The cryptocurrency is apparently set to hit a new all-time high of $320.
The Solana price has been struggling to return to bullish levels over the last month. Previously, Solana reached $208 on March 18, after experiencing a sharp price increase that lasted more than five months. However, this crossover above $200 was very short-lived, as its price fell to $167 before reversing and reaching $203 again on April 1.
Once again, this crossover above $200 was also brief, so it can be said that Solana has been on the decline ever since. Interestingly, the recent price level has led Solana to a 30% correction in the last six weeks. While this is a serious drop, Solana now appears to be in a position to resume its uptrend, and indicators are now pointing higher.
Will Solana Regain Bullish Momentum?
Solana’s price rise from October 2023 to April 2024 caused an overheated market that was sure to reach a correction. This rise was largely fueled by the rise in popularity of Solana meme coins, as well as the general bullish greed of the cryptocurrency market led by Bitcoin. This rally saw Solana briefly surpass BNB in the market capitalization rankings after completely displacing XRP and ADA.
However, as greed turned to caution, Solana began to correct with the rest of the market, falling to a low of $120 on May 1, as the bulls defended this price support. According to Inmortal, a well-known crypto analyst, this was the last major price correction for Solana in the current market cycle. Consequently, Solana now finds itself hovering around minor support at $140.
In addition to Inmortal, there are other analysts who predict a bullish movement for Solana, among which Maximilian FX and Orson Fawley stand out. They also believe that Solana is ready to surpass the $200 price point again.
Another well-known crypto analyst, Alan Santana, on the other hand, notes the emergence of bearish candlestick patterns such as shooting stars and inverted hammers, along with a decline in trading volume. These signals suggest a possible loss of momentum and investor confidence. In his publication via X he highlights the following:
“There is potential for a bearish continuation based on the fact that we have lower volume every session, a weak MACD, lower highs and strictly bearish marketwide action.
My numbers are shared with you for illustration purposes only and should not be construed as financial advice.”
These Price Levels Must Be Taken into Account for Solana’s Next Movement
Solana recently traded at $145, which is a drop of over 30% from its yearly high of $208. After such a steep drop, Solana has created some key price levels to keep an eye on during its next big move.
The first notable price resistance is at $158. If Solana manages to break above $160, the correction may have ended and the uptrend may have resumed. Other resistance levels on the path to $200 lie around $175 and $185. On the other hand, a drop below $140 increases the risk of a move towards the next major support level at $120.
Although the overall crypto market sentiment is currently neutral, the environment appears to be favorable for a SOL price recovery.
For today, CryptoPredictions forecasts the SOL Price to be in the $155.006 – $227.951 price range. Solana is predicted to end today at $182,360.
By Audy Castaneda
