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The Solana ecosystem has been growing every new day and is competing with the popular chains, including Ethereum. The platform recently witnessed a huge influx of funds, which indicated a potential rise in the blockchain’s adoption and usage. This further indicates the traders could be optimistic about the next price action. Moreover, the latest data has validated the claim, which keeps the bullish hopes alive.
In the past seven days, nearly $100 million has been bridged from the other chains to Solana which includes $70 million from Ethereum. The huge influx with a rise in network activity may point towards a potential rise in the SOL price rally. However, the technicals do not remain in their favour as it suggests the token could undertake a small pullback very soon. Does this suggest the token is prone to a 15% pullback? Will it reach $120?
The daily chart of Solana suggests the price is stuck within a decisive symmetrical triangle and is expected to maintain a horizontal consolidation to reach the apex. The RSI is hovering around the average range but the MACD shows a drop in the selling pressure. Besides, the bulls are also failing to generate the required buying pressure which could revive a strong ascending trend and break above the upper resistance of the triangle.
Presently the Solana price is trading at $144.24 with a minor drop of around 3% with the volume restricted within a range. Although the token is among the top traded tokens, the sellers have made a huge contribution comparatively. As a result, the bulls seem to be waiting for the right time to act. Therefore, the SOL price is expected to maintain a horizontal consolidation for a few more days and reach the apex. After experiencing extreme compression, the bulls are expected to trigger a huge breakout beyond the range.
