Solana price after a prolonged consolidation just pull a massive leg up to hit the major resistance levels above $170. The asset had to surpass the pivotal resistance levels in order to flip the bearish divergence. Despite a substantial flip, yet the price appears to consolidate surrounding these levels. And hence pointing to the strong tendency of the SOL price to march towards its ATH.
At these levels currently, a tough competition between the bulls and the bears is seen. However, the bears currently are extracting profits as the price has dumped more than 3%. It seems like the price could continue to drop further and may revisit the support levels below $150. Yet the possibilities appear less, yet the technicals point out towards a dip.
The price with the recent weekend pump could manage to surpass the resistance at $171 but it remained only short-lived. However, the asset is testing the neckline of the ‘M-Shaped’ pattern around $165 and attempting hard to break the pattern. Therefore, if the price rejects the pattern then a nice flip above $180 could be possible. Else following the pattern, the price could break down, however could retest without diving deep into the sea.
On the other hand, the RSI rebounds without breaking the trend line. Yet, the MACD signals a bearish trend as the selling pressure is slowly mounting. Moreover, the trading volume has dipped notably which is a little matter of concern, yet could flip quickly.
Collectively, Solana price’s attempt to break the pattern could materialize in a coming couple of hours. Where-in a notable reversal towards the initial resistance above $180 appears possible. In the contrast, if SOL price fails to rebound, yet a slight pullback around $160 could be on the horizon with a flip awaiting ahead.