The cryptocurrency market has experienced a strong bearish pullback in the past 24 hours. This has resulted in top tokens breaking down their important support levels. Moreover, the SOL price has recorded a similar price action by dropping below its $200 watch level.
Will the self-claimed “Ethereum-Killer” regain momentum and surpass the Binance (BNB) token to become the 05th most valued crypto token by this weekend? In this article, we present the possible short-term possibilities of the Solana (SOL) token.
SOL Price Loses ~10%, Stands Below $200!
The Solana price has plunged below its important price level of $200 with an intraday drop of 9.62%. Notably, with a trading volume of $5.243 billion, this altcoin has experienced a significant setback this week, indicating an increase in the bearish influence.
With a Year-to-Date (YTD) return of +3.48% and a market capitalization of $94.719 billion, the Solana crypto is currently the 06th largest cryptocurrency by valuation.
Solana (SOL) Technical Sentiments
The Relative Strength Index (RSI) records a sharp decline below the neutral point of the SOL price chart in the daily time frame. Further, with its average trendline recording a bearish convergence, this altcoin may continue losing value this week.
The EMA 50-day shows a negative curve in the Solana price chart, indicating a bearish price sentiment. However, the 200-day EMA is strong support, highlighting room for a potential bullish reversal in the upcoming time.
Is Solana A Hold Or Sell?
If a bullish reversal occurs, the SOL coin price could reclaim the $200 mark and head toward its important resistance level of $209. Suppose, the bullish sentiment sustains at that point, this could push the price of this altcoin toward its upper high of $225.
Conversely, if the bears outrun the bulls, the Solana token could drop toward its support level of $190. Moreover, if the bearish sentiment intensifies, this could pull the price toward its crucial support level of $181.
Curious to find out if the SOL crypto coin will ever reach $1000? Read CoinPedia’s Solana Price Prediction to uncover the possible mysteries until 2030!
FAQs
With a 24-hour trading volume of $5.099 billion, the SOL crypto token is presently exchanging hands at $196.04.
With a potential Solana ETF filing, its native token could conclude the year with a high of $400.
The all-time high (ATH) of SOL coin is $263.83 and was recorded on 23rd November 2024.
