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The recent trajectory of Solana's price has been a rollercoaster ride, with fluctuations and corrections defining its journey over the past month.
Despite briefly breaching the $200 mark in March, Solana's subsequent decrease to $167 and subsequent struggles to reclaim that milestone have left investors and analysts alike pondering its next move.
The surge in Solana's value from October 2023 to April 2024 created an overhyped market environment, largely fueled by the frenzy surrounding Solana meme coins and the overall bullish sentiment pervading the crypto landscape, especially led by Bitcoin.
This bullish surge propelled Solana to briefly surpass BNB in market cap rankings, displacing coins like XRP and ADA along the way.
However, as market sentiment shifted from greed to caution, Solana, like many other cryptocurrencies, began to correct. The dip to $120 on May 1 marked a significant moment, with bulls stepping in to defend that crucial support level.
According to crypto analyst Inmortal, this correction might be the final major one for Solana in this particular market cycle.
Currently hovering around $146, Solana seems poised for a potential uptrend, with indicators showing bullish signals. Analysts like Maximilian FX and Orson Fawley echo this sentiment, predicting a resurgence past the $200 mark.
With Solana currently trading at $146, down over 30% from its yearly high, the next significant price movements are eagerly anticipated. Key levels to monitor include the $140 support level and the potential for a march towards a new all-time high of $320, as suggested by Inmortal's analysis and echoed by other experts in the field.
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