Solana’s price has demonstrated sufficient strength in the past by initiating quick recoveries and reclaiming previously lost targets. The investors also remain extremely vigilant over the token’s progress, and as a result, SOL has been among the top 5 most-traded cryptos, excluding stablecoins. Despite immense attention and a strong previous history, the SOL price seems to be lagging while some tokens seem to be at the foot of a huge breakout.
The SOL price has been grinding lower for days. The token recently broke its daily uptrend and has shown short-term weakness; however, the long-term outlook remains bullish. In the times when a drop to $130 has been surfacing, the SOL price is quietly preparing for a new ATH. The SOL price pierced above $160 before facing a rejection, which is not a failure but a setup. This move has left behind two stacked FVGs, or Fair Value Gaps, in the short term
Now that the price is trying to enter the upper zone, which is a re-entry pocket, it may elevate the levels beyond the psychological barrier at $180.
As seen in the above chart, the SOL price recently broke down from the rising wedge and triggered a 15% pullback. Despite this, the token seems to be preparing for a massive run as the levels are set to rise above a crucial resistance at the 50-day MA at $158.05. As the bulls defended the local support at $151.96, the probability of a bullish reversal remained extremely high. The SOL price is working hard to rise above the 50-day MA, which may validate a rise above the bearish influence.
On the other hand, the MACD shows a drop in the selling pressure after the bears dominated for more than a month. If the token rises and secures levels above $170, the probability of a Golden Cross could be prominent. With this, the price might rise above $180 and further rise above $200, which may validate a rise above bearish influence.
Therefore, the Solana (SOL) price continues to be preparing for a massive bullish action and once the levels settle over $200, the token could further march towards a new ATH.
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