Solana Price Analysis: Can SOL Get to the $200 Mark Soon?

Solana Price Analysis: Can SOL Get to the $200 Mark Soon?

Solana (SOL) has seen a strong surge in price over the past 24-hours, indicating a bullish trend.

 SOL is still above the $165 support level, and more upside is expected to continue.Solana has a current price of $166.25, reflecting a 1.08% increase within the last day: Solana has also seen an increase in its market capitalization by 1.81% to $76,445,328,360. The 24-hour trading volume increased by 16 percent, while the monthly trading volume increased by 1081%, to $2,042,200,011.

For the past month, Solana has shown an upward movement of 14.02% which is a positive sign for the bulls. This has been driven by a rise in the confidence of investors and positivity in the market trends regarding the Solana ecosystem. SOL has been trading in between $140 and $165 which shows that the price is rising.

Recently the SOL price was trading between $163.12 and $167.04 which indicates that the coin is in a consolidation phase after experiencing an uptrend in the first week of this month. This sideways movement gives the signal that buyers and sellers are currently in a deadlock where neither side can overpower the other. During the week, the altcoin has rallied 1% as a result of a small market pull and it has the look of building up for a breakout. If the trend continues, the price may break the $170 resistance level as indicated in the figure above. If the trend continues to rise, the Solana price may be trading above $190 and possibly $200 shortly.

However, market sentiment is a critical factor in determining the outcome of the trading strategy. If sentiment changes, Solana could get some support at a price level of $160. A bearish trend could push the price to $155. A further increase in bearish pressure may exert additional pressure on support levels, which will be a sign of a bearish market.

TVL Reveal High Market Confidence

Solana’s total value locked (TVL) is up to $4.806 billion, which shows that the markets are highly active in this region. As of today, the market capitalization of stablecoins on the platform is about 3.042 billion, which could be considered an indication of a rather high level of investors’ confidence.

Source: defillama
Source: defillama

The Solana price technical indicators on the daily chart have given mixed signals as the token is now trading at $166.25. The MACD indicator suggests that a bearish crossover is present. The MACD line goes below the signal line (blue). This could indicate bearish pressure in the short run since the price is likely to decline.

The MACD histogram also shows that the bullish momentum has weakened, which supports the bearish signal from the crossover. However, the Relative Strength Index (RSI) is at 51.70 indicates that the market is slightly favoring the upside but not decisively so, thus can be said to be balanced.

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