Solana (SOL) Surges to $165: Is $200 Within Reach This Month?

Solana (SOL) Surges to $165: Is $200 Within Reach This Month?

Overview of Solana (SOL) Price Movement

With the price of Bitcoin achieving a new all-time high (ATH), the cryptocurrency industry continues to display a significant uptrend in its valuation. The SOL price has successfully recorded a new 25-month high, indicating a robust bullish sentiment in the industry. Further, the SOL token has added approximately 20% within the past seven days and 50% over the past 30 days, highlighting an increased buying pressure within the market. Moreover, the Solana price has recorded a return of 64.59% to its investors since the year started.

SOL Price On The Path To Test $200 Mark!

The Solana token displayed a neutral trend by trading in a closed range between $100 and $115.55 for a brief period. As the market volatility grew, the bulls regained momentum and recorded a jump of 35.45% before facing rejection at the resistance level of $135.45.

Following this, the SOL coin price traded sideways for the next few days, indicating a cool-off in the price action within the crypto industry. After testing its low of $115.55, the Solana token regained momentum and jumped 29.25% in the chart, after which the price faced rejection at $149.35. After trading in a closed range between $135.45 and $149.35 for about a week, the bulls successfully broke out of the resistance level and recorded a jump of 11.60% in valuation. Since then, the price has been constantly trading under a bullish influence.

Analysis of Solana (SOL) Price Movement

  • The Relative Strength Index (RSI) displays a bearish curve above the overbought range, highlighting a massive ongoing price action in the industry.
  • Further, the average shows a constant rise, suggesting uncertainty in the future price movements of this altcoin.

Future Prospects of Solana (SOL) Price

If the bulls push the Solana token price above the resistance level of $170, the price will continue to gain momentum and test its upper level of $185 this week. If the bulls hold the price at that level, it will set the stage for SOL price to attempt to test its upper limit of $200.

Negatively, a bearish trend reversal will pull the price toward its support level of $149.35. Moreover, if the price continues to trade under a bearish influence, it will plunge and prepare to test its lower support level of $135.45.

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