$SOL Price To Retest $150 Soon? - CoinPedia Analytics

Once the 4th largest cryptocurrency by market capitalization, the Solana price has erased over $22 Billion from its valuation over the past few weeks. Further, the altcoin is currently hovering close to its crucial support level, the outcome of which is unpredictable.

Positively, the SOL price has leveled out its loss from the previous week by adding 9.39% to its portfolio within the last 24 hours with a surge of 122.26% in its trading volume. However, it has recorded a correction of 19.76% in valuation over the past 30 days.

Furthermore, with its recent jump, the Solana coin has formed an inverted cup and handle pattern in its price chart, indicating a rising bearish sentiment for the altcoin in the crypto market.

The Simple Moving Average (SMA) is on the verge of recording a positive crossover in the 1D time frame, suggesting increased price action for the altcoin in the crypto space.

On the other hand, the MACD shows a constant decline in the red histogram, indicating a stronger buying-over-selling pressure for the Solana crypto. Furthermore, the averages display a potential bullish convergence, highlighting the SOL token price may continue gaining value this week.