Solana Shows Bullish Sign: Will SOL Price Rally To $150 Or Bull Trap is Awaited?

The post Solana Shows Bullish Sign: Will SOL Price Rally To $150 Or Bull Trap is Awaited? appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide

The SOL price has experienced a spike in its prices from $97 to $105 and has remained around that threshold. The altcoin surged 50% since it hit 2022 lows at $75.0. At Present, the Solana is hovering near the weekly highs of $104.0. However, SOL is still struggling below the crucial level at $128.0.

Solana Price To Surge above $150 Level?

After a 25% week-to-date increase to nearly $100, there is a notable bullish divergence between SOL price and relative strength index (RSI) movements, implying a substantial likelihood of a double bottom breakout. 

This pattern occurs when a price drops below a previous low and then rises to a level that’s around the prior low. Even with a 25 percent weekly increase, SOL has maintained a similar chart pattern since January. However, the SOL Price Rally can be confirmed once it breaks the neckline at $120 Level. This would take the altcoin to $150 and above in an extended rally. 

Also Read : This is When Polkadot May Stand Rim Above $20 Without a Fear of Plunge Yet Again!

Analyst Warns Bull Trap!

Popular market analyst Capo Warns that the altcoin might face a potential bull trap once it reaches $150, predicting that altcoins will resume their downtrends in general.

The double-bottom neckline, at $120, was portrayed by the anonymous analyst as a significant resistance level that would most certainly limit SOL’s ongoing upside retracement. He also used Elliott Wave Theory to predict the start of Solana’s next bearish wave cycle, which is labeled “c” in the chart.