Solana Price Outlook: Is the dream of breaking through the thousand dollar mark just around the corner?
Recently, Solana, the shining star in the cryptocurrency circle, has also been shining its own light. In the past 24 hours, Solana's trading volume reached $2.19 billion. Although the price fell slightly by 0.53%, the current price remained stable at $172.84.
Among many cryptocurrencies, Solana has firmly sat in the fifth place with its excellent performance and market value, with a market value of $77.59 billion and an astonishing 448.92 million SOL coins in circulation.
Solana's potential should not be underestimated. Some analysts boldly predicted that if the market conditions go well, Solana is expected to firmly hold the $170 mark before June, and may even reach a high of $1,000. This prediction undoubtedly paints a promising blueprint.
From a technical point of view, Solana's trend is also eye-catching. In the 4-hour chart, $171.79 has become an important price pivot point, providing important support for Solana's recent price behavior. The three important resistance levels are $176.66, $183.26, and $188.53. On the downside, $156.75 and $151.08 have become key support levels, while $165.72 serves as an immediate support point.
It is worth mentioning that Solana's 50-day EMA is at $155.79, which provides solid support for Solana's overall upward trend. However, despite the current bullish trend being supported by the ascending channel, Solana seems to have encountered some resistance around $175. Whether this resistance can be broken will directly affect the further trend of Solana's price.
The $171.79 pivot point is crucial for Solana. If Solana can successfully hold this price, its upward momentum is expected to continue; once it falls below this price, it may trigger a sell-off, causing the price to further decline to key support levels such as $165.72, $156.75, and $151.08.
Solana has shown great potential and strength. I look forward to Solana continuing to write its own brilliant chapter. $SOL $TRB $ETH
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