Is Solana recent rebound may trigger a full-scale bullrun?
2024-12-26
Category: None

The SOL price faced a decent pullback that ousted the token from the top 5 cryptos as per the market capitalisation. However, the token is expected to revive a strong bullish action as it has entered the bullish range after triggering a rebound from the pivotal support. Therefore, this suggests the price is gearing up for another ascending price action towards new highs. 

The recent rebound from the crucial support at the 200-day EMA suggests the bulls have become active as they prevent the token from excess price drain. Meanwhile, the RSI has triggered a rebound after reaching the lower threshold, which may further keep up the momentum of the rally. However, the volume has dropped to a large extent which may raise some concerns over the next price action. 

After the rebound, the SOL price has entered within the bullish range, above the ascending trend line, which has been acting as strong support. Unless and until the price remains above the range, the probability of an extended ascending trend remains higher. In case of a bearish pullback, the 200-day EMA may offer a strong base and trigger a strong rebound. Now that the Solana (SOL) price has rebounded from a support confluence, the trend is expected to remain elevated and reclaim the levels at $300 in the first few days of 2025. 