The #cryptocurrencymarket is on the verge of concluding September on a positive note. With this, the crypto space breaks its historic market trend of a bearish September. This further hints at a bullish Q4 and the potential beginning of an Altseason market.
Notably, with #Bitcoin❗ price reclaiming the $66K level, top altcoins have surpassed their important resistance levels. Moreover, the Solana token has recorded a similar action by breaking out of its resistance of $155.
With this, questions like “Is this the right time to invest in crypto?” and “When will Solana hit $200?” have recorded increased search volume. In this article, we have covered the short-term price prospects of the Solana crypto token.
Crypto Price Tests Its Major Resistance:
Despite recording a correction of ~1% in the past 24 hours with a #tradingvolume of $2.395 billion, the Solana price has held its value above the $155 mark. Moreover, it has jumped 6.29% over the past week and 7.83% during the past 30 days.
Moreover, the Solana token is on the verge of breaking out of its resistance zone above the $155 level. However, the outcome of this is uncertain. Further, with a market capitalization of $73.53 billion, it continues to hold its 5th position in the cryptocurrency market.
Solana Technical Sentiments
The Simple Moving Average (SMA) constantly supports the SOL price chart in the 1D time frame. This indicates increased buying pressure for the altcoin in the market.
Further, the #MACD indicator displays a constant green histogram with its averages showing a constant uptrend. This indicates that the Solana token may continue gaining value in the coming time.
Will SOL Price Hit $200 This Year?
If the market continues trading under a bullish sentiment, the Solana token will test its next major resistance level of $181. Furthermore, if the bullish situation intensifies, the altcoin to prepare to test its yearly high of $209.
On the contrary, if the bears regain momentum, the price could retest its support of $155. Moreover, if the bears dominate the crypto space during the 4th quarter, this could result in the SOL coin price plunging toward its lower support level of $127.
Wondering how far the Solana (SOL) price could go in the future? Then our Solana Price Prediction is a must-read for you!