Will the highly anticipated New Year rally lead to a breakout as Solana price action struggles for a bullish comeback?
As anticipation for the New Year rally grows, Solana remains firmly positioned above $190. While SOL price struggled to break above $200, a triangle pattern could determine its next move.
After a positive rebound last week, a continuation of Solana’s uptrend could lead to a breakout rally. Will this breakout propel Solana into a sustained uptrend above the psychological barrier of $200?
SOL price analysis
Solana marks a positive week as Bitcoin hovers near the $93,000 support level. After a 5% rally last week, Solana continues to post gains, with a 1.44% increase today.
The positive rebound counteracts the 2.84% decline observed on Sunday. Additionally, the recovery has triggered an upcycle within a triangle pattern on the 4-hour chart.
With an early reversal before reaching the support trendline, Solana is now trading at $192.50, forming two consecutive green candles on the 4-hour chart. The sudden increase in buying pressure has kept the 4-hour RSI line in a positive trend.
The MACD and signal lines have avoided a bearish crossover during the recovery, suggesting that technical indicators continue to support a positive outlook for Solana.
Solana price targets
Solana is hinting at a triangle breakout rally on the 4-hour chart as underlying forces turn bullish. The unlocked momentum in SOL price is likely to push bullish forces to the psychological barrier of $200 soon tomorrow, December 31st.
This will mark Solana’s first critical resistance as the company has already faced reversals twice this year.
