Solana Price Analysis: SOL On-chain Sentiments Hint A Breakout Rally?

Story Highlights

The SOL price soars over 3% in 24 hours and reclaims the $240 mark.

The technical indicators record a mixed price sentiment, highlighting increased price volatility.

Sustained bullish action could push the price toward the $300 mark.

The Solana price has maintained its 04th position in the crypto market with a monthly surge of over 40%. Moreover, with on-chain sentiments intensifying, the Solana project titled the “Ethereum Killer” seems to be coming to fruition.

With the current market sentiment, is this a good time to buy Solana? Read CoinPedia’s Solana price analysis article to uncover the possibilities!

SOL Price Hints At a Strong Bullish Reversal!

With an intraday jump of 2.64% and a trading volume of $3.604 billion, the Solana price has reclaimed the $240 mark with a 24-hour high of $246.78. Moreover, it is currently trading at a discount of 6.53% from its ATH.

TradingView: SOL/USDT

The Simple Moving Average (SMA) acts as a resistance to the price chart in the daily time frame. This hints at an increase in the bearish sentiment for the altcoin in the crypto market.

The MACD indicator shows a steady rise in the red histogram with its averages recording a bearish crossover, suggesting a bearish outlook for the Solana price in the upcoming month.

Will Solana Rise Back Up?

If the bulls regain momentum, the SOL coin price will retest its resistance level of $250. Maintaining the price above that level could set the stage for it to head toward its upper high of $300 this year.

On the flip side, if a bearish reversal occurs, the Solana token will retest its low of $210. Furthermore, with increased selling pressure, this altcoin may plunge toward its lower support level of $181.

Curious to explore if the SOL coin price will hit $500 this crypto bull run? Read CoinPedia’s Solana price prediction article and also subscribe to us to stay updated on the latest crypto news first!

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