The cryptocurrency market has recorded a bearish pullback this week, leading to top tokens breaking their support levels. SOL price has failed to reclaim the $200 mark. Let's look into the short-term Solana price analysis.
SOL Price: On the Verge of a Major Breakthrough?
The price of Solana has dropped by 1% in 24 hours with a trading volume of $4.301 billion. It has slid 17.92% over the last seven days and ~2% in 30 days. With a YTD return of -1.29%, it ranks 5th with a market cap of $93.201 billion. The Simple Moving Average (SMA) constantly acts as a resistance on the SOL coin price chart, highlighting an increase in bearish action. The RSI indicator shows a positive curve in the daily price chart; however, the average trendline suggests an increase in selling-over-buying pressure.
Will Solana 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, sustained bearish action could result in the price of the Solana token plunging toward its crucial support level of $181.50. Further bearish sentiment could lead to a new multi-month low.
Frequently Asked Questions
For Solana to hit the $1000 price target, it will require a surge of over **500%**. If the bullish sentiment sustains, this altcoin may reach a maximum trading value of **$400** this year. At the time of writing, the value of one SOL crypto token was **$193.44**.
The cryptocurrency market continues to be volatile. Despite recent losses, Solana shows potential for recovery if market conditions improve.
