March 23 has turned out to be a lucky day for all major cryptocurrencies as the particular day saw that the bulls were all boosted up. The bulls not only formed strong rallies but they also managed to lower the confidence of the bears in the process.
It is because of the high confidence of the bulls the price of Solana has managed to achieve higher marks. The data shows that on March 23, the price of Solana broke through the 50-day SMA barrier. At present, the figure representing the 50-day simple moving average for Solana is $93.
Prior to the bullish launch, the price of Solana was observing a triangle pattern, which was representing a bearish trend. However, the efforts exerted by the bulls completely invalidated all the patterns as well as the trend.
Bullish Run may hit $122 per SOL
Over time, the bulls not only pushed Solana over the 50-day SMA, but they also went on to hit a higher mark for Solana. The bulls reportedly increased their buying power and pushed the value of Solana over the $100 mark.
Going forward, the bulls went for another major push, bringing the price of Solana all the way up to the $106 resistance mark. At present, the $106 price is the immediate resistance mark for Solana.
The TradingView performance graph for Solana suggests that at present, Solana’s RSI is moving in the positive domain. While the moving averages are also getting closer to the bullish trend. If the bulls keep their buying power intact, then Solana’s value may elevate higher.
The bulls will need to increase their acquisition command and take full control of the situation. If that happens, then the bearish investors may also start switching sides, and may support the bullish trend. This would launch another strong rally and elevate the price of Solana all the way up to $114 per SOL.
As the rallies remain persistent and the bulls may continue increasing the demand for Solana, it may on to hit a high resistance mark of $122 per SOL.
The Bearish Attempt to Bring Solana Lower to $81
If the bears succeed in pulling the price of Solana below the $100 per SOL mark. As the attempt turns out to be successful, then the bears may intensify their selling spree in order to cause a much higher impact on Solana’s value.
They may attempt to bring Solana all the way down to the $91 mark, which is the 20-day exponential moving average for Solana. Once Solana touches the 20-day EMA, the bulls may stop buying the dips and the bears may continue with their onslaught.
As a result, the price of Solana may dive down to $86 per SOL and then fall all the way down to 81 per SOL.