The crypto markets are consolidating ahead of the next bullish wave, which is believed to begin in a short while from now. The Bitcoin price is reaching a pivotal support zone, which is expected to offer a strong boost and push the prices towards the much-awaited milestone at $100K. However, the strong presence of bears above $98,000 is delaying the action, which has impacted the other altcoins, including Solana, which is speculated to be heading towards the psychological barrier at $200.
In the past few days, the SOL price has shed nearly 15% of the gains, suggesting a healthy retracement after forming new monthly highs. However, the retracement could continue for some more time, as the bulls may remain passive until the price hits the liquidity zone between $200 and $210. One of the major reasons behind the pullback and fewer chances of a rebound to $240 is the formation of a strong wall at $235.
The liquidation heatmap from Coinglass suggests more than $2.33 billion in longs have been accumulated at $235. As a result, the price is constantly failing to rise above the range and multiple failed attempts are exhausting the bullish strength. Although the selling pressure has mounted over the SOL price rally, the technicals suggest this could be a short-term reversal as the bulls continue to remain vigilant.
The bulls are trying hard to keep up the rally above the trend line by offering a small push beyond the 0.78 FIB at $232. However, the MACD has displayed a bearish crossover but remains within a positive range, suggesting a continuation of the bullish trend ahead. Besides, the RSI trades along the ascending support and a rebound could validate a rise from a bearish influence.
Considering the on-chain and technical readings, it appears that the price may rebound and test the pivotal range around $235, which may clear the longs. This could cause a pullback to the lower FIB at 0.618 at around $210. Meanwhile, the volume remains within the range, suggesting a quick bullish action beyond $240 before another resistance wall mounts. Therefore, the target at $300 remains unchanged as the long-term price action remains extremely bullish.
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