- Currently, the SOL crypto price is retesting the $160.08 support level.
- Technical indicators summary suggests a bullish signal in the current phase.
- More than $270 Million has been bridged from other chains to Solana.
Solana (SOL) is one of the most popular blockchain platforms launched in March 2020. The protocol allows decentralized app (dApp) creation and improves scalability with the combination of multiple consensus algorithms. SOL crypto has been delivering positive returns since October 2023.
In recent sessions, SOL has gained a lot of applause from investors worldwide. A recent post from @SolanaFloor on X shows that over $270 Million have been bridged from other chains to Solana, which can be beneficial for Solana.
Will Buyers Attain the $211 Mark in Solana Crypto?
SOL Crypto recorded 29.74% positive profitability in February 2024. That became a noticeable price change and shifted market sentiments into bullishness. March 2024 also followed the same commitment and returned over 60% of profits. Conversely, traders became a bit cautious about the price.
That happened because of the price upsurge in the previous two months. Consequently, the Solana price faced bearish remarks in April, resulting in an over 37% decline. In the current month, crypto is slowly recovering from the correction. It is underperforming the FTX Holdings cryptocurrencies at present.
Price, Volume, and Social Dominance Analysis
The peak rise of social tweets about Solana occurred in mid-March 2024. The social buzz covered over 11% dominance at that time while influencing the price positively. At present, the social dominance is at 5.29%, and the price is slowly rising, reflecting the increasing bullish sentiments of traders.
Technical Analysis of the Solana (SOL/USD)
Source: SOL/USD Daily Chart by TradingView
The long-term bullish view lies above the key exponential moving averages. The current price is retesting the 50-day EMA, which can become a dynamic support. Additionally, the 200-day EMA remains reserved for major changes.
The SOL price has gained a strong bullish reaction from the $143.78 demand zone, resulting in the breakout of a trendline forming above. The price is making a minor bullish correction toward the $160.08 key level. The price action strategy suggests the price may retest the key level before reflecting a bullish outlook above $188.85.
Furthermore, the relative strength index (RSI) line is downsloping in correlation with the spot price, reflecting a neutral perspective on the price. At present, the RSI is at 53.07 below the SMA line.
Summary
The Solana crypto price has been performing with bullish sentiments. It has recently gained strong bullish momentum from the $118.67 bullish point of interest (POI). The price may retest the key level before reflecting a bullish outlook above $188.85 while analyzing the price action strategy.
Technical Levels
The immediate resistance for the SOL token price was $188.85 at the time of writing, while the $118.67 was the next support. The price may sharply rise if it closes above the upper resistance. On the flip side, it may fall to 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.