SOL can trigger a 30% rally before the end of the month;
The market is about to enter the last week of trading for the month, so more volatility is expected. Although the month started with a bearish tone, the coin is speculated to end trading with a sharp rise. Solana also suffered a 22% drop in the first few days of the month, but the coin recovered its losses and gained more than 10%. However, the current trading setup suggests that the SOL price is expected to rise by another 10% before the end of the month.
Regardless of the current market trend, Solana has received a lot of attention and the market volatility is very low. Therefore, the SOL price remains high after a strong rebound from the lows. The latest price action has helped the coin break above the key resistance range, which increases the possibility of a continuation of the uptrend in the coming weeks.
The current trading setup suggests that the SOL price has overcome the bearish pressure as the price broke above the resistance of the descending parallel triangle. The bulls have failed to break above the upper resistance of $172, but there is a possibility of regaining $200 in the coming days. Mainly because the Ichimoku Cloud turned bullish after being bearish for nearly a month. Secondly, the On Balance Volume (OBV) continues to maintain an upward trend, which indicates that the coin has more upside potential.
Currently, the bulls seem a little exhausted, but the strong uptrend is expected to resume over the weekend. In this way, a bullish close above $175 is possible, which may pave the way for a bullish close above $200 this month. Previously, the bulls faced a sharp drop in strength above $200, which led to a severe correction. Therefore, now Solana (SOL) price is on an upward trajectory, and a new yearly high of more than $250 to $275 seems imminent.
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