Solana price since the early trading hours is experiencing a slight drain after recording new highs close to $260. On the other hand, Bitcoin price and Ethereum price are also facing a similar trend. No doubt the entire crypto space including the top 10 crypto assets are experiencing a similar trend, yet SOL price may wind up consolidating very soon.
The asset rallied notably by more than 60% in the last 30 days and attained the highest levels ever. However, since the past couple of days, the asset has declined nearly 10% and is trading close to $240. Yet the price could gain huge momentum in order to charge above the ATH with the recent surge, the price has formed a bullish flag.
Currently, the price is consolidating within a bullish flag, however, feared to break the lower levels than breaking above. Therefore, if the pattern needs to be validated, then the price should bounce a little from the current zones. As the asset breaks out from the pattern, a huge leg up may propel the price close to $300. Else in the worst case, if the price dumps and invalidates the pattern, yet could rebound from the strong support levels at $212.
Collectively, Solana price has just slipped out of the top 5 positions as Cardano price has geared up a little. However, with a notable jump, SOL price may regain bullish momentum and regain the ATH spot at the earliest.