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.
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.
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.
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!
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.
The weekly trade has begun on a bearish note, with the prices of most tokens…
A South Korean court has sentenced three members of a crypto scam ring to prison…
XRP has shown some interesting price movements over the past 24 hours, with increased trading…
Amid the bearish market sentiment, Cardano's (ADA) price prediction has become a key topic among…
Bitcoin is about to close the monthly trade on a bearish note, which may hinder…
Shiba Inu(SHIB) has been making headlines, especially with its recent development. It has started flashing…
