Could Solana Regain Bullish Momentum And Push To $200?
Solana's price has struggled to rise for a month. After five months of price growth, Solana hit $208 on March 18. Solana briefly crossed $200 before falling to $167 before correcting to $203 on April 1.
Again, this cross over $200 was temporary, and Solana has fallen since. The current price level has Solana down 30% in six weeks. With optimistic signs, Solana is poised to continue its rise after a harsh drop.
Return of Solana Bullishness?
Solana's parabolic price climb from October 2023 to April 2024 inflated the market, which had to adjust. The popularity of Solana meme coins and Bitcoin's bullish crypto market greed fueled this growth.
Solana temporarily overtook BNB in market cap after displacing XRP and ADA. After greed turned to prudence, Solana corrected with the market.
Bulls defended Solana's $120 low on May 1. Crypto expert Inmortal claims this was Solana's final substantial price drop in the current market cycle.
Thus, Solana is currently trading around $140, a marginal support. A SOL chart released by Inmortal on social media shows the coin poised to reach $320, a new record.
Other analysts foresee a bullish Solana move besides Inmortal. Maximilian FX and Orson Fawley also think Solana can break $200 again.
The current price of Solana is $145, down 30% from its annual high of $208. After such a steep decrease, Solana has set crucial price levels for its next major move. At $158, price resistance begins.
Solana's break over $160 may indicate the correction is gone and the uptrend resumes. The path to $200 has more resistance levels at $175 and $185. However, a decline below $140 might lead to the next significant support level around $120. #altcoins #buythedip #solana #sol $SOL
