The Solana price has failed to reclaim its $180 mark. This has resulted in this altcoin experiencing a significant bearish action over the past few days. Moreover, the altcoin is currently listed at $164.03 with a trading volume of over $2 billion.
With the ongoing volatility in the crypto space, is this a crucial time to invest in this altcoin? Dive in as, in this article, we have covered the market sentiments and possible price analysis of the Solana (SOL) crypto token.
SOL Coin Price On The Path Of Retesting $155!
Amid ongoing market uncertainty, the Solana price has dropped 1.08% in the past 24 hours with a trading volume of $2.048 billion. Furthermore, it has corrected 5.41% over the past week, indicating an increase in the selling pressure.
Positively, this altcoin has jumped 17.01% during the past 30 days and has a YTD return of +61.92%. With a market capitalization of $77.39 billion, it has secured the 05th position in the global cryptocurrency list.
Solana Technical Sentiments
The EMA 50/200-day has recorded an increase in the SOL price chart in the 1D time frame. This indicates increased buying-and-selling pressure for the altcoin in the crypto space.
However, the Relative Strength Index (RSI) has experienced a sharp drop toward its neutral point. This suggests a mixed price sentiment for the altcoin.
Will SOL Price Hit $200 Or Retest $127?
Suppose, a bullish reversal occurs, this could push the price of Solana toward its resistance level of $181. Furthermore, if the bullish sentiment intensifies, this could result in it heading toward its upper high of $200 during the upcoming time.
On the flip side, if the bears continue dominating the crypto space, the Solana token could retest its support level of $155. Moreover, an intensified bearish action could pull the price toward its lower support level of $127 this month.
Wondering if the 5th largest cryptocurrency will achieve a new high this year? Read, our Solana (SOL) Price Prediction to uncover the mysteries!
