Solana Struggles Despite Clearing Congestion! Will SOL Price Reclaim $200 In May?

The cryptocurrency industry continues to trade under a strong bearish influence as top crypto tokens struggle to hold their respective values above the important support levels, indicating uncertainty in the future price action of these altcoins.

On the other hand, despite adding 21.68% within the past seven days, the Solana price has recorded a correction of 20.86% over the past 30 days. Moreover, this altcoin has lost 6.59% within the past day, highlighting a strong bearish sentiment for the Solana token in the crypto space.

SOL Price Repeated Fails To Break Out Of Its Resistance Zone:

The SOL price displayed a mixed sentiment by trading between $76.75 and $126.75 for the first 2 months of 2024. Following this, the bulls gained momentum, resulting in the price recording a high of $210.80 on 18th March, a jump of 110.80% in valuation.

TradingView: SOL/USDT

Following this, the SOL token displayed a neutral trend by trading sideways between $168 and $204.75. As the volatility in the market grew, the bulls lost momentum and recorded a correction of 29.87% in its portfolio. Since then, the price has been trading between $126.75 and $155.25.

Solana’s Market Sentiments:

The Cross EMA 50/200-day shows a negative price action with the EMA 50-day recording a bearish convergence in the 1D time frame, highlighting a weak price action for the altcoin in the market.

On the other hand, the technical indicator, RSI, displays a bearish curve over the mid-point, highlighting an increase in the selling-over-buying pressure within the crypto space. Furthermore, the average shows a high possibility of a bearish convergence, suggesting a negative outlook for the Solana token this week.

Will SOL Price Go Up?

If the market regains momentum, the bulls will test its resistance level of $155.25 soon. Maintaining the price at that level will set the stage for the Solana price to test its upper resistance level of $180.75 during the upcoming week.

Negatively, if the bears continue to dominate the crypto market, in such a situation, the SOL coin price will continue trading under a bearish influence and plunge toward its important support level at $126.75 in the coming time.

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