Crypto Express

06/09 12:16

Solana Poised for a Breakout:

The Solana price is stuck within a strong support zone between $147 and $150, hinting towards a bullish pattern in making

The technicals hint towards a potential breakout, while the sluggish behaviour of the bulls could hinder the progress of the rally

Solana is one of the top-performing altcoins in recent times, which is feared to have entered a crucial technical phase as it consolidates above a key support level. After correcting from its May highs near $176, the SOL price seems to have found a strong demand zone between $147 and $150, a level that has been acting as a base for bullish reversals. The on-chain activity remains healthy despite the broader market consolidation, and the technicals flash an early sign of strength. 

With momentum rebuilding and bulls defending key levels, has the stage been set for a breakout towards higher resistance zones?

The SOL price recently formed a double-bottom pattern near $147, confirming strong buyer interest at this level. These levels also align with the zone that has repeatedly absorbed downside pressure. Hence, as long as this base holds good, the short-term structure remains bullish. 

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