The Solana price was swinging within minor regions with constant ups and downs in the past couple of hours. Currently, the asset appears to have gearing up all its resources to uplift the price beyond $200. Therefore despite some hindrance amid the rally, the asset may eventually close the yearly trade on a bullish note.
Altcoins, since the early trading hours are buckling up to leap long and try to form a new ATH at the earliest. Recently, Terra(LUNA) discovered new highs, while Avalanche(AVAX), Polygon(MATIC), etc are on the verge to mark new highs very soon. And hence SOL price may also follow these altcoins in order to mark new highs in the next couple of days.
The constant pumps and dumps of the SOL price compelled the price to form a double bottom pattern. While the asset was attempting to break through the pattern, it fell into a minor bearish divergence. At the press time, the SOL price is experiencing notable drain, yet in the upcoming hours, the bulls may get back into action to uphold the price above the neckline above $187.
Yet, the asset needs to pierce through the crucial resistance at the 200-day MA in the 4-hour chart at $193. Ranging above these levels may verify the uptrend and moreover, achieving the levels above $230 could ignite the bull run which may drag the price close to the $300 target before the EOY 2021.