Price Analysis View Non-AMP

Solana Struggles Despite Clearing Congestion! Will SOL Price Reclaim $200 In May?

Published by
Elena R

The cryptocurrency industry continues to trade under a strong bearish influence as top crypto tokens struggle to hold their respective values above the important support levels, indicating uncertainty in the future price action of these altcoins.

On the other hand, despite adding 21.68% within the past seven days, the Solana price has recorded a correction of 20.86% over the past 30 days. Moreover, this altcoin has lost 6.59% within the past day, highlighting a strong bearish sentiment for the Solana token in the crypto space.

SOL Price Repeated Fails To Break Out Of Its Resistance Zone:

The SOL price displayed a mixed sentiment by trading between $76.75 and $126.75 for the first 2 months of 2024. Following this, the bulls gained momentum, resulting in the price recording a high of $210.80 on 18th March, a jump of 110.80% in valuation.

Following this, the SOL token displayed a neutral trend by trading sideways between $168 and $204.75. As the volatility in the market grew, the bulls lost momentum and recorded a correction of 29.87% in its portfolio. Since then, the price has been trading between $126.75 and $155.25.

Solana’s Market Sentiments:

The Cross EMA 50/200-day shows a negative price action with the EMA 50-day recording a bearish convergence in the 1D time frame, highlighting a weak price action for the altcoin in the market.

On the other hand, the technical indicator, RSI, displays a bearish curve over the mid-point, highlighting an increase in the selling-over-buying pressure within the crypto space. Furthermore, the average shows a high possibility of a bearish convergence, suggesting a negative outlook for the Solana token this week.

Will SOL Price Go Up?

If the market regains momentum, the bulls will test its resistance level of $155.25 soon. Maintaining the price at that level will set the stage for the Solana price to test its upper resistance level of $180.75 during the upcoming week.

Negatively, if the bears continue to dominate the crypto market, in such a situation, the SOL coin price will continue trading under a bearish influence and plunge toward its important support level at $126.75 in the coming time.

Also Check Out : Legendary Crypto Trader Predicts Solana Price Breakout to $360 Soon

Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

Recent Posts

Bitcoin Rich List: Who’s Stacking, Who’s Slacking?

In recent months, many major companies around the world have started buying large amounts of…

June 1, 2025

XRP Price Prediction for 2040: Will It Be Enough to Quit Your 9-to-5?

Many crypto investors dream about the day their favorite coin takes off — and for…

June 1, 2025

This Hot New Altcoin In DeFi Is Turning Heads

As the month of May draws to a close, investors are searching for the best…

June 1, 2025

Best Crypto Coins to Watch This Week and Buy

This week’s crypto spotlight shines brightly on a select group of coins capturing investor interest…

June 1, 2025

Missed Bitcoin at $1? Bitcoin Solaris at $5 Is the Closest You’ll Get to a Real Second Shot

Most investors who passed on Bitcoin early didn’t lack belief — they lacked access, context,…

June 1, 2025

MOONPIG Price Crashes 65% & Kaspa Holds as Punisher Coin See Whale Action: Is this the Next 1000x Pump?

Is meme coin season peaking, or just getting smarter? Right now, Kaspa (KAS) market sentiment…

June 1, 2025