The crypto markets appear to be coping with the Bitcoin price rally that hit a new ATH at $97,800 a few moments ago. Besides, the altcoins continue to either slack or struggle to hold above the support, waiting for a fine push. Solana, the fourth largest crypto, seems to have been stuck within similar sentiments as the bulls are trying hard to elevate the levels, but volume does not appear to be in favour.
The SOL price has remained elevated ever since it rebounded from the lows of around $156 in the first few days of the month. Since then the price has maintained a steep upswing similar to Bitcoin, and now that the BTC price is heading towards the milestone of $100K, the SOL price is also preparing to enter the discovery phase. After surpassing the ATH at $260, the price is expected to remain unstoppable and maintain a steep ascending trend, rising by over 50%.
After consolidating around $240, the SOL price triggered a strong rise after breaking above the resistance of the channel. Although the bears offered a tough fight, the immense buying pressure helped the price to scale slightly upwards. However, the rise is yet to offer a validation of an extended ascending trend. Once it achieves and sustains above $250, the rally is expected to trigger a fresh upswing towards new highs.
The price was trading within a bull flag, while the latest rise helped it pierce above the resistance. As a result, the bulls may launch a bullish attack hereafter that may lead the rally towards 1.2 FIB levels, which falls around $330. However, surpassing $300 may not be an easy job for the Solana price rally, as the RSI just hit the upper threshold and displayed a bearish divergence. The MACD displays a rise in the buying pressure but is yet to reach the levels that may lead to a bull run.
Presently, the bulls and the whales have been more concentrating on the Bitcoin price rally, which is about to hit the $100K milestone. As a result, the dominance is constantly rising, and once it reaches its peak, a rejection may trigger a strong altseason. This could be when the Solana (SOL) price may rise and reach a new ATH at around $350 by the end of 2024.
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