Despite increased price volatility in the crypto market, the Solana price has stabilized above the $160 mark. This highlights a rising bullish sentiment and increased adoption of the 5th largest cryptocurrency in the market.
Will SOL price make a meteoric comeback and reclaim the target price of $200 this Q4? Or will this altcoin lose momentum and retest its lower support trendline this year?
SOL Price Holds Its Value Above The $160 Level!
Despite recording a correction of 1.52% in the past day, the Solana token has jumped 7.52% over the past week and 13.46% during the past 30 days. Moreover, with a YTD return of +62.48%, it has secured the 5th position in the market with a market cap of $77.52 billion.
The Relative Strength Index (RSI) continues hovering close to its overbought range in the 1D time frame. This indicates an increase in the buying pressure for the altcoin in the crypto market.
Besides, the SMA indicator constantly supports the SOL price projection. This suggests that the 5th largest cryptocurrency may continue gaining value during the upcoming time.
On-chain Data Highlights Increased Solana Dominance!
Reportedly, the Solana token has regained momentum with its dominance recording a constant rise over the past few days. The SOL crypto has recorded a significant rise against top pairs such as Bitcoin, Ethereum, Binance, and SUI.
The rising dominance of this altcoin suggests the increasing adoption of it in the market. With this, the Solana (SOL) token hints at a strong bullish short-term and long-term outlook.
How High Will SOL Price Go This 2024?
Maintaining the price above its support of $160 could set the stage for it to retest its resistance level of $181 this month. Moreover, if the market favors the bulls during the upcoming months, this could potentially result in the Solana coin price heading toward its high of $200.
However, if the bears regain power over the bulls, the SOL crypto could drop toward its support level of $155. Further, if the market uncertainty intensifies, the crypto space could experience a major price correction, resulting in this altcoin plunging toward its crucial low of $127.
Concerned about the long-term price prospects of this altcoin? Read our Solana (SOL) Price Prediction to uncover the potential price targets!
