Solana
As a reversal approaches, what is the ceiling for May?
The digital assets market faced a rather volatile month, with April not being kind to many assets. Still, there are a plethora of tokens whose fortunes have reversed over the past week. Among them is Solana (SOL)which is about to reverse, leading many to wonder what its ceiling is for May.
Over the past week, Solana is up more than 6%, according to CoinMarketCap. Moreover, its rise above the $146 mark has increased slightly over the past 24 hours. If such a reversal can find traction, could the asset reach $200 before the end of the month?
Source: Decrypt
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Solana Reversal Has Traders Hoping for $200 Price This Month
Throughout 2024, Solana has been one of the most talked about networks. It’s home to some of the new entrants to the meme coin market that took the industry to new heights earlier this year. Additionally, it had begun to close the gap in its ongoing challenge to the leading DEX blockchain, Ethereum.
Now, many investors are hoping that a similar positive performance could be in store for its native token. Indeed, Solana (SOL) has shown signs of an imminent reversal, with its May high still to be determined.
Overall, the asset has rebounded from the current price correction to trade above the critical $146 mark. However, the biggest question that has arisen is whether or not this could pave the way for a climb to $200 at some point this month.
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Technically speaking, Solana has not expressed dominance in any particular area. Currently, its trading volume increased by 1% in the last 24 hours, reaching almost $2.4 billion at press time. For the asset to see a notable rally, traders would expect this figure to be significantly higher.
Conversely, the Relative Strength Index (RSI) shows a weak downtrend. This is also a rather subtle indicator of something big in the works when it comes to price action. For the asset to enjoy a sustained rally, trading volume and RSI should see increased activity.
However, this does not mean that Solana will remain stuck at its current level. The market has seen many ups and downs over the past month. Any type of notable market sentiment could see Solana as one of the first to benefit from the positive effects. After all, the asset has grown by over 607% over the past year.