Solana Price Analysis
The crypto market has displayed a stable price action over the past week, indicating a cool-off phase. However, during this period, top tokens have experienced increased adoption. This highlights a high possibility of a bullish reversal in the coming time.
On the other hand, the Solana price has maintained its value above the $140 mark, suggesting a rising stability of this project in the crypto space. Will the Solana (SOL) price regain momentum and head toward a new yearly high during the upcoming weeks? Or will the price consolidate?
The Solana price has added ~1% in the past 24 hours and 2.07% over the past week. Moreover, it has surged ~10% during the past month and has a YTD return of +45%. With a market cap of $68.64 billion, it has maintained its 5th position in the market.
Furthermore, it has formed a symmetric triangle pattern in the Solana price trend and has continued trading within it since September. This highlights a weak price action for the altcoin in the long-term perspective.
The EMA 50/200-day constant supports the SOL price chart in the 1D time frame. This highlights increased bullish sentiment for the altcoin in the crypto space.
The MACD indicator records a significant decline in the red histogram. Further, with its averages recording a potential bullish convergence in the price trend. The Solana token may continue gaining value during the upcoming time.
If the bullish momentum sustains, the Solana coin price could retest its resistance level of $155. Moreover, if the altcoin market regains momentum, this could result in it heading toward its upper resistance level of $181.
On the flip side, if the bears outrun the bulls, the SOL crypto could retest its support level of the symmetric triangle pattern. Further, if the bulls fail to regain momentum at that level, it could result in it plunging toward its crucial support level of $127.
Wondering about the future price action of your SOL crypto holdings? Read our Solana Price Prediction 2024 – 2030 to uncover the mysteries!
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