• Solana price witnessed an upsurge to $175K on May 18. 

  • The price hike has pushed the altcoin toward an overbought state in terms of RSI. 

  • Analysts expect Solana to hit $200 by this month’s end.

Solana market price took a bullish turn for the third consecutive day on May 18, finding support at the $170 mark. The upward movement propelled the price above  $175 momentarily today, elevating the price to a five week high. Solana price had faced a crucial juncture earlier this week. 

The altcoin has shown an increase of 32.33% this month with prices recovering from the $130 level. Solana prices had shown a potential for both a price breakout and breakdown during the week. The recent upsurge indicates the possibility of a bullish victory after the consolidation phase. 

Solana 24H Price Analysis

At the time of writing, SOL is trading at $174 sustaining the upsurge since May 16. It has exhibited a 4.35% increase in the past 24 hours as per data from CMC. Solana’s price hit the crucial $170 mark in the latter hours of May 17. It continued the hike closing in on the $176 range, before sliding down to $174. 

Moreover, the crypto asset has exhibited a 4.27% increase in market cap at 78.23B while trading volume in the past 24 hours declined by 21.01% according to CMC data. Furthermore, the price hike has instigated an overbuy situation in the market with an RSI Index of 74.69. 

Solana 4H Price Chart (Source: TradingView)

Zooming out, Solana price performance for the week stands at positive 19.94% according to data from Trading Value. The altcoin was trading at market prices of $139 and $140 at the week’s start. Additionally, in the past month, prices had soared to $172 but were followed by strong bearish runs right afterward. 

Furthermore, Solana’s prices are predicted by analysts to surge to a yearly high of $750 by 2030. In 2024, Solana is expected to reach a yearly high ranging at the $340 mark and the bearish price is expected to be $83. Additionally, analysts expect that SOL will likely hit $200 by this month’s end. 

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