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It's Big & Big #alert About $SOL Price is under $200 !!!
Solana (SOL) Price is Under $200; Time to Buy?
Discover if now is the right time to buy Solana (SOL) as we analyze its market trends, technical indicators, and future potential.
As the global market gradually bounces back from a recent downturn, the cryptocurrency market reflects this hesitant positivity.
Bitcoin is facing challenges surpassing the $70,000 mark, with other cryptocurrencies, including those within the Solana network, also going through a slow period.
Solana altcoins have a combined market capitalization of $225.1 billion. Recently, Solana (SOL) reached a peak of $175.48 within the past week, sparking optimism among investors about the possibility of exceeding the $200 threshold.
Yet, a bearish trend has emerged, as the current market price remains under $200. This leads us to the crucial inquiry: Is it the right time to buy Solana?
Solana’s (SOL) current price stands at $159.28, showing a small drop of 0.07% in the last 24 hours and a larger decrease of 3.66% in the last seven days. Nevertheless, SOL has exhibited a favorable pattern on a monthly basis, with an increase of 3.30%.
The crypto has a prominent spot in the market, valued at $73.39 billion, placing it fifth among all cryptos, according to CoinMarketCap. Solana’s trading volume in the past day hit $1.37 billion.
Despite current fluctuations, Solana’s value stays notably under its all-time high of $260.06 reached on November 7, 2021, showing a drop of 38.52% from its highest point.
Technical Analysis of Solana (SOL)
The technical indicators for Solana demonstrate mixed sentiment. Majority of moving averages in the short-term indicate a bearish trend.
The Exponential Moving Averages (EMA) in the short-term is at 164.12, 164.61, and 163.52, all pointing at a sell signal.
In the same way, the Simple Moving Averages (SMA) for the same periods signal a sell.