Solana‘s price after a failed attempt to surpass $150, drained heavily to hit the lows below $30 during the recent market crash. However, the price has regained the levels above $30 but still remains under the captivity of the bears. On the other hand, a strong upward movement is expected to prevail and interestingly, SOL price has already at the foothill of a notable uptrend.
As the SOL price is seriously under threat due to a whale who holds nearly 5.7 million SOL and also has placed a position with a large margin. Expecting a threat to the SOL price due to an on-chain liquidation, Solana-based lending & borrowing platform Solend passed a proposal to control the whale account to mitigate liquidation risk.
Therefore, SOL price currently appears to be in a pretty good position and very soon could reignite a significant upswing.
The SOL price since it got rejected at $143.5 levels has been trading in a deep bearish well. The prices have slipped by nearly 82%, recording the yearly lows at around $25.86. However, the asset is currently consolidating within a squeezed-parallel range, appearing to have accumulated significant strength to break out of the stagnant consolidation.
Additionally, the RSI has flipped from the lower support without making its presence in the oversold region. However, MACD still seems to be uncertain as the buying volume is elevated but is failing to mount pressure. Therefore, the day’s trade may be heavily consolidated within narrow ranges expecting a bullish close above $40. Further to this, a significant bullish momentum may uplift the price above $50 very soon.