Amidst the recent surge in memecoin hype, SOL witnessed a notable rise as the bulls struggled to uphold its value above $180, countered by a growing bearish sentiment leading to a pullback, causing the SOL price to consolidate between $163 and $172. This consolidation phase has sparked discussions about a potential significant movement in the near future.

According to analyst Paul Endeo's observations on TradingView, the memecoin frenzy injected momentum into Solana's price. The battle between bulls and bears around the crucial $180 mark resulted in increased volatility, with predictions leaning towards a potential rebound to reclaim the $180 level in the coming days of June.

Technical Indicators Point to a Possible Upward Trend

Endeo's analysis emphasizes the positive outlook for SOL's price trajectory based on technical indicators. The Gaussian channel's shift to green suggests the start of a potential uptrend, while the stochastic RSI nearing the lower threshold may pave the way for a rebound, reinforcing the bullish sentiment.

Solana's Symmetrical Triangle: A Critical Phase

The SOL price remains within a symmetrical triangle pattern, consolidating above the local support levels of $155 and $160. This consolidation reflects balanced engagement from both bulls and bears, indicating an imminent significant price shift.

New Meme Coin Launch: Milei Moneda

Milei Moneda, a recently introduced meme coin inspired by Argentine president Javier Milei's libertarian and pro-Bitcoin ideologies, is gaining attention. With an ongoing low presale price, early investors have the chance to participate in this new venture.

Endeo's analysis forecasts a positive trajectory for Solana, with a potential breakthrough above $175 anticipated in the latter part of 2024. However, the unpredictable nature of crypto markets leaves investors contemplating the authenticity of this projected breakout or the possibility of a disguised bear trap.