Solana now appears to be poised to dethrone XRP as the price remains elevated, surging over 30% in the past 30 days. Besides, the token has been recording nearly $3 billion in trading volume since the start of the month. Interestingly, the SOL price has regained the levels it traded at before the FTX crash, suggesting the beginning of a fine bull run.

Now the technicals also suggest the bulls may weaken to some extent as the buying volume has dropped despite a slight rise in the trading volume. It appears that the investors may have shifted their focus to BONK after JTO. Now that the BONK price has increased by over 1000% in the past 24 hours, the token is believed to maintain a healthy upswing ahead. This could negatively impact the SOL price, which may drop to test its first support.

Ever since the price triggered a breakout from the lower support at the beginning of the final quarter, it has been trading within a rising wedge. Although a breakout from the pattern results in a bearish divergence, the SOL price appears to be under bullish influence. Considering the RSI, which is hovering close to the upper resistance, this indicates that the price may maintain a consolidated upswing. It may surely rise above the levels at FIB 1 at $79.44, but only after a minor pullback below $75. 

Pivotal Levels and Indicators