Solana (SOL) Price Tops The Charts With Surge To $180: What’s Happening?
After a month of correction, Solana touched the $187 mark today after an impressive surge. At the time of writing, Solana price is $180.67 after a slight decline from earlier. Moreover, its market cap has surged to $81,181,936,656 and trading volume to $5,418,801,031 with 79% gains.
Solana followed the downtrend for a long time, where the prices went as low as $120 at the beginning of May, but it made an active recovery these last few days. It comes as crypto market conditions return to the greed zone per the fear and greed index. Complementing the market growth, Bitcoin and Ethereum are also majorly up to $70,903 and $3817, bringing the bulls to the market.
Still, Solana isn’t in its prime as it rose to $202.87 earlier in the March rally and has an all-time high record of $260.06, set two and half years ago. Now, the investors are eyeing a similar surge as of March or even higher because of its high potential and harboring all the popular meme coins on the network.
How High Can Solana Price Next?
Solana surge began on the 15th when the price was just $150.72 to the earlier high of $187 after forming support around $166.The charts seem still bullish for the altcoin, where the current support lies at $175 and the key resistance at $190. With the bullish market situation and the bullish sentiments for the network, the SOL price might target $188 next. If Solana succeeds in crossing the $188 Solana mark, the prices may go higher to $195 and $200 subsequently.
However, if the price moved lowered and went down the $178 level, the Solana price could fall to a low of $160, a crucial trend reversal zone. Overall, the moving averages indicate a strong buying zone for this altcoin, which can further push the SOL prices.
Final Thought
Compared to other popular altcoins, Solana suffered the most, especially over the last few weeks. The SOL’s price continuously declined despite the rising demand for Solana meme coins. However, this recent price rally has brought back the Solana network with a recovery to the $180 range after a month. The price rally is adding to the analyst’s prediction of the SOL price rising to $250 by the end of the year. However, the Solana price graph isn’t stable yet, and despite the ongoing surge, the pullback might hit the altcoin.
Also Read: Why Are Institutional Investors Walking Away From Ethereum’s Products?
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