 is an open-source blockchain designed to facilitate the creation of decentralized applications (dApps).){kind=link}
- SOL crypto price has increased 10.20% during the weekly trading session.
- Technical indicators summary suggests a strong bullish signal in the current trading phase.
- The trading volume has reached $3.67 Billion while observing a decline of 15.83% in the last 24 hours.
Launched in March 2020, Solana (SOL) is an open-source blockchain designed to facilitate the creation of decentralized applications (dApps). The protocol focuses on improving the scalability of the blockchain by using a hybrid consensus mechanism.
In the current month, the SOL token price shows strong bullish strength after facing a correction phase in April 2024.
$200 Mark in Bulls Sight! Will Solana Price reclaim?
SOL crypto price got much appreciation from cruisers and traders in February and March 2024. The price collectively recorded over 110% positive profitability during those months. However, April became an initial profit-booking month by reflecting price action in the form of a bullish correction.
On May 1, 2024, the buyers made strong entries from the $118.67 key level. That resulted in a positive upsurge in the Solana crypto price, which buyers are rejoicing about in current sessions. As per the last seven days of data, the SOL price is outperforming similar Layer-1 cryptocurrencies by a 2.90% increment.
Price Volatility & Social Dominance Analysis
Since mid-March 2024, the social sentiments towards Solana crypto have been slowly fading away from the social media platform. This reflected an adverse effect on the crypto price and higher volatility when the price fell.
Conversely, a positive rise in social dominance can be seen since May 2024, which reflects positivity in price growth.
Technical Analysis of the Solana (SOL/USD)
The long-term bullish view lies above the key exponential moving averages in the broader outlook. SOL price rebounded the 50-day EMA from below, indicating a strong uptrend. Both the EMAs can act as dynamic support for the price.
SOL price has gained strong bullish strength from the $118.67 key level. The price increased over 40% while breaking above the $160.08 immediate resistance level. The current price trades at the $167.58 level at the time of writing.
It is moving toward the $183.97 level. As per the technical market speculations, the Solana crypto price reflects a bullish look in the current phase, which may lead to the $200 Mark.
The relative strength index (RSI) shows strong bullish momentum in the current phase. This reflects the buyers’ dominance over the current market price. The RSI is moving at 61.78 above the SMA line.
Summary
Solana Crypto price has been performing with strong bullish sentiments since October 2023. Crypto has recorded over 180% positive returns in the last six months. At present, the bulls are showing their dominance in the market price.
The technical market speculations also suggest a bullish look in the current phase. According to the current bullish strength, the price may likely reach the $200 mark.
Technical Levels
When writing, the immediate resistance for the SOL price was $183.97, while the $118.67 level was the next support. An upsurge in price can be seen if the price exceeds the upper resistance level. Likewise, a short-term fall can be expected if the price slips below the mentioned support level.
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Rajat is an MBA graduate specialized in finance who is a motivated self-starter, highly organized, and holds a good flair for understanding financial markets. His interest in economics and finance draws his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. His primary focus is on cryptocurrency price analysis and industry news coverage.