Elena R
The cryptocurrency market has recorded a bearish price action for the fourth consecutive day, highlighting an increase in the negative influence within the crypto space. Furthermore, top tokens lose momentum this week as Bitcoin and Ethereum tokens hover close to their important support levels.
On the other hand, the SOL price has failed to hold its bullish momentum over the past few days. This has resulted in it erasing its weekly gains. With the rising volatility in the crypto market, can Solana price reclaim $200 this August?
Dive in as, in this article, we cover the market sentiments, price analysis, and possible short-term price targets of the Solana (SOL) crypto token.
SOL Price Records A Bearish Start To The Month, Major Breakdown Inbound?
Amid increased selling pressure in the crypto market this week, the Solana crypto price has plunged 7.83% within the past 24 hours with a trading volume of $3.523 Billion, a change of +37.44%. Further, has has dropped approximately 13% this week, indicating a negative outlook during the upcoming days.
Notably, the altcoin had recorded a significant uptrend in its respective portfolio over the past few weeks by adding 32.06%. However, the SOL token failed to hold its value above the $190 mark, resulting in it experiencing the recent price dump.
The prime reasons for the recent drop are speculated to be a natural correction or increased fluctuations in the cross-border financial system.
Solana Market Sentiments:
The SMA indicator is on the verge of recording a bearish crossover in its price chart, suggesting a negative outlook for the altcoin this week.
The Relative Strength Index (RSI) experiences a bearish convergence in the 1D time frame and has displayed a sharp plunge toward its neutral point. This highlights an increase in the selling pressure for the SOL coin price in the crypto space.
Will SOL Price Hit $200 This Year?
If the crypto market experiences a bullish reversal, in that case, the Solana price will regain momentum and head toward its resistance level of $181.50 this month. Maintaining the price at that level could result in this altcoin preparing to test its important resistance zone above the $190 level.
Conversely, if the bears continue to dominate the crypto space, the SOL crypto price could plunge toward its important support level of $155 in the coming time.
