With the price of Bitcoin heading toward its $70,000 mark, the crypto market has successfully regained momentum by recording a significant jump in valuation over the past few days.
Moreover, the Solana price has displayed a strong bullish reversal by breaking out of its important resistance level. With the rising bullish sentiment, is this the right time to buy Solana chain tokens?
Planning on investing in the Solana ecosystem? Scroll down as, in this article, we have covered the market sentiments, price analysis, and possible short-term price targets of Solana and Raydium crypto tokens.
After trading under a bearish sentiment for a brief period, the SOL price has successfully regained momentum and has added 35.39% in July. this has resulted in it breaking out of its important resistance zone and heading toward its target price of $200.
The technical indicator, RSI, has displayed a constant rise toward the oversold range in the 1D time frame. Further, the average trendline constantly supports the price chart. This suggests an increase in the buying-over-selling pressure for the Solana price in the market.
If the market continues to trade under a bullish sentiment, the SOL price will prepare to test its resistance level of $210. Conversely, a bearish reversal could result in the Solana crypto plunging toward its lower support level of $155 during the coming time.
Also read: Solana Price Analysis: Here’s What May Happen if the SOL Price Hits $200 This Week!
Amid increased price volatility in the crypto space, the Raydium price has jumped 10.27% within the past day with a trading volume of $37.48 Million. Moreover, with a YTD return of 108.39% and a market cap of $689.94 Million, it has secured the 99th position in the global crypto list.
The Moving Average Convergence Divergence (MACD) has constantly recorded a green histogram since the month started, highlighting a long-term bullish sentiment. Moreover, the averages display a bullish trend, indicating the RAY price will continue gaining value this week.
If the bulls hold the Raydium price above its support level of $2.410, it will prepare to test its upper resistance level of $3.350 in the coming time. However, if the bears overpowered the bulls, the altcoin will lose momentum and may retest its low of $1.90.
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