The cryptocurrency market has recorded a bearish pullback this weekend. This resulted in top tokens breaking down their important support trend levels. Following this, the SOL price has recorded a strong downtrend and is on the verge of retesting its crucial support.
By evaluating the present market statistics, is this a good time to invest in Solana tokens? In this article, we at CoinPedia have uncovered the possible short-term Solana Price Analysis just for you!
SOL Price On The Verge Of A Major Break Down?
The price of Solana has dropped 5.71% over the past 24 hours with a trading volume of $2.791 billion, a change of +70.96%. Furthermore, it has lost 9.96% in seven days and 22.35% in the last 30 days. With a market cap of $89.55 billion, it has a market dominance of 2.8008%.
The Moving Average Convergence Divergence (MACD) records a constant red histogram in the daily time frame. Moreover, the averages record a similar price trend, suggesting an increase in the selling-over-buying pressure for the altcoin in the market.
Moreover, the EMA 50-day witnesses a bearish curve with its 200-day average recording a negative crossover in the Solana price chart. This highlights that the SOL token may continue losing momentum.
Will SOL Coin Rise Back Up?
Maintaining the price above its crucial support level of $181 could result in the Solana price retesting its immediate resistance level of $200. Furthermore, if the bullish sentiment intensifies, this could push the price toward its upper resistance level of $210 this month.
On the contrary, if the bears outrun the bulls, the SOL price could retest its support of $181. Moreover, if the bearish sentiment intensifies, this could result in the 06th largest crypto token plunging toward its lower support level of $155 in the coming time.
Are you one of many who are curious to explore the long-term prospects of SOL tokens? Read CoinPedia’s latest Solana Price Prediction today to uncover the possible riddles!
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FAQs
If the market favors the bulls, the Solana price may reach a maximum trading value of $400 this year.
Amid increased adoption and rising bullish sentiment, the SOL coin price may achieve this target price by 2029.
At the time of writing, the value of one SOL crypto token was $183.92.
