As the uncertainty in the crypto market intensifies, top tokens have recorded increased volatility in their respective values over the past few days. Moreover, the Solana price continues its struggle to experience a strong bullish recovery since August.
This makes its investors curious about the future prospects of this altcoin in the crypto market. Moreover, with questions like “Will SOL price ever recover? And “When will Solana hit $500?”, investors have entered into a FOMO-like situation.
SOL Coin Price Records Neutral Trend
With a bearish pullback at its resistance trendline of the symmetric triangle pattern, the Solana crypto has dropped ~6% this week. Notably, with a trading volume of $1.414 billion, it has added 1.26% over the past day. This has resulted in it holding its value above the $130 mark.
Despite recording a drop of ~8% during the past month, the SOL price has rewarded its long-term investors with a Year-to-Date (YTD) return of +21.05%. With a market cap of $62.086 billion, this altcoin continues to hold its 5th position.
The EMA 50/200-day displays a constant flatline in the 1D time frame. This highlights a weak buying and selling pressure for the altcoin in the crypto market.
On the other hand, the Relative Strength Index (RSI) has recorded a neutral trend in the Solana price chart. Moreover, with a potential bullish convergence, this altcoin hints at a possible reversal during the upcoming weeks.
Will Solana Hit $200?
If the market regains momentum, the SOL price will retest its resistance trendline of the symmetric triangle pattern. Moreover, if the bulls continue to dominate the crypto space, this could result in it heading toward its upper high of $155 this month.
For Solana coin price to reach $200, it requires a jump of 52.08% considering its present trading value of $131.51. Conversely, an intensified bearish price action could pull the value of SOL crypto toward its crucial support level of $127 in the coming time.
Concerned about your SOL holdings? Read our Solana Price Prediction for insights from the future!
