Solana price has factored in a modest increase of 1.92% in the last 24 hours.
The altcoin shows signs of price consolidation over the past few days.
The crypto market decided to take the bearish turn further into the road over the past day. The overall market cap shows a 2.09% drop while the trading volume managed to remain bullish. The leading cryptocurrency, Bitcoin fell further to the $96K level and the altcoin sector has followed suit. Meanwhile, the year-end has caused community members to speculate about crypto in 2025.
Notably, one of the leading altcoins, Solana, has recorded a modest price increase of 1.92% in the past day. In the afternoon hours of December 26, SOL was trading at $189 after which it dipped further to an intra-day low of $186. However, following this it rebounded above $190 in the past hour.
On the other hand, analyzing its recent price actions – over the past week, Solana has been trading in the $190 zone. It had tested a weekly high of $198 but failed to propel prices and also hold prices at that level. At the time of writing, SOL was trading at $192.89 as per CMC data.
The week’s price actions suggest that Solana has entered a consolidation phase after its recent downward movements. This past month’s price crash caused SOL to lose its breakouts which caused the altcoin to hit a new all-time high at $263.83. In order for it to turn bullish SOL has to break out of this current consolidation.
Will Solana Reclaim $200 Before 2024 Ends?
Analyzing Solana’s price actions it depicts a descending channel despite a weekly price increase of 6.14%. Additionally, its Moving Average Convergence Divergence (MACD) signal line stands below the MACD line as per TradingView data. However, it appears to be nearing a crossover and reverting from the current negative sentiment.
SOL/USDT Daily Price Chart (Source: TradingView )
Moreover, SOL’s Chaikin Money Flow (CMF) value lies at -0.04 indicating the lack of capital inflows into the asset. In order for Solana to reclaim its $200 level, it has to sustain the current positive momentum.
Meanwhile, other altcoins such as Ethereum and DOGE have also factored in similar price movements in the past day.
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