Solana Seeks for Market Equilibrium at $16 Before the Big Surge 

• Solana rallied to a yearly high of $27.12 in Q1 2023 but moves sideways currently
• SOL’s price has traded between $16.01 and $26.03 for the past ten weeks.
• Overall sentiment reflects a consolidation by SOL, waiting for the right time to engage in a bullish breakout.

Solana (SOL) rallied at the beginning of the year in a significant bull run that saw the price reach a yearly high of $27.12. The price has since trended sideways after the initial rally, following a general loss of momentum in the crypto market. SOL traded at $21.25 at the time of writing after bouncing off of the local support at $18.71.

SOL’s price has traded between $16.01 and $26.03 for the past ten weeks. Analysts believe the recent behavior is a fallout of the larger market, with Bitcoin failing to inspire a bullish momentum among altcoins. Nevertheless, SOL’s overall sentiment reflects a consolidation waiting for the right time to engage in a bullish breakout.

Even though the bulls expect SOL to push higher, there is the tendency for the Ethereum killer to move further down before embarking on a new rally. Some traders believe that a drop towar…

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