Solana Achieves $200 Milestone! Correction Impending For SOL Price?

The post Solana Achieves $200 Milestone! Correction Impending For SOL Price? appeared first on Coinpedia Fintech News

The cryptocurrency industry continues to display a strong uptrend in valuation, highlighting a robust bullish sentiment in the market. Further, top altcoins continue to record significant fluctuations, indicating a positive outlook for these tokens in the coming time.

On the other hand, Solana price has successfully reclaimed the $200 mark for the first time since December 2021, indicating a rise in investor’s interest in it. Further, the SOL price has added approximately 11% within the past 24 hours, resulting in it surpassing the Binance token and claiming the title of the fourth-largest cryptocurrency in the world.

Solana Price Hits 26-Month High!

The SOL coin price traded in a closed range between $100 and $115.55 for a brief period, indicating a weak buying and selling pressure for the token in the crypto industry. As the market volatility increased, the bulls jumped 26% in valuation before facing rejection at $135.45.

The Solana price displayed a neutral by trading sideways for the next seven days. After testing its low of $115.55, the SOL price regained momentum and recorded a jump of 29.25%, following which the altcoin traded sideways for over a week.

TradingView: SOL/USDT

Recently, the bulls regained momentum and jumped 32.38% before facing rejection just below the resistance level of $200, following which the price recorded a correction in the chart. However, the bulls regained momentum, and the Solana price successfully reclaimed the $200 during the early trading hours today.

The Moving Average Convergence Divergence (MACD) displays a minor decline in the green histogram, indicating an increase in the selling pressure within the market. Moreover, the averages show a high possibility of a bearish convergence, suggesting a negative price action for the altcoin in the coming time.

Will SOL Price Continue Rising?

If the market holds the price above the support level of $200, the bulls will regain momentum and run to test its resistance level of $225 this week. Maintaining the price at that level will set the stage for the SOL token to attempt to test its upper resistance level of $250 during the upcoming week.

Conversely, if the bears overpowered the bulls, the price would lose momentum and fall to test its support level of $185. Further, if the bears continue to hold power over the bulls, the Solana price will continue to bleed and test its lower support level of $170.