- $171 and $177 have been working against an imminent Solana price rally.
- SOL/USD is already completing the fifth wave of its 5-wave uptrend.
- Solana is aiming to test a new all time high of $275
Two resistance lines ($171 and $177) have been working against a Solana price rally since the start of the month. Despite the coin enduring a month-long consolidation period that span between late August and the entire September; Solana underwent a stalemate that would see it drop and test the $140 support.
The layer 2 smart contracts platform token is already completing the fifth wave of its 5-wave uptrend. Thereby further suggesting the possibility of a 100 percent uptrend. Solana was unable to extend the September 16th bullish formation when the price hit an all-time high of $216. As a result, a bearish cycle ensued that has lasted since late September. However, the bulls are primed for a breakout that will eventually complete and extend a bullish cycle past the ATH.
Bulls have been anticipating a bullish rally to take place once buyers are able to push the price beyond $171 and $177. Since this has already happened and SOL/USD has even tested a daily high of $189; buyers can only brace up for a rapid extension of the price action to a new all-time high. Remember that the $179 – $189 levels remain to be the apex of the ascending triangle that was disrupted by the prior bearish cycle. Furthermore, the main target of the bullish triangle pattern lies at $226.
On the contrary, sellers could trade their Solana between the $200 psychological support and the all-time high at $216. Two areas that could pose strong resistance when a rally above $195 ensures.
Solana Price Analysis1-hour Chart: Strongly positive as bulls prevail
Solana is completing the handle of a cup with a handle pattern on the hourly chart. The green candles are long with the possibility of retesting $185 at the tip of the handle. Bulls are prevailing as indicated by the balance of power indicator, which has already moved past the zero line. The MACD is painted by long green bars, which are also reinforcing the current bullish theorem.
Amidst the current bullishness engulfing the cryptocurrency market at the moment, Solana is aiming to test a new all-time high of $275. The positive sentiments could be attributed to Bitcoin crossing the $65,000 mark and the recent listing of Solana on South Korea’s leading digital currencies exchange Upbit. Check out Cryptopolitan’s recent report on Solana’s price and learn how selling pressure could be heightening as the coin nears a new all-time high.