Solana (SOL) price is displaying strength, maintaining its position above the bullish range and hinting at a potential breakout and rally towards $1,000.
The current trade setup suggests bullish accumulation, with the SOL price expected to close the monthly trade on a positive note.
Technical analysis and chart patterns indicate an imminent breakout, although the accumulation phase is not yet complete.
As the cryptocurrency markets approach the close of the month and the conclusion of the first half of the year, certain tokens, particularly Solana (SOL), are exhibiting remarkable resilience.
The SOL token has managed to maintain its position above the bullish range, indicating that the price could soon experience a significant influx of buying volume, potentially reigniting a strong upward trend in the near future.
Despite the likelihood of Solana closing the weekly trade on a positive note, the token is expected to remain consolidated for an additional period of time.
Current Solana Trade Setup Suggests Bullish Accumulation
The current trade setup indicates that bulls are accumulating gains, as the price has been fluctuating within a narrow range since the token surpassed and established support at the $144 level. With the SOL price ranging high since the start of the day’s trade, the token is anticipated to close the monthly trade on a bullish note, having already confirmed the bottoms.
Solana is currently consolidating and forming a pattern reminiscent of a previous formation that resulted in a massive rise of nearly 1,000%, propelling the token to its all-time high (ATH) of $260.
A closer examination of Solana’s historical chart reveals that the token is mirroring a price action similar to the one it experienced just before the commencement of the 2021 bull run. The accumulation pattern bears a striking resemblance, and the Relative Strength Index (RSI) is also ranging in an identical manner.
Moreover, the trading volume has been slashed in a fashion that closely resembles the previous pattern, emitting strong bullish signals for the cryptocurrency. The pressing question that arises is whether Solana will indeed make it to the $1,000 mark.