Solana

Resistance

<p>The post <a href="https://coinpedia.org/price-analysis/solana-struggles-despite-clearing-congestion-will-sol-price-reclaim-200-in-may/" rel="noopener noreferrer nofollow">Solana Struggles Despite Clearing Congestion! Will SOL Price Reclaim $200 In May?</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>The cryptocurrency industry continues to trade under a strong bearish influence as top crypto tokens struggle to hold their respective values above the important support levels, indicating uncertainty in the future price action of these altcoins.</p>
<p>On the other hand, despite adding 21.68% within the past seven days, the Solana price has recorded a correction of 20.86% over the past 30 days. Moreover, this altcoin has lost 6.59% within the past day, highlighting a strong bearish sentiment for the Solana token in the crypto space.</p>
<h2 class="wp-block-heading" id="h-sol-price-repeated-fails-to-break-out-of-its-resistance-zone">SOL Price Repeated Fails To Break Out Of Its Resistance Zone:</h2>
<p>The <a href="https://coinpedia.org/price-prediction/solana-sol-price-prediction/" rel="noopener noreferrer nofollow">SOL price</a> displayed a mixed sentiment by trading between $76.75 and $126.75 for the first 2 months of 2024. Following this, the bulls gained momentum, resulting in the price recording a high of $210.80 on 18th March, a jump of 110.80% in valuation.</p>
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/-hwF0V48WDdEx5GefRI4bq5PlAQNAUTtQC028_cX4WjWcB4PGfL8cpslGhjiwVvBpVC54AhZy4wT7-jCqOSxC7Jd8niY03VX7S4FTKnqlWgPwB0gzS241hZUO7lYnR1udXTKlr3GxoOFVaw9ISREq7I" alt="Solana Price Analysis">
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  TradingView: SOL/USDT
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</figure>
<p>Following this, the SOL token displayed a neutral trend by trading sideways between $168 and $204.75. As the volatility in the market grew, the bulls lost momentum and recorded a correction of 29.87% in its portfolio. Since then, the price has been trading between $126.75 and $155.25.</p>
<h2 class="wp-block-heading" id="h-solana-s-market-sentiments">Solana’s Market Sentiments:</h2>
<p>The Cross EMA 50/200-day shows a negative price action with the EMA 50-day recording a bearish convergence in the 1D time frame, highlighting a weak price action for the altcoin in the market.</p>
<p>On the other hand, the technical indicator, RSI, displays a bearish curve over the mid-point, highlighting an increase in the selling-over-buying pressure within the crypto space. Furthermore, the average shows a high possibility of a bearish convergence, suggesting a negative outlook for the <a href="https://markets.coinpedia.org/solana/" rel="noopener noreferrer nofollow">Solana token</a> this week.</p>
<h2 class="wp-block-heading" id="h-will-sol-price-go-up">Will SOL Price Go Up?</h2>
<p>If the market regains momentum, the bulls will test its resistance level of $155.25 soon. Maintaining the price at that level will set the stage for the Solana price to test its upper resistance level of $180.75 during the upcoming week.</p>
<p>Negatively, if the bears continue to dominate the crypto market, in such a situation, the SOL coin price will continue trading under a bearish influence and plunge toward its important support level at $126.75 in the coming time.</p>

Solana Struggles Despite Clearing Congestion! Will SOL Price Reclaim $200 In May?

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