- An increase of 4.10% has been observed in the SOL crypto price during the weekly trading session.
- The trading volume of Solana has increased over 60% in the last 24 hours.
- SOL/USDT cryptocurrency pair reflected higher liquidity in the Binance exchange.
Launched in March 2020, Solana (SOL) focuses on making decentralized finance (DeFi) more accessible on a larger scale. It is a highly functional open-source project which uses a dual consensus mechanism to improve scalability and usability.
SOL is the native token of this blockchain, whose price is currently recovering from a bullish correction phase that started in April 2024.
Will Solana Crypto Be Able to Claim the $200 Mark?
The investors strongly approached the SOL crypto price in February 2024. They rallied the crypto price by over 29% in Feb and 60.96% in Mar 2024. The upsurge in price shifted the market sentiments to bullishness. Despite experiencing heavy selling in April 2024, the Solana price showed strong bullish strength in the current month.
However, compared to the last seven days, crypto is still underperforming the global cryptocurrency market, and FTX holdings cryptocurrencies. The market capitalization of SOL stands at $74.44 Billion, ranked 5th out of 10,043 active cryptocurrencies in the world.
Price Volatility & Social Dominance Analysis
The social buzz of the SOL crypto peaked in mid-March 2024. The dominance rose above 11%, along with the price. However, the social sentiments constantly declined after March 17, 2024, adversely influencing the price. The price has slowly risen in current sessions without being entirely influenced by social sentiments.
Technical Analysis of the Solana (SOL/USD)
The long-term outlook lies above the key exponential moving averages (EMAs) on the bullish side. The price has rebounded the 50-day EMA, indicating an uptrend continuation.
SOL price has overcome the consolidation ranges of $160.08 and $126.40. The price reflected a 14% bullish move after the breakout of the upper consolidation range. In the last few trading sessions, the price formed several bearish candles from the $183.97 level, the sellers’ presence. However, the price may retest the upper consolidation range per market technicals.
Furthermore, the relative strength index (RSI) shows bullish momentum in the current phase. It reflects that the buyers have the upper hand over the current price trend. The RSI is moving at 53.35 below the SMA line.
Summary
The Solana crypto price successfully overcame the bullish correction phase that started on March 18, 2024. The crypto price experienced a strong bullish reaction at the $126.40 level, breaking above the upper consolidation range. The price faced resistance from the $183.97 level and is moving to retest the upper consolidation range. The price is reflecting a bullish outlook after the retest.
Technical Levels
The immediate resistance for the SOL price was $183.97, while the $143.78 level was the next support. A sharp price rise can be seen if the price exceeds the upper resistance. Similarly, a drop below the mentioned support level can lead to a price pullback to lower levels.
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.