The Solana price is trading in red for the second consecutive day and continued to erase the recent gains after taking a rebound from the 20-Day EMA. The bears are attempting for a firm footing near the recent swing high and psychological level of $200 level.
Moreover, the SOL crypto witnessed a breakout above the $125 level in the last week of February. The breakout above the recent swing high triggered a short term bull run in the market and the price gained nearly 60% in the next two weeks to claim its presence near an important psychological level of $200. 
However, the bears turned aggressive and the price dropped towards the dynamic support of 20-Day EMA in the last few sessions. The bears are attempting to drag the price lower on Friday and reclaim their dominance near the recent supply of $200 level.  

The volume analysis shows that the SOL crypto received nearly $4.87 Billion volume inflow in the past 24 hours which is 38.9% less than the previous day suggesting a drop in the recent sessions. 
It has a live market capitalization of $79.45 Billion and stands 5th in the overall crypto market according to market cap. The volume to market capitalization ratio for Solana is 6.12%.
Moreover, it has a current circulating supply of 443.95 Million SOL tokens against a total supply of 572.276 Million SOL tokens. 

Volatility And Weighted Sentiments Insights

Moreover, the volatility has risen in the last few sessions indicating the increasing instability in the price near the higher levels. Recently, the crypto suffered rejection after hitting an important psychological level of $200 and dropped lower. 
The rise in volatility and decline in the price suggests a profit booking after a short term bull run. Moreover, the crypto experienced a breakout in the last week of February after the breakout of $125 level and gained nearly 60% to hit $200 in the next two weeks. 

Solana Price: Social Users Participating The Trend!

The social dominance of the Solana crypto has been on the rise since the very beginning of March 2024 along with the price rise. The SOL crypto has added nearly 60% to its market cap during this period. 
Also, the X followers curve displays a positive trajectory in the last few weeks. Number of X followers jumped from nearly 8K in February to 27K in the last few sessions.

Solana Price Prediction March 2024

The short term trend still favors the bullish side as the bears are trying but are unable to drag the price below the 20 and 50-Day EMAs. Moreover, the long term trend is also positive which may keep on attracting the buying volume inflow until there is strength in the short term. 
On the higher side, the $200 level may act as a strong hurdle for the bulls. The SOL price may resume towards the next yearly high if the bulls surpass the $200 supply level. 
Also, for the bears to defend the $200 level and establish their domination, the SOL price needs to break below the recent support of the $160 level and 20-Day EMA.  
Conclusion
The Solana price has recently suffered rejection from a psychological level of $200 after a short term bull run. The crypto has been forming an upward trajectory since breakout in the last week of February.
The bears are attempting to defend the $200 level and establish Thor dominance. However, the long term trend is positive which may invite more buyers near the dynamic support of 20 days. The $200 level is the recent hurdle for the buyers, the breakout of which may unlock the price reach towards the higher level of $225 and $250. 
Technical levels:
Support Levels: $161.62 and $122.6Resistance Levels: $204.09 and $224.86
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
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Since Pepe delivered its 160% rally, the open interest rate in the meme coin has increased, showing that bullish sentiment is still rising among crypto traders. The Open Interest-Weighted Funding Rate jumped to a new ATH of 0.12%. This boost is a sign that PEPE holders are ready to hold long positions due to expectations of higher PEPE prices.On-chain data shows that the token has had a recovery in its popularity. PEPE holders have increased from around 155,000 to over 157,600 in under a week. This surge is thanks to the presence of whale investors and PEPE’s recent listing on platforms like Robinhood in European Union countries. Binance also recently promoted Pepe with a massive token giveaway that boosted investors’ interest.
Final Thoughts
With the rise of institutional investors in the crypto market, altcoins are bound to record upside prices. PEPE’s recent 160% push proves this narrative, as meme coins log stellar growth. Nugget Rush has also showcased the rising adoption of meme coins with its presale milestones. The token’s delivery of trendy features set it up for an incoming explosive surge in its value. Investors looking to take advantage of the platform’s potential are advised to get into the presale before it ends.

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