Bulls trying their Best to Push Solana’s Price Up 50%
In the past few days, Solana (SOL) has started moving in a positive direction. The price movement of Solana was in the upward direction before it became stagnant at $50.
This means that it has been stopped in its tracks by an opposite force that is exerting the same power as the ones who were moving its price higher.
Even now, Solana is moving its relief territory. The bulls have brought Solana within the territory with their strong buying movement. Despite being successful until now, the bears seem to be taking back control of the situation.
The graph suggests that at the moment, Solana is hovering near $50, which is the psychological level. The pressure that the bulls are currently facing means that the bears are not ready for the bulls to keep up with their rallies.
They are concerned that the bulls had been forming a strong rally all this time. It was time for them to put their foot down and start steering SOL’s price on their own. This is the reason why the bears mustered up strong force to sell SOL with more power.
Despite all the rallies SOL bulls have formed, the sellers have continued selling them to keep SOL’s price exactly where it is.
If the Bulls Prevail, They Get to Push SOL to $75
The market data suggests that the trading price of Solana is currently around $50. However, the bears may increase their selling power in order to create uncertainty among the bull.
This way, they will try and pull the trading price of Solana all the way down to $40. The $40 mark would prove to be a strong support checkpoint for Solana.
However, if the bulls are not ready to let the bulls rule the trend, they will start buying the dip on a larger scale. This will send the bears on a back foot so they can re-analyze the situation.
This would give the bulls an opening to form a stronger rally and push the bears against the wall. Once this happens, the trading price of Solana may move above the $51 mark (20-day EMA).
If the bulls manage to push Solana’s price over the $51 mark, they will proceed with stronger rallies. They will try their best to push the trading price of Solana over the $60 mark.
Attempt to Push Solana Up to $75
Going forward, the bulls may attempt another strong rally. This time, their target will be to push the price of Solana above the $70 benchmark. If they succeed in doing that, then the bulls will carry on with their rallies to push Solana above the $75 mark.
To summarize things, the bulls will have to form a 50% rally from the $50 mark to push SOL up to $75.