The cryptocurrency market has recorded a bearish pullback this week. This resulted in top tokens breaking down their immediate support trend levels. With this, the SOL price has failed to reclaim the $200 mark.
Considering the present market statistics, is this a good time to invest in Solana tokens? In this article, we have uncovered the possible short-term Solana (SOL) Price Analysis just for you!
SOL Price On The Verge Of A Major Breakdown?
The price of Solana has dropped by 1% in 24 hours with a trading volume of $4.301 billion. Moreover, it has slid 17.92% over the last seven days and ~2% in 30 days. With a YTD return of -1.29%, it has secured the 05th position with a market cap of $93.201 billion.
The Simple Moving Average (SMA) constantly acts as a resistance to the SOL coin price chart. This highlights an increase in the bearish action for the altcoin in the crypto space.
On the other hand, the RSI indicator records a positive curve in the daily price chart. However, the average trendline displays a negative action, suggesting an increase in selling-over-buying pressure.
Will Solana Ever Recover?
If the bulls regain momentum, the Solana price could retest its immediate resistance level of $200. Maintaining the price above that level could set the stage for this altcoin to head toward its upper resistance level of $210 in the coming time.
Conversely, a sustained bearish action could result in the price of Solana token plunging toward its crucial support level of $181.50. Further, if the bearish sentiment intensifies, this could pull the value of this altcoin toward a new multi-month low.
Are you curious to explore the long-term prospects of SOL tokens? Read our latest Solana Price Prediction to uncover the possible mysteries!
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