Leading altcoin Solana, known as SOL, is currently encountering obstacles as its price remains stagnant within a narrow range without displaying the strength to break out of consolidation. Investors are uncertain about the future price direction, although technical indicators hint at a potential hidden bullish breakout in SOL's price rally.

Potential for Significant Price Movement

Recent resurgence in memecoin hype has provided a significant boost to Solana. Despite bullish efforts to maintain the price above $180, mounting bearish pressure has triggered a noticeable pullback. Consequently, SOL's price has entered a consolidation phase within the $163 to $172 range, indicating the possibility of a substantial price shift on the horizon.

Despite the prevailing bearish sentiment in the digital currency market, there exists a chance for the altcoin to initiate a new bullish trend to counter the prevailing selling pressure. Since the commencement of the rally in March, SOL has demonstrated resilience by surpassing $200 multiple times. However, subsequent declines have resulted in a 40% devaluation.

Nonetheless, the existing trading scenario highlights the continued dominance of bulls in the rally, elevating the likelihood of reclaiming the $180 mark in early June.

Technical Insight on SOL

As per the latest technical analysis, SOL is currently trading within a symmetrical triangle formation while maintaining levels above the local support range of $155 to $160. The constrained consolidation range is attributed to comparable involvement from both bullish and bearish entities, signaling an impending significant price fluctuation.

Furthermore, the green signal from the Gauss channel and insights from technical indicators suggest a probable shift in trends, marking the inception of a bullish trend. The price is closely positioned beneath the upper channel bands, with a potential breakthrough paving the way for a new bullish trajectory. Additionally, the Stochastic Relative Strength Index (RSI) is nearing the lower limit, possibly gearing up for a recovery to bolster the optimistic projection.