coin underwent correction and retested its lower support level of $51.32, but the bulls held the price strong, resulting in it experiencing another jump of 33%, and recording a new yearly high at $68.21 before being rejected again.
Following this, the price started trading under a bearish influence and retested its low of $54.01, resulting in the price forming a symmetric triangle pattern.
Since then the price has been constantly trading in a consolidated range between $54.01 and $59.73 and is on the verge of breaking the triangle of which the outcome is uncertain.
The MACD displays a rising red histogram, indicating strong selling and buying pressure in the market. Further, the averages record a bearish convergence, suggesting the price will continue losing value in the coming days.
Will The SOL Price Rise Again?
If the bulls break out of the symmetric triangle pattern, the SOL price will regain momentum and test its resistance level of $59.73. If the market continues to gain momentum, it will prepare to test its upper level of $62.81 soon.
Maintaining the price at that level will set the stage for Solana price to make an attempt to test its key resistance level of $65.90 in the coming month.
Conversely, if the bears continue to overpower the bulls, the price will break down the triangle pattern, resulting in the price falling to test its support level at $54.01. If the bears continue to hold power, the SOL price will continue to trade under a bearish influence and prepare to test its lower support level of $51.32.
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