Solana
The Solana token is losing its strength! SOL price to test $150 soon?
With the market leader, Bitcoin Pricehovering near the $69,000 mark, the cryptocurrency market has entered a consolidation phase, with major altcoins showing a similar trend by experiencing neutral price action in their respective portfolios.
Additionally, Solana coin continues to struggle to maintain its price above the $180 resistance level, indicating a growing bearish influence in the crypto space. Investors worry about their investments with questions like “Will the price of SOL ever go back up?” and “Is the Solana token still alive?”
Dive in because in this article we have covered the market analysis and possible short-term price targets for the SOL token.
SOL price on the verge of a major breakdown!
Despite a 70% increase in its trading volume, the Solana Price continues to display a neutral trend, recording a correction of 0.10% over the past day and 0.18% over the past week.
TradingView: SOL/USDT
However, with a trading price of $164.79 and a market capitalization of $72.86 billion, the Solana crypto token continues to maintain its position as the 5th largest cryptocurrency by market capitalization.
The simple moving average (SMA) constantly acts as resistance to the price chart. However, this shows a strong possibility of a positive crossover, suggesting mixed sentiment in the crypto space.
The technical indicator, RSI, successfully retests its midpoint, indicating strong bullish sentiment in the market. Additionally, the average displays a strong possibility of bullish convergence over the 1D period, suggesting the SOL coin price will continue to increase in value in times to come.
Will the price of Solana increase?
If the bulls hold the price above the support zone, SOL price will test its resistance level of $180 this week. Maintaining the price at this level will pave the way for the Solana crypto to attempt to test its upper resistance level of $204 in the coming times.
Conversely, if Solana coin price fails to regain its momentum, it will test its support level of $155. Additionally, if the bears continue to gain power over the bulls, the SOL crypto will plunge towards its lower support level of $126 over the next few weeks.
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