The Solana price experienced a steep drop after reaching a new yearly high, but technical indicators suggest that the rally could continue and reach new all-time highs. The drop was not entirely unexpected as the market was showing overbought conditions, but it did not break the overall bullish trend. On-chain data and technical indicators support the bullish outlook for Solana, with the possibility of reaching between $273 and $306 in the coming weeks. The breakout from a downward-sloping parallel channel pattern on the weekly chart further reinforces the bullish case. Open interest on futures exchanges reached a new all-time high, indicating increasing capital inflows, and decentralized exchange trading volume also saw a significant surge. Despite the recent drop, Solana could still reach new all-time highs in the near future.



Other News from Today