Markets are consolidating again! Solana price once again failed to hold above $160 as the bearish movement began in no time. As Bitcoin price fell below $63,000 and may soon fall below $62,000, market participants seem to have entered a sea of uncertainty. This could cause SOL price to remain within an accumulated range and trigger a massive surge that could push levels beyond monthly highs.
The SOL price has been consolidating between $120 and $200 for over 180 days, fluctuating between the monthly support and resistance. However, the token is replicating a previous pattern, suggesting that the rally is stuck in a mid-cycle cut that did not last long before and hence may not last long now. Now that BTC and ETH prices have broken out of the range, the next breakout can be expected with the SOL price rally.
SOL price has maintained its trend inside a crucial symmetrical triangle and seems to be preparing for a pullback to its interim support. The DMI levels approaching a bearish crossover raises the possibility that it could fall below $140 in the coming days. Meanwhile, the pullback is not expected to last for a short period as a quick bounce could bring the token back into the range.
Moreover, with the recent rejection, Solana price has shown the possibility of forming a double top or an “M-shaped” pattern. Therefore, after squeezing the bearish move following the pattern, a recovery towards the resistance at $180 may occur. If the bulls face rejection, the support at $155 may provide a strong base that can trigger a recovery and help break the above resistance. Otherwise, the Solana price rally may continue to consolidate until it peaks after a breakout to $200.
