Despite Increased Volatility in the Crypto Market, Solana (SOL) Price Has Witnessed a Neutral Price Action

Solana price today continues hovering around the $150 mark, highlighting a cool-off in the price action.

The crypto market has been experiencing increased volatility in recent times. Despite this, the Solana price has shown a neutral price action, which highlights a weak price action for the altcoin in the market.

While the trading volume records a drop of approximately 14% over the past day, its value stays sideways. However, when compared in the longer time frame, this altcoin has soared over 15% in 30 days. This suggests an increase in the institutional and whale buying in the market.

As investors are curious about the short-term price prospects of Solana, Benzinga offers a technical analysis of the ATOM price.

What Next For The Solana Price Prediction?

The Solana price today continues hovering around the $150 mark, highlighting a cool-off in the price action. Notably, with a trading volume of $2.84 billion, the Solana token has recorded a change of less than 1% today.

Moreover, with a market cap of $77.89 billion, its dominance has increased to 2.5625%.

The Moving Average Convergence Divergence (MACD) displays a constant decline in the green histogram. Moreover, its average trendlines are on the path of experiencing a bearish convergence in the 1D time frame. This suggests an increase in the selling-over-buying pressure for the altcoin in the crypto market.

While the 50-day Exponential Moving Average (EMA) acts as a strong support for the Solana price chart, the 200-day EMA has now become a major resistance for the altcoin. This hints at an increase in the volatility for the 4th largest altcoin by valuation in the crypto sphere.

Solana Price Chart: 1D Time Frame

Is Solana A Buy?

If the SOL coin price manages to sustain its value above the $150 mark, this could propel it toward its immediate resistance level at $160.

If the bullish sentiment intensifies at that point, the price of Solana could continue soaring and reach its upper price target of $177 during the upcoming days.

On the flip side, if the bears outmaneuver the bulls, the Solana price could be pushed down toward its $135 mark. Furthermore, if the bulls fail to regain momentum, the SOL crypto may resume its bearish run and plunge toward its important support trendline of $127.