The SOL Token Displays an Increase in Bullish Sentiments
After displaying a neutral trend for about a week, the SOL price has successfully regained momentum and recorded a jump of approximately 7% over the past seven days, indicating an increase in the bull power within the crypto market.
The Solana token has successfully concluded the month of March on a positive note by adding over 54% to its valuation during this time. Moreover, its YTD stands at approximately 95%, highlighting a massive buying pressure for this altcoin in the long-term perspective.
- The SOL token traded in a closed range between $51.30 and $77.60 for over three weeks.
- Bulls gained momentum and recorded a jump of 66.20% within the next five days.
- Following this, the SOL token lost momentum and experienced a pullback below its support level.
- It traded in a range between $77.60 and $107.77 for approximately nine weeks, highlighting weak buying and selling pressure.
Positively, the Cross EMA 50/200-day acted as a support to the price, resulting in the SOL token regaining momentum and displaying a bullish price action. The Solana coin price recorded a jump of 99.32% and successfully reclaimed the $200 market for the first time in over 26 months.
Following this, the bulls faced rejection above the resistance level of $200, and since then, the Solana token has been trading in a closed range between $170 and $200 and is on the verge of testing its resistance level, the outcome of which is unpredictable.
The Moving Average Convergence Divergence (MACD) displays a constant decline in the red histogram, indicating an increase in the buying-over-selling pressure in the crypto industry. Moreover, the averages show a high possibility of a bullish convergence, highlighting a bullish price action for the altcoin in the coming time.
Can SOL Price Reach $1,000?
If the market holds the price above the resistance level of $200, the bulls will regain momentum and prepare to test its next major resistance level of $250 in the coming time. Moreover, if the Solana price continues to trade under a bullish influence, it will run to test its upper resistance level of $300 during the coming month.
Conversely, if a trend reversal occurs, the bulls will lose momentum and fall to test its support level of $170. Furthermore, if the bears continue to overpower the bulls, it will continue bleeding and fall to test its lower support level of $140 in the coming time.
