Solana (SOL) Price Displaying Acute Strength As The Market Turns Slightly Bullish Following The SEC\'s Big Move On Ethereum

While the traders expected an extended price action, the chart formations suggest they need to hand tight to witness this action

Solana's (CRYPTO: SOL) price is displaying acute strength as the markets turn slightly bullish following the U.S. Securities and Exchange Commission’s big move on Ethereum (CRYPTO: ETH).

Traders Expected Extended Price ActionThe bearish start to the weekly trade was expected to keep the market sentiments under the bearish influence. However, certain events unfolded that flipped the sentiments. One among them is the SEC withdrawing their investigation into Ethereum 2.0.

With the market sentiments turning positive, traders were expecting an extended price action from the token. But unfortunately, the token failed to fulfill the expectations and displayed a limited upswing.

Solana Price Feared To Unlock Massive Bearish Opportunities, But…The recent market sell-off and the ‘FTX fiasco’ that followed had impacted several tokens in the space. However, Solana price has been tracked to a large extent ever since.

The faith and confidence of the traders in the token remained largely unchanged and as a result, the price has been inflating for the last 6 months. Unfortunately, the bearish cartel stuck in the space at the beginning of the second quarter, due to which the token has been facing tough times.

As a result, the SOL price broke down into the bullish range and the latest upswing can be considered an attempt to rise back within the range.

Solana Daily Chart AnalysisThe daily chart of Solana was bullish until the recent crackdown compelled the price to break down the lower support. Ever since the token failed to hold and trigger a rebound from the resistance zone between $155 and $159, the supertrend has flipped bearish and continues to remain within the range.

Although the price has initiated a recovery after hitting the bottoms below $128, a bullish rebound cannot be validated. Besides, the RSI is trying to trigger a bullish reversal before testing the lower support, which offers some hope. However, unless and until the SOL price maintains a strong upswing and hits the supertrend, a flip from the bearish trend cannot be certified.

Therefore, the Solana price is expected to hover in and out of the ascending support-turned-to-resistance for a few more days. Once the bulls gain strength, the price is expected to enter the decisive symmetrical triangle and later initiate a strong upswing to break the upper resistance to rise above $160.

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News source：https://www.kdj.com/cryptocurrencies-news/articles/solana-sol-price-displaying-acute-strength-market-bullish-move-ethereum.html

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