The cryptocurrency market is heading towards an exciting close for the quarter as volatility is declining. Bulls are not accumulating the required buying pressure, so most of the coins are stuck in the range. Moreover, Solana has a strong community that remains optimistic about the upcoming trend.
Therefore, the price of SOL has reached a critical juncture as a bullish weekend could pave the way for a bullish close for the month. Otherwise, defending the 3-digit figure could also become a chore for the token in the coming days.
SOL price has shown strong momentum over the past 6-8 months, gaining more than 800%. However, the subsequent 35% plunge has increased the likelihood of a bearish correction as the bounce fails to consistently defend medium-term support levels. As bearish forces escalate, fears of reaching even greater bearish levels emerge.
After facing resistance from the upper resistance of the decisive symmetrical triangle, SOL price continues to trade within the falling wedge range, at the apex of consolidation. From here, if the bulls show strength, then the price is likely to sustain the upward consolidation into the triangle range. Otherwise, if they show weakness, the currency may lose the 200-EMA support at $130 and head towards the lower support zone, which appears to be a trend reversal zone.
The violent and unpredictable movements of Solana oil prices always surprise, therefore, similar events are expected to occur. The volume has dropped significantly, which is unusual for the platform, so the coin may soon face compression. This could lead to a breakout, which could provide strong support for a rebound, while the direction may still be favorable for the induced volume.
Therefore, Solana (SOL) price may continue to consolidate upwards as the Ichimoku Cloud turned bearish. Hence, the upcoming weekend trading may be significant, which may set the stage for a bullish quarterly close.
