The cryptocurrency market has experienced a strong bearish pullback over the past 24 hours. This has caused top tokens to drop their major support levels. Moreover, SOL price has registered a similar price action by falling below the $200 watch level.
Will the self-proclaimed “Ethereum-Killer” gain momentum again and surpass the Binance (BNB) token to become the 5th most valued crypto token this weekend? In this article, we present the possible short-term opportunities of the Solana (SOL) token.
SOL price loses ~10%, stands below $200!
Solana price has fallen below the important $200 price level with an intraday decline of 9.62%. With a trading volume of $5.243 billion, this altcoin has suffered a significant setback this week, indicating an increase in bearish influence.
With a Year-to-Date (YTD) return of +3.48% and a market cap of $94.719 billion, the Solana crypto is currently the 6th 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. Moreover, this altcoin could continue to lose value this week as the average trendline shows a bearish convergence.
The 50-day EMA shows a negative curve on the Solana price chart, indicating bearish price sentiment. However, the 200-day EMA offers strong support, highlighting the scope for a potential bullish reversal in the near future.
Should Solana be kept or sold?
If a bullish reversal occurs, the SOL coin price could regain the USD 200 mark and head towards the important resistance level at USD 209. Suppose the bullish sentiment continues at that point, it could push the price of this altcoin to the highs of $225.
Conversely, if the bears outrun the bulls, the Solana token could fall towards the $190 support level. Furthermore, if bearish sentiment strengthens, it could pull the price towards the crucial support level at $181.
Wondering if the SOL cryptocurrency will ever reach $1000? Read CoinPedia’s Solana Price Prediction to discover the possible mysteries until 2030!
Frequently asked questions
With a 24-hour trading volume of $5.099 billion, the SOL crypto token is currently exchanging hands at $196.04.
With a potential Solana ETF filing, the native token could end the year at a high of $400.
The all-time high (ATH) of the SOL coin is $263.83 and was recorded on November 23, 2024.
Credit : coinpedia.org
