As the uncertainty in the crypto market intensifies, top tokens have recorded increased volatility. The Solana price continues to struggle for a strong recovery since August.
Current SOL Price Trends
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, keeping its value above the $130 mark. Despite recording a drop of ~8% during the past month, 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, highlighting 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.
Can Solana Reach $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 lead to 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, intensified bearish price action could pull the value of SOL crypto towards its crucial support level of $127 in the coming time.
The Future of Solana: What Awaits Investors?
Solana investors are curious about whether the SOL price will ever fully recover and reach new highs. Given the current market instability, many are making decisions based on FOMO. The future of Solana will depend on various factors, including the overall market state and the actions of key players.
Despite current challenges, Solana remains a significant player in the crypto market. Current trends and growth potential make it an attention-grabbing asset for many investors closely watching developments.
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