Elena R
The crypto industry continues to display significant fluctuation in the chart due to the increased volatility in the market. Further, top tokens have recorded massive price movements within a short period, indicating an increase in the buying-and-selling pressure within the crypto space.
On the other hand, the Solana price has added 21.32% within the past seven days and 36.40% over the past 30 days, highlighting a strong bullish sentiment in the cryptocurrency industry.
Solana Token Records Increased Price Volatility!
The SOL token traded in a closed range between $94.25 and $100 for a while, following which the market gained momentum and the Solana price recorded a jump of 16.74% over three days.
After facing rejection at $110.91, the altcoin displayed a neutral trend by trading sideways for the next eleven days. As the market volatility grew, the bulls lost momentum and recorded a correction, resulting in the price breaking down its support level.
The Solana price then traded in a closed range between $100 and $107 for about a week. Following multiple failed attempts, they successfully regained momentum and recorded a jump of 11.51%, after which the price traded sideways for a while.
Recently, the bulls jumped 26.28%, following which it faced rejection at $135.45. Since then, the price has been trading in a closed range, indicating a decrease in the price action for the altcoin.
The Relative Strength Index (RSI) displays a sharp rise in the chart, suggesting an increased buying pressure in the crypto industry. Further, the averages show a high possibility of a bullish convergence, suggesting the price will continue gaining value in the coming time.Â
Will SOL Price Increase?
If the market pushes the price above the resistance level of $135, the bulls will regain momentum and prepare to test its upper resistance level of $143. Maintaining the price at that level will set the stage for the Solana token to attempt to test its resistance level of $150 by the weekend.
Conversely, if a trend reversal occurs, the SOL price will lose momentum and fall to test its support level of $125. Moreover, if the bears continue to hold power over the bulls, it will plunge and prepare to test its lower support level of $117 in the coming time.
