Solana price after an elongated process just pulls a massive leg up to reach the major resistance levels above $171. The asset had to exceed the pivotal resistance levels in order to switch the bearish deviation. Despite a substantial switch, yet the price appears to consolidate surrounding these levels. Hence pointing to the strong tendency of the Solana price to march towards its ATH.
At this position currently, a hard competition between the bulls and the bears is seen. Moreover, the bears presently are extracting profits as the price has jumped over 3%. It’s obvious that the price could continue to drop further and may return to the support levels below $150. Yet the probabilities appear less, yet the technicals point out towards a dip.
The price with the previous weekend pump could manage to exceed the resistance at $171 but it remained only short-lived. Moreover, the asset is testing the neckline of the ‘M-Shaped’ pattern close to $165 and attempting tough to break the pattern. Therefore, if the price eliminates the pattern then a nice switch above $180 could be possible. Following the pattern, the price could break down, however one could experiment without diving deep into the sea.
On the other hand, the RSI rebounds without breaking the trend line. Yet, the MACD signals a bearish trend as the selling pressure is tardily mounting. However, the trading volume has dipped notably which is a little matter of concern, yet could switch quickly.
Collectively, Solana price makes attempt to break the pattern that could materialize in the coming couple of times. Where-in a notable change towards the initial resistance higher $180 appears possible. In the line, if solana price fails to rebound, yet a slight pullback close to $160 could be on the horizon with a flip waiting ahead.