With the market leader, Bitcoin price, hovering close to its $69,000 mark, the cryptocurrency market has entered into a consolidated phase with top altcoins displaying a similar trend by experiencing a neutral price action in their respective portfolios.
Moreover, the Solana coin continues its struggle to hold its price above the resistance level of $180, indicating a rising bearish influence in the crypto space. Investors are concerned about their investments with questions like “Will SOL price ever go back up?” and “Is Solana token still alive?”.
Dive in as, in this article, we have covered the market analysis and possible short-term price targets of the SOL token.
SOL Price On The Verge Of A Major Breakdown!
Despite recording a surge of 70% in its trading volume, the Solana price continues displaying a neutral trend by recording a correction of 0.10% within the past day and 0.18% over the past week.
However, with a trading price of $164.79 and a market cap of $72.86 Billion, the Solana crypto token continues to hold its position as the 5th biggest cryptocurrency by market capitalization.
The Simple Moving Average (SMA) constantly acts as a resistance to the price chart. However, it shows a high possibility of a positive crossover, suggesting a mixed sentiment in the crypto space.
The technical indicator, RSI, successfully retests its halfway mark, indicating a strong bullish sentiment in the market. Furthermore, the average displays a high possibility of a bullish convergence in the 1D time frame, suggesting the SOL coin price will continue gaining value in the coming time.
Will The Solana Price Go Up?
If the bulls hold the price above the support zone, the SOL price will test its resistance level of $180 this week. Maintaining the price at that level will set the stage for Solana crypto to attempt to test its upper resistance level of $204 in the coming time.
Conversely, if the Solana coin price fails to regain momentum, it will test its support level of $155. Moreover, if the bears continue to gain power over the bulls, the SOL crypto will plunge toward its lower support level of $126 during the upcoming weeks.
Also Check Out : Michaël Van de Poppe Reveals Top Altcoins to Buy Right Now For 10x Profits
Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0
PRC Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed