The post Solana Price Soars! How High Can The SOL Price Go This Month? appeared first on Coinpedia Fintech News
With the increase in bullish sentiments within the crypto market, top altcoins have added significant value to their respective portfolio. Further, the SOL price has added over 7.25% within the past day, resulting in it breaking its important resistance level.
The Solana coin price traded in a closed range between $90 and $100 for a brief period, indicating a weak price action for the coin in the market. As the market volatility grew, the bulls lost momentum and recorded a breakdown in the chart.
The bulls held the SOL price above the support level of $80.19, resulting in a bounce back in value.
TradingView: SOL/USDT
Following this, the price added approximately 35% in valuation. After facing rejection at $108.18, the bulls lost momentum and traded in a consolidated range between $108.18 as its resistance and Cross EMA 200-day as its support level.
Recently, the bulls attempted a break out from its important resistance level but the bears overpowered the bulls and the SOL price experienced a pullback in the chart.
However, EMA 50-day acted as a support, the price recorded a bounce back and added over 7.5% within the past 24 hours, indicating a massive increase in the buying sentiment in the cryptocurrency industry.
Will Solana Price Drop Again?
The technical indicator, MACD, displays a constant rise in the histogram, highlighting an increase in the buying and selling pressure within the market. Moreover, the averages show a bullish convergence, suggesting the price will undergo massive price action in the coming time.
If the market continues to gain power and push the Solana price above its resistance level of $117, the coin will test its upper resistance level of $125 by the weekend. Maintaining the price at that level will set the stage for the SOL token to attempt to test its resistance level of $135 in the upcoming weeks.
Conversely, if the bears overpowered the bulls, the SOL price would lose momentum and fall to test its support level of $108.18. Further, if the bears continue to dominate the market, it will plunge and prepare to test its lower support level of $100 this month.