Solana
Solana Price Is About to Plunge! Will SOL price retest $125 in May?
The crypto market showed a sign of relief by adding around 2% to its market capitalization over the past day. Furthermore, the BTC Price managed to reclaim the $62,000 mark, indicating an increase in price action within the industry.
On the other hand, SOL price failed to reclaim the $150 mark despite surging 5% in the last 24 hours, highlighting a strong bearish sentiment for the altcoin in the crypto space.
SOL price portends bearish price action:
Despite increased price volatility in the cryptocurrency sector, the Solana Price continues to trade in a closed range between $126.75 and $155.25 since mid-April, indicating weak price action for the altcoin in the market.
Additionally, Solana (SOL) price formed a symmetrical triangle during the 1D timeframe after facing repeated rejections at its resistance level of $155. Moreover, the altcoin is approaching its resistance trendline and is about to test it, the outcome of which is uncertain.
TradingView: SOL/USDT
Positively, the SOL Price added 4.89% with a trading volume of $2.38 billion (+64.72%) over the past day after concluding the last four days on a bearish note, indicating the possibility of action rising prices in the coming times.
However, the simple moving average (SMA) acts as resistance to the price chart, highlighting a bearish influence in the crypto sector. Additionally, the RSI is oscillating near its neutral point and hints at a potential bearish convergence, suggesting a negative outlook for SOL price this week.
Solana’s feeling on the channel:
The Solana Network recorded stable activity over the first two months. However, as market volatility increased, the network saw a significant increase in the number of active addresses, from 20.9 million to 38.81 million, a jump of 85.69% in one month.
Source: The Block
However, active addresses saw a 6.72% decline to 36.2 million in April, amid increased congestion issues on the Solana network. The network has recorded activity of 13.72 Million since the start of the month.
Will SOL Price Reclaim $200 Soon?
If Solana price breaks out of the resistance trendline, the bulls will regain momentum and test its resistance level of $155.25. Moreover, if the bulls hold the price at this level, they will prepare to test its upper resistance level of $180.75 in the coming weeks.
Negatively, if the bulls fail to regain momentum, SOL coin price will plunge towards its support trendline this week. Moreover, if the bears continue to dominate the market, it will prepare to test its crucial support level of $126.75 this month.