Solana
Solana is fighting despite the reduction in traffic jams! Will SOL price recover $200 in May?
The cryptocurrency sector continues to move under strong bearish influence as major crypto tokens struggle to maintain their respective values above important support levels, indicating uncertainty over the future price action of these altcoins.
On the other hand, despite an increase of 21.68% in the last seven days, Solana price recorded a correction of 20.86% in the last 30 days. Additionally, this altcoin lost 6.59% over the past day, highlighting a strong bearish sentiment for the Solana token in the crypto space.
Repeated SOL price fails to break out of its resistance zone:
THE SOL Price displayed mixed sentiment as it traded between $76.75 and $126.75 during the first 2 months of 2024. Following this, the bulls gained momentum, which allowed the price to record a high of $210.80 on March 18, a 110.80% jump in valuation.
TradingView: SOL/USDT
Following this, the SOL token showed a neutral trend as it traded sideways between $168 and $204.75. As market volatility increased, the bulls lost momentum and saw a 29.87% correction in their portfolio. Since then, the price has been trading between $126.75 and $155.25.
Solana Market Sentiments:
The 50/200-day Cross EMA shows negative price action, with the 50-day EMA recording a bearish convergence on the 1D timeframe, highlighting weak price action for the altcoin in the market.
On the other hand, the technical indicator RSI displays a bearish curve at the midpoint, highlighting an increase in selling-over-buying pressure within the crypto space. Furthermore, the average shows a strong possibility of bearish convergence, suggesting a negative outlook for the market. Solana Token this week.
Will SOL price increase?
If the market regains momentum, bulls will soon test its resistance level of $155.25. Sustaining the price at this level will set the stage for Solana price to test its upper resistance level of $180.75 in the coming week.
Negatively, if the bears continue to dominate the crypto market, in such a situation, SOL coin price will continue to trade under bearish influence and plunge towards its important support level at $126.75 in time future.