Solana [SOL] experienced a 165% rise from the end of January to the end of March and then consolidated to a negative mark.
At the time of reporting, Solana was trading at around $167.30. Sol is still rising before it is likely to continue rising.
The fair value gap area around $153 and the demand zone below the fair value gap around $145 are price magnets for a possible correction before retracement to the Pennant resistance level.
If the price can move beyond the demand zone, it could drop further towards the support level.
If the price falls back to the demand zone after filling the fair value gap and builds enough momentum to break above the marked resistance zone, a move to the $200 target is possible.
According to data from the United States, the trading volume of the token market in the United States is US$167.83, an increase of 1.34% in the past 24 hours and a decrease of 7.93% in the past 7 days.
Solana has a market capitalization of $75.5 billion and a 24-hour trading volume of $29.9 billion, up 21.8%.
What does the future hold for Solana?
The U.S. cryptocurrency exchange looked at Coinglass data for the Solana Long/Short Ratio Chart, which showed that the long-short ratio has been high over the past few days, indicating that momentum is growing.
Traders have the desire to buy and hold.
Additionally, the Bollinger Bands in the daily chart are expanding, indicating high market volatility that could shift pressure toward resistance areas or retest demand areas.
The Value Index (20.24) shows oversold values, indicating a decline.
Bo's social volume chart shows a positive correlation between Solana price and social volume.#sonala
