- SOL Crypto Price Tests Its Major Resistance
- Solana Technical Sentiments
- Will SOL Price Hit $200 This Year?
The cryptocurrency market is on the verge of concluding September on a positive note, breaking its historic market trend of a bearish September and hinting at a bullish Q4 and potential beginning of Altseason.
SOL Crypto Price Tests Its Major Resistance
Despite recording a correction of ~1% in the past 24 hours with a trading volume of $2.395 billion, the Solana price has held its value above the $155 mark. Moreover, it has jumped 6.29% over the past week and 7.83% during the past 30 days. Additionally, the Solana token is on the verge of breaking out of its resistance zone above the $155 level. However, the outcome of this is uncertain. Further, with a market capitalization of $73.53 billion, it continues to hold its 5th position in the cryptocurrency market.
Solana Technical Sentiments
The Simple Moving Average (SMA) constantly supports the SOL price chart in the 1D time frame. This indicates increased buying pressure for the altcoin in the market. Additionally, the MACD indicator displays a constant green histogram with its averages showing a constant uptrend. This indicates that the Solana token may continue gaining value in the coming time.
Will SOL Price Hit $200 This Year?
If the market continues trading under a bullish sentiment, the Solana token will test its next major resistance level of $181. Furthermore, if the bullish situation intensifies, the altcoin to prepare to test its yearly high of $209. On the contrary, if the bears regain momentum, the price could retest its support of $155. Moreover, if the bears dominate the crypto space during the 4th quarter, this could result in the SOL coin price plunging toward its lower support level of $127.
Overall, the positive dynamics in the cryptocurrency market in September could be a precursor to a bullish Q4, which will sustain interest in leading altcoins such as Solana.
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