SOL Price On The Verge Of A Major Breakdown!

With the market leader, Bitcoin price, hovering close to its $69,000 mark, the cryptocurrency market has entered into a consolidated phase

The cryptocurrency market has entered a period of consolidation, with Bitcoin price (BTC) hovering around the $69,000 level. Top altcoins are also experiencing a neutral price action in their respective portfolios.

Solana coin continues to struggle to hold its price above the resistance level of $180, indicating a rising bearish influence in the crypto space. Investors are asking questions like “Will SOL price ever go back up?” and “Is Solana token still alive?”.

In this article, we will cover the market analysis and possible short-term price targets of the SOL token.

SOL Price On The Verge Of A Major Breakdown!

Despite recording a surge of 70% in its trading volume, the Solana price continues displaying a neutral trend by recording a correction of 0.10% within the past day and 0.18% over the past week.

However, with a trading price of $164.79 and a market cap of $72.86 Billion, the Solana crypto token continues to hold its position as the 5th biggest cryptocurrency by market capitalization.

The Simple Moving Average (SMA) constantly acts as a resistance to the price chart. However, it shows a high possibility of a positive crossover, suggesting a mixed sentiment in the crypto space.

The technical indicator, RSI, successfully retests its halfway mark, indicating a strong bullish sentiment in the market. Furthermore, the average displays a high possibility of a bullish convergence in the 1D time frame, suggesting the SOL coin price will continue gaining value in the coming time.

Will The Solana Price Go Up?

If the bulls hold the price above the support zone, the SOL price will test its resistance level of $180 this week. Maintaining the price at that level will set the stage for Solana crypto to attempt to test its upper resistance level of $204 in the coming time.

Conversely, if the Solana coin price fails to regain momentum, it will test its support level of $155. Moreover, if the bears continue to gain power over the bulls, the SOL crypto will plunge toward its lower support level of $126 during the upcoming weeks.