Amid the ongoing bullish recovery in the crypto market, the Solana price has successfully reclaimed the $150 mark. Moreover, the altcoin is on the verge of testing its important resistance level of $155, indicating increased price action in the crypto market.
Following this, Solana-based tokens have recorded a similar price action by adding significant value to their respective portfolios within a short period. With the present market sentiments, is this the right time to invest in Solana? Dive in to find out the possible short-term price prospects.
With a jump of ~3% in the past 24 hours with a trading volume of $2.83 billion, the Solana price has maintained its value above the $150 mark. Furthermore, it has jumped 16.92% over the past week, indicating an increase in the buying pressure for the altcoin in the market.
Despite recording a correction of ~7% during the past month, it has rewarded its long-term investors with a Year-to-Date (YTD) return of +48.04%. This highlights a high possibility of a bullish action in the coming time.
With the rising volatility in the crypto market, the Solana blockchain has outperformed other chains by recording 22.2 million daily active users on its chain. Notably, Tron chain has recorded the second highest active users with 15.3 million.
Other top chains include BASE with 9.8 million, followed by Ronin with 8.11 million, and Toncoin with 7.08 million. With Solana outshining major blockchains as per the data collected on 25th September, it indicates an increase in the adoption of this chain in the crypto market.
A bullish reversal could result in the Solana crypto breaking out of its resistance level of $155 and heading toward its upper resistance level of $181 in the coming time. Maintaining the price at that level could stage this altcoin to head toward its yearly high of over $200 during the upcoming months.
However, a bearish reversal could pull the price of the SOL token toward its crucial support trendline during the upcoming time.
Curious about SOL price targets in the future? Read our Solana Price Prediction
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