Solana
Solana Eyes $200 Price Target – Here’s What SOL Should Do Now
- Solana price has appreciated by over 11% in the last 7 days
- Most market indicators were bullish, but the CMF issued bearish signs
by Solana [SOL] Price action remained influenced by market gains as it continued to rise over the past few days. If the market situation remains the same, the chances of SOL reclaiming $200 in May would be high. However, some concerns remain regarding SOL’s price on the charts.
What’s going on with Solana?
Solana bulls dominated the bears last week as the token’s price surged over 11%. In fact, according to CoinMarketCap, the price of SOL increased by 7% in the last 24 hours alone. At the time of writing, SOL was trading at $155.10 with a market cap of over $69.5 billion.
Crypto Tony, a popular crypto analyst, recently published a Tweeter highlighting the possible price development of SOL, emphasizing that things could get even better. According to the tweet, SOL price could maintain its bullish momentum and move higher on the charts.
SOL price appears to be rapidly approaching key resistance at $160. A successful break above this level could allow SOL to reach $200 in May.
To better understand if this is possible, AMBCrypto analyzed data from Santiment. According to our analysis, positive sentiment around SOL increased sharply on May 9 – a sign that investors have confidence in SOL.
Its open interest has also increased, as has its price. An increase in this metric generally indicates that the chances of the current price trend continuing are high.
Additionally, SOL’s funding rate has dropped slightly in the charts. In general, prices tend to move in the opposite direction to the funding rate – another sign of possible price increases.
Source: Santiment
Worries galore?
AMBCrypto then analyzed the daily chart of SOL to see if technical indicators supported the possibility of SOL surpassing $160. According to our analysis, SOL price was above its 20-day exponential moving average (EMA).
The Relative Strength Index (RSI) also recorded a sharp rise. At press time, its value was 54.6. Solana’s Money Flow Index (MFI) also followed a similar upward trend. These indicators suggest that SOL’s bullish rally may continue.
Source: TradingView
However, the Chaikin Money Flow (CMF) aligned with bearish interest as it fell over the past few days.
AMBCrypto already had reported that SOL was forced to retreat from its $160 level on May 7.
Realistic or not, here is Market capitalization of SOL in BTC terms
If the Chaikin Money Flow (CMF) indication comes true, SOL may not be able to surpass this level this time either. A rejection from the resistance zone could cause a trend reversal, which could push the token’s price towards $120 in the coming days.