For the past few days, the price of Solana (SOL) has been trading at a price of $183 per SOL. For now, the $183 per SOL price is 20-day EMA for Solana, which is a good sign for the investors wanting to accumulate SOL.
The current price of Solana suggests that the pressure from the bears’ end is fading away. The bears are no longer selling SOL at the same rate they had been selling it throughout the first half of December. Now, the situation seems to be turning better for the bulls, as it is time for them to shine and take the stage.
The reduction in the selling pressure for SOL means that the bulls now have the opportunity to increase their buying power and push SOL’s price up.
With every passing hour and day, the price of SOL is flattening at the 20-day EMA, which is also the very proof that SOL is now moving into the positive zone.
Even the relative support index (RSI) for SOL is slowly moving up, and at the time of writing, it is slightly below the mid-point on the graph. The data shows that the RSI is also moving up and it may move into the positive zone in the upcoming days.
The RSI movement also confirms that the bulls are in action and they are making a comeback with their buying power. From the looks of it, the bulls are currently trying to look for a breakout point for Solana, which is expected to be between $195 and $200.
If the bulls manage to achieve the breakout point, they may be looking at a price of $204.10 per SOL. From this particular point, the bulls may try to elevate the price of SOL all the way up to $240 per SOL. For this purpose, the bulls will attempt to increase their buying power even more and support strong rallies.
In contrast to the uptrend, if the price of SOL ends up falling below the 20-day EMA, then it may fall all the way down to $167 per SOL. This would mean that the bears will have control of the market and they will have absorbed the demand that the bulls were creating.
If that happens, the bears will launch another strike with low-level selling for SOL, bringing its price below the $150 mark. The bears may try to pull SOL’s price below the $148.04 per SOL price with their strong selling spree. At $140, the bulls may try giving a tough time to bears by building a strong rally.
However, if things do not work out for bulls and they crack, the bears may achieve in bringing SOL’s price below the $121 price, the 200-day SMA for SOL.