Solana Price Prepares for Massive Upward Movement as Bitcoin Consolidates
As Bitcoin continues to consolidate below $100K, all eyes are on the Solana price which is gearing up for a significant upward price action. After a period of extreme consolidation, the price recently saw a strong upward movement but struggled to break through the resistance at $217. One of the major reasons for this could be the drop in trading volume. However, the stage is set for fireworks as the SOL price is on the brink of entering a pivotal resistance zone.
Solana vs Ethereum: A Closer Look
Solana has emerged as one of the top-performing platforms, giving tough competition to Ethereum in various aspects such as DEX volumes and transactions. Recent data shows that Solana has surpassed both Ethereum and Base combined in 24-hour DEX trading volume, exceeding $3.66 billion. Additionally, Solana has outperformed Ethereum in terms of social engagements including social creators, mentions, engagements, and positive sentiments.
Strength in the Charts
In the longer time frame, the SOL price has held above weekly and monthly support levels, indicating significant strength. With its recent entry into the top 5 elite clubs, the token is poised to remain within these levels for the foreseeable future.
The SOL price is currently struggling to break above the resistance of the expanding channel, hindered by low trading volume and a bearish trend in the OBV. However, the upcoming bullish crossover of the conversion line and base line of the Ichimoku cloud is expected to provide a strong boost to the SOL price rally, potentially leading to a breakout above current levels.
Testing the upper bands of the Bollinger, a breakout could trigger a significant upswing of 10% to 15%, similar to previous patterns. If the price manages to surpass $250, a new all-time high for Solana (SOL) could be on the horizon before the end of the month.