Solana Price Hits Shallow Waters, To Retest $181 Before the $300 Mark?
The cryptocurrency market has experienced a strong bearish pullback over the past 24 hours. This caused the top coin to fall below its important support level. Furthermore, SOL price also witnessed a similar price movement and fell below the $200 observation level.
Will the self-proclaimed “Ethereum killer” token regain momentum this weekend and surpass Binance (BNB) to become the 05th most valuable crypto token? In this article, we cover possible short-term possibilities for the Solana (SOL) token.
SOL price fell by about 10%, falling below $200!
Solana price fell below the important price level of $200, with an intraday loss of 9.62%. Notably, the altcoin, which has a trading volume of $5.243 billion, experienced a major setback this week, indicating increased bearish influence.
With a year-to-date (YTD) return of +3.48% and a market cap of $94.719 billion, the Solana cryptocurrency is currently the 6th-ranked cryptocurrency by valuation.
Solana (SOL) Technical Perspective
The Relative Strength Index (RSI) fell sharply below the neutral point on the SOL price chart on the daily time frame. Additionally, this altcoin is likely to continue losing value this week as its average trendline shows bearish convergence.
The 50-day EMA on the Solana price chart is showing a negative curve, indicating bearish price sentiment. However, the 200-day EMA is strong support, highlighting the scope for a possible bullish reversal ahead.
Is Solana a hold or a sell?
In the event of a bullish reversal, the SOL token price could return to the $200 mark and head towards the important resistance at $209. Assuming bullish sentiment persists at this time, this could push the price of this altcoin to highs of $225.
On the contrary, if the bears outweigh the bulls, the Solana coin may fall towards the $190 support. Furthermore, if the bearish sentiment intensifies, it may pull the price towards the key support at $181.
Wondering if the SOL cryptocurrency will hit $1,000? Read CoinPedia’s Solana Price Prediction Until 2030, possible mysteries are revealed!
FAQ
The SOL crypto token has a 24-hour trading volume of $5.099 billion and is currently trading at $196.04.
With the potential filing of the Solana ETF, its native token could reach highs of $400 by the end of the year.
SOL Coin’s all-time high (ATH) was $263.83, recorded on November 23, 2024.
