Here's why you need to be optimistic about Solana: a new bull spell can trigger a 30% spike

The post "Why You Need to Be Bullish About Solana: A Fresh Bullish Spell Could Trigger a 30% Jump" first appeared on Coinpedia Fintech News
Regardless of the prevailing market conditions, Solana's price has maintained significant strength. Although traders have largely distracted themselves from the token, the price continues to trade in a bullish range. This indicates that the price of SOL may start to rise sharply soon after trading returns to the bullish side.
Now, the question arises: Can SOL sustain above $200 if the bulls push prices higher?
The current trade setup indicates that the token has entered a crucial phase in which both the possibility of a bullish reversal and a bearish continuation are quite possible. The technical indicators remain neutral, suggesting that the token may be following the direction of the volume evoked. Currently, the volume has dropped significantly, indicating a huge compression that could soon lead to a massive expansion.
As mentioned above, the price of SOL has reached an interesting point after staying inside these levels for over a month. The bulls have shown their strength, thanks to which the levels remain consolidated within the key resistance zone. The unsuccessful attempt of the bears to drag the levels below this zone signals the growing dominance of the bulls. From a technical point of view, the DMI is neutral as +Di, -Di, and ADX have converged at a point indicating that significant price action could follow. In addition, the RSI has just shown a bullish divergence, which supports the bullish assertion.
Is this a confirmation of a rise to the $250 level?
The SOL price has held sufficient strength for over a month now, but the recent bounce off a lower support confirms the bullish assertion. Before marking the high at $250, there are two main hurdles, one at $218 and the other at $243. The price fails to rise above USD 205 as the bears limit gains below USD 200. Now that the token is facing an extreme squeeze, it is assumed that a significant price increase will follow.
Therefore, to reach $250, the price of Solana must reach and sustain above the first target mark of $218. If the bulls manage to keep the price above these levels, then it is believed that the SOL price will trigger a good bullish period towards higher targets.
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